588: Dropping PPOs Isn’t the Only Way to Reduce Your Write-Offs - Dr. Barrett Straub - a podcast by ACT Dental

from 2023-06-12T03:00

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Dropping PPO's Isn't the Only Way to Reduce Your Write-Offs

Episode #588 with Dr. Barrett Straub

Episode Resources:


Links Mentioned in This Episode:

https://www.dropbox.com/s/0lixufs3cobjbrm/OUTLINE_%20%20Dropping%20PPO%E2%80%99s%20isn%E2%80%99t%20the%20only%20way%20to%20reduce%20your%20write%20offs.docx?dl=0

Main Takeaways:

It’s all about achieving balance.

Increase control so you can decrease stress and burnout.

Fill your chair and maximize the efficiency of your schedule.

Know the real reason your team compensation percentage is high.

Before adding anything, understand what maximizing capacity means.

No matter your practice size or insurance participation, track your write-offs. 

Quotes:

“If you've been listening to our podcast, we've been talking about our financial gaps in those four places where money leaves your practice between your gross production and the time you get to put money in the checking account. The first gap, and the biggest one, often is what we call the effort gap. That's basically made up of your write-offs, a big part portion of that. And what we've been talking a lot about with our clients and with other dentists is that finding the participation in insurance that makes the most sense for you and reducing that and reducing your exposure to those insurances to find that write-off percentage that works the best for you. So, we've been focusing a lot on PPOs and being able to reduce that. However, we don't want the focus only to be on, ‘The only way to reduce your write-offs is to drop PPOs,’ because it's not. There are some other strategies that you can use starting tomorrow to lower your write-off.” (2:33—3:31)

“We're in an economy of inflation. We're in an economy of low dental workforce demand. And we’re in an economy of decreased reimbursement from insurance and higher costs of doing business. So, our margins are getting tighter, and that's just a reality. It doesn't mean that it can't be overcome. It just means we've got to think smarter and track the numbers and make some smart decisions.” (5:04—5:29)

“One of the quickest ways to burn-out and stress is a feeling of lack of control over your practice. We hear from...

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