Fees are always an awkward topic. The selfesteem of the doctor plays a major role in the fee setting process. As a caregiver first and a businessperson second, most dentists are concerned that patients believe their fees are too high. We can lay that vague fear to rest — patients do think our fees are too high! In ADA focus groups and other studies, two things always stand out — about 90% of your patients love you, and about 90% think your fees are “a little high,” but they keep coming back. If BMW or Lexus invited you to a focus group, wouldn’t you say that their prices are “a little high?” But you keep on buying.
Elizabeth Woodcock is a highly regarded industry speaker, author and trainer focusing on medical group operations and revenue cycle management for nearly 20 years. Ms. Woodcock has led educational sessions for many professional organizations including the MGMA and the AMA, and she has consulted a diverse group of physician practices. The author of several books, including “Mastering Patient Flow to Increase Efficiency and Earnings,” she is frequently published and quoted in national publications.
As more practices start using patient portals, they find that this secure web-based technology provides more than just internal efficiencies – portals are popular with patients, too. Web-based portals can allow patients convenient access to your practice, from requesting appointments to making payments for services received. For the practice, these added efficiencies help manage operational costs while improving patient access. Those practices planning to participate in the federal government’s Electronic Health Record (EHR) Incentive Program will find patient portals essential tools in meeting the criteria for meaningful use.
DENTAL ECONOMICS AND SIKKA SOFTWARE CORPORATION HAVE TEAMED UP TO OFFER YOU THE 2013 FEE SURVEY* WITH THE ESSENTIAL INFORMATION TO OPTIMIZE FEES IN YOUR PRACTICE.
SIKKA SOFTWARE CORPORATION, a privatelyheld company, is headquartered in Milpitas, Calif. The company provides Apps for small and medium sized practices, using a unique cloud-based integration platform, Sikka Platform Utility® (SPU).
This article is based on real time HIPAA compliant summary and benchmarking data for thousands of practices and shows the trends in 2012. There has been no comparable work done in the past that uses the real time benchmarking described here. For more information please go to: www.PatientsNow.sikkasoft.com Dentists are most interested in knowing about the following numbers in the United States. Of the 8,500 opt-in installations that we have been tracking the most clicked key performance indicators were the following.
Through a partnership between Dental Economics and Sikka Software Corporation, the fees in this article were gathered from 8,500 dentists throughout the country. Dentists who are interested in seeing fee information speci!c for their individual zip code are encouraged to log on to https://ofc.sikkasoft.com/ zippayment.aspx. For dentists who want to learn more about more than 100 key performance indicators (KPIs), there is a free Practice Monitor available from Sikka Software that can be downloaded at www. dentalpracticemonitor.com
Sikka Software Corporation is the leading innovator in developing Business Intelligence Software for small and medium sized healthcare providers. Their software products enable healthcare offices to take control of the business and clinical aspects, which over time has become more complex and involved. The data analyzed in this article is extracted from over 9,000 dental clinics in Sikka Software's vast client network
The financial crisis of 2007-2009, which is regarded as the worst crisis since the Great Depression, had devastating effects on the U.S. dental industry causing patient visits, practice collections, and net income to plummet. There are several key lessons to take away from this economic downturn that will help dentists to thrive during the next financial crisis. These four lessons are: (i) analyze the practice´s operations, (ii) remove financial barriers, (iii) market the clinic´s services, and (iv) reactivate inactive patients.
With the emergence of business intelligence along with ever changing market conditions, is it enough to have a strong patient-focus to survive in the increasingly competitive dental industry? In a recent study by the American Dental Association (ADA), the organization presents alarming figures about the bleak financial state of the U.S. dental industry. According to the study conducted by ADA’s Health Policy Resources Center, the average annual net income for general practitioners has dropped with over 12% since 2006. The considerable decline in net income, which started several years before the financial crisis in 2008, is highly attributed to the declining utilization of dental care by the adult population. As a consequence, nearly 40% of all dentists in a national survey from 2011 reported that they are “not busy enough”.
The financial crisis of 2007-2009, which is regarded as the worst crisis since the Great Depression, had devastating effects on U.S. economy and lead to the global recession of 2009. More specifically, unemployment surged, financial institutions collapsed, and consumer confidence slumped as a result of the crisis. In addition, the economic downturn also had negative effects on the U.S. dental industry causing patient visits, practice collections, and net income to plummet.+*0+*