Practicing dentistry is not just a dream, but also a sound economic decision to make good money out of what you love. You have probably burned the midnight oil countless times to get your coveted degree and graduate with flying colors. You might have interned at esteemed dental institutions to gain enough experience and be prepared for the real world.
But dentistry isn’t all about just practicing dentistry; it has a business aspect you probably didn’t realize or put more thought on. Some are privileged to get a glimpse at it in school, but others are unfortunate to learn it the hard way.
If you are others, and plan to start your own dental office, these are the unpleasant realities you have to deal with.
The Reimbursement Rates are Inadequate
First off, you’re not required to join a to practice dentistry, but your mere affiliation effortlessly brings you many patients. The downside, however, is that the dental reimbursement rates don’t always make sense for your business. Insurance companies, of course, also need to make money to stay afloat, but if the discounts were nearly unreasonable, they would hinder the growth of your practice. According to Everestadvocate.com, you can negotiate higher dental reimbursement. It’s best to talk with a reliable company to help you negotiate.
It’s Tough to Negotiate with Insurance Companies
Although you’re free to negotiate when your contract expires, talking your way to profitability is easier said than done. It takes skills and years of experience to get the upper hand in the negotiation table. Insurance companies do this almost on the daily basis, so they would just eat you alive if you’re not yet competent enough.
You may have to hire an expert on your behalf and spend a little, but it definitely gives you a better chance to get a better deal.
You May Have Limitations to the Care You Provide
Unless you’re able to secure better reimbursement rates for the services you feel that matters to your patients, compromising the level of care you deliver is bound to happen at some point. Dental patients rely on insurance and can’t always afford the most relevant dental service they need. And if there’s no other way for you lower their bills without sacrificing your profits, your hands are practically tied.
Being a 21st, century dentist involves many balancing acts between pursuing your passion and keeping your business alive. Seek for professional assistance to negotiate better deals if you must, because cutting your ties with your PPO network may cause you more harm than good.