569: Dental Insurance Independence - Dr. Mark Murphy - a podcast by ACT Dental

from 2023-04-28T03:00

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Dental Insurance Independence

Episode #569 with Dr. Mark Murphy

Is insurance getting in the way of you and your patients? Do you want to get rid of it altogether? Well, stop right there! To help you avoid a disastrous outcome, Kirk Behrendt brings back Dr. Mark Murphy, Chief Growth Officer from ProSomnus, to provide five steps for a smoother transition into insurance independence. Always look before you leap! To learn the smart way to move away from insurance, listen to Episode 569 of The Best Practices Show!

Episode Resources:


Main Takeaways:

Take time to do the math.

Identify your value proposition.

Share your value proposition with patients.

Write the dreaded letter and do it strategically.

Communicate your letter to each one of your patients.

Quotes:

“We are free to choose however we want to practice, wherever we want to practice, whenever we want to practice. This is still maybe the greatest profession ever invented. We get to do whatever it is we want to do, work on whom we want, build the team that we want, do the kind of dentistry we want, and accept the kind of reimbursement models that we want. And I don't care about the economy. I don't care about insurance reimbursement, or availability or no availability of good employee bases. It might take a little longer in some locations, no doubt. It might be harder out in the middle of nowhere land to go nonpar, to live in that kind of world. It might be harder to do comprehensive care. But I've seen practices still accomplish that. If they're willing to work that path, and chase that dream, and make that their vision, it'll become their reality. We are free to choose however we want to do dentistry, whoever we want to be, and what for. And you can't do that in too many other things. It is incredible.” (5:41—6:34)

“I'm from the Detroit metropolitan area. And so, my joke is, Frank Sinatra said it a ton, if we can do it here, we can do it anywhere. In the last decade, we were the only state to lose population. The city of Detroit itself lost 25% of its population. We’re as insurance-ridden as anybody else. We had the deepest, darkest economic woes of anybody. And yet, dentistry survived. And guess what? Guess who survived the best? Dentists who were extremely insurance dependent? I think not. In fact, it was dentists who were more insurance independent. The less that you were feeding from the hind teat that we might call insurance, the more you...

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