by Sponsored Content: Membersy
Are you a dental practice owner seeking to grow your patient-base, increase case acceptance, and boost your bottom line? The answer might just lie in implementing a well-crafted dental membership plan.
Dental membership plans have been gaining popularity among consumers seeking affordable access to routine dental care. These plans offer members discounts on dental services in exchange for a monthly or annual fee, similar to a Costco membership.
One of the key ways dental practices benefit from these plans is the ability to set their own prices and retain 100% of the revenue from services rendered. This allows dental teams to increase recurring revenue and avoid the delays associated with insurance reimbursements.
However, pricing a membership plan can be a complex task for dental practice owners. As a professional third-party plan administrator, our team of experts have helped over 5,000 dental practices nationwide design and implement membership plans.
In our latest ebook, The Principles of Plan Pricing, we share our expertise with some crucial factors to consider when determining the right pricing strategy for a dental membership plan. Let’s look into 3 of these factors today:
1. Consider Your Target Market
One size does not fit all when it comes to dental membership plan pricing. Understanding your target market and its unique needs is paramount. The price of the membership plan should be based on what the target market is willing and able to pay. Are you catering to a low-income population, or does your practice serve a higher-income demographic? Tailoring the price of your plan to suit the financial capabilities of your patients will make it more attractive and accessible.
Consider the age and familial status of your target market as well. Do you serve many families and children? Offering options to add dependents to the membership plan can be an excellent way to cater to family-oriented patients.
2. Compare Monthly vs. Annual Structure
When it comes to payment options, should you offer monthly or annual pricing? While monthly payments might seem more accessible for some patients, our ebook dives into the advantages of annual pricing. Annual plans can lead to improved patient loyalty, better financial planning for both the patient and the practice, and reduced administrative costs. The benefits are significant for both sides, and we’ll explore why this pricing structure is often the preferred choice for successful dental membership plans.
3. Aim for a Low Barrier to Entry
Practices should aim to make their membership plan easily accessible to potential members by offering affordable pricing and flexible payment options. The enrollment process should be straightforward and transparent, providing clear information about the benefits and costs of the plan.
Encouraging patients to sign up for your dental membership plan requires offering an attractive package. Aim for a low barrier to entry by providing affordable pricing options that cater to patients with varying budgets. Additionally, offering flexible payment plans and ensuring a simple and straightforward enrollment process can make the decision to join your plan a no-brainer for patients.
Here we shared three of the six factors we think are important to consider when designing and pricing your organization’s membership plan. Download the full ebook, The Principles of Plan Pricing: Your Guide to Membership Plan Pricing Success to unlock the other three important factors as well as different approaches to pricing that we’ve seen our partners succeed with.
Ready to talk about a membership plan for your organization? Speak with one of Membersy’s plan experts today.
About Membersy:
Membersy, trusted by over 5,000 practices nationwide, is expanding access to affordable care for patients by giving providers everything they need to launch and grow a scalable dental membership plan.
