Coupon use is growing. According to an analysis by The Neilsen Company, “more affluent households dominate coupon usage: 38% of ‘super heavy’ users and 41% of ‘enthusiasts’ come from households with incomes greater than $70,000. Households with incomes of $100,000 and up were the primary drivers of coupon growth…”
So, what does this have to do with dentistry? It is a reminder that attitudes toward money – specifically spending and saving – have changed significantly in recent years. Moreover, those most tuned into the value of the dollar – the better educated, higher income households – are also those most likely to understand the importance and value of your dental care.
However, as consumer savvy as this population may be, the majority of them don’t realize that they are likely losing $500, $250, $700 in your office. How? Many, many patients have dental insurance plans with unused benefits that are poised to go to waste come year’s end.
Dental insurance companies make millions of dollars off of patients who never use their insurance benefits because unbeknownst to the consumer, many of these plans provide coverage up to a certain dollar amount annually. Insurance companies aren’t going to encourage customers to use benefits, and it is rare that patients actually know what they have left in benefits. Most are too busy to sift through their policies to determine what might remain on them, which makes informing them about the benefit an excellent win-win opportunity for patients and dental practices.
Take these steps:
1. Generate an “unscheduled treatment plan report.”
2. Identify those patients who still have unused insurance benefits.
3. Prepare and send a special letter to each patient. ( I have templates for this if you or your office needs assistance)
4. Add a P.S. that says, “Take your insurance dollars further with interest-free patient financing. Ask ‘Jessica’ in my office for all the details.”
I can virtually guarantee that every patient you notify will thank you for calling this to their attention. Whether they take advantage of the opportunity or not, they will appreciate the fact that you took the time to educate them on this important insurance detail.