It’s a common occurrence that happens to many businesses, and especially dental offices: The end-of-year slump. Production goes down as the winter holidays draw near. But we’ve been managing dental business revenue since 2012, so we can tell you how to turn your year-end income slump into a year-end income jump!
Even if your income stays steady year-round, you’d love to get a boost in revenue by the end of the year — who wouldn’t?.
Either way, it’s a good plan to head into the end of the year with a fierce cash flow strategy. And the one we’re covering today is: the Use It or Lose It Approach.
The Use It or Lose It Approach is where your team helps your patients use up all their dental insurance benefits before the end of the year, when most annual benefits expire. You’ll help your patients get their money’s worth, and you’ll cross the year-end finish line with a boosted bottom line.
In addition to tips for helping your patients use their dental insurance benefits by the end of the year, we’re sharing an additional resource: A Dentists’ Checklist for End of the Year Success.
This checklist is downloadable and printable, and will set up your dental business for increased profitability and growth at the end of this year and into the next. Fill out the form below to get the checklist in your inbox within minutes.
3 key takeaways about boosting your dental revenue at the end of the year:
- You don’t have to be ‘salesy’ to your dental patients to get them onto the schedule
- Boosting your revenue at the end of the year will make Q1 less stressful
- You can help your patients use their dental insurance by the end of the year without overwhelming your team
1. Spend It All: Explain they are letting “free” money go to waste
Okay, okay, we know having dental care covered by insurance isn’t free, but it’s already paid for, and the vast majority of your patients will let coverage dollars go to waste if they’re not encouraged to schedule treatment. It’s up to you and your team to remind patients to take care of their dental needs while the coverage is available.
Because, unfortunately, insurance benefits don’t roll over to the new year. If they don’t use them, they’ll lose them.
For example, each insured dental patient has a maximum amount of coverage, typically around $1,500 per year. If they use only $200 of it in September, the remaining $1,300 disappears after December 31.
Now, we understand this is insurance money, and using it for a visit to the dentist isn’t enjoyable like a trip to Target. But even if your patient isn’t exactly having fun while in your chair, they’ll appreciate knowing they’re making the most of their benefits by taking care of an important (but unscheduled) procedure you’ve both been waiting to put on the calendar.
All your team needs to do is pick up the phone and explain this to your patients, or mention it during their treatment presentation earlier in the year.
Once a patient realizes they have a procedure they need to schedule and that their insurance will cover it, they will likely be happy to work out a time to come in to see you.
2. Split the Treatment: Help patients divide their treatments to make the most of their maximum
Here’s how you can really earn yours patients’ trust without coming across like you’re just pushing for the sale:
Help your patients be strategic about dividing up their benefits maximum in a way that save them money.
It’s truly the most logical way to get patients in the chair toward the end of the year. So, how does one be strategic about insurance coverage when it comes to fillings, crowns, and root canals?
Here’s an example:
Say that it’s November, and Ms. Smith, who came in for cleanings earlier this year, now learns she needs an implant. She’s already used $500 of her $1,500 benefits maximum. This leaves her with $1,000 to use toward the implant. 
Ms. Smith’s implant includes 3 procedures: a titanium screw implant, an implant abutment, and an implant crown. These procedures can be spread out to maximize the use of Ms. Smith’s benefits and save her money! Here’s how…
The titanium screw fee is $4,000. But because the dentist is in-network, the insurance contracted fee is lower: $3,200. Implants are considered a major coverage category, which is paid at 50% under her plan.
So barring no deductible is applied and nothing more is included, Ms. Smith can have this part of the implant she needs and pay only $2,200 out of pocket. Here’s how the numbers look:
$3,200 x 50% (major coverage discount) = $1,600 insurance share
$1,600 - $1,000 (paid by insurance benefits) = $600 to be paid by patient
$600 + $1,600 (patient share of 50% major coverage) = $2,200
If Ms. Smith waited to have all implant procedures done in the next year, and she didn’t at least have the actual implant done in this year, she would have missed out on this year’s $1,000 in benefits. Next year, that $1,000 would’ve come out of her own pocket!
Read more: Happy patients, happy practice: 3 ways to improve your dental patient experience
What about the rest of the procedure to finish the implant? After about 4 months, Ms. Smith will need an implant abutment, and then an implant crown to complete the treatment. But those will be scheduled in February or March of next year, after her benefits have reloaded.
As a dental professional, by strategically scheduling each part of the treatment into individual visits this year and the next, you helped Ms. Smith:
- Maximize insurance coverage for her entire treatment
- Keep $1,000 in her pocket
And for your dental business: You’ve earned a patient for life.
Dental care isn’t cheap — we all know this. Also, the easier it is to pay, the sooner your patients will book their treatment, and the faster they’ll pay their bill. So, there’s one more thing you can do to help Ms. Smith…
If Ms. Smith requires additional help managing her costs, you can use automated patient billing services to split up her payments and allow her to pay online from anywhere, using any device.
It sounds backward, but working with your patients to help them save their money will, in turn, help your dental business make more money.
Basically, approach dental insurance as if it’s you and your dental patient’s common foe. You’re working together to maximize what insurance spends and minimize what your patient spends, while ensuring your patient gets the treatment they need and maximizing what you earn.
Do this consistently, and you’ve got yourself dozens of returning customers who trust you to look out for their best interests.
3. Stay Open: People make time for appointments during the holidays because of time off
Once summer is over, people are already planning their fall and winter holidays. This means a lot of people are scheduling time off work in November and December. It’s important to use the months from August to December to remind your patients that they will soon have some time off work or school to take care of their oral health.
Using a day off to attend some appointments is a perfect time for patients to use more of their benefits before the end of the year, even if it’s just a cleaning.
To do your part, you’ll want to stay open a few extra days! We’re not suggesting you and your dental team work on holidays, but the days before and after a holiday are when patients are most likely to be available.
If you’re looking to get more patients on the schedule, it’s a good idea to adjust your opening hours to get the revenue boost you’ve been searching for.
4. Pack Your Schedule: Pick up the phone and get your patients in the chair
If you really want to pack your schedule, it’s time for your dental team to pick up the phone and call every patient with unscheduled procedures. They should take the time to understand each patient’s circumstances, insurance, and treatment plan so they can explain each of these points to them on the call. 
Unscheduled treatments are missed health care for your patients and lost revenue opportunities for your business.
Specifically, your team should be calling all patients who have a treatment plan that brings them back into the office, but the patient has not yet scheduled a time to return for treatment.
Related: Dental patient scheduling services: How to fill your calendar and increase production
Do you have an automated online scheduling system that’s easy for your patients to use? It’s convenient for your patients and your team, and will help pack your schedule all year round, and especially during these phone calls.
Investing the time into getting dozens of unscheduled treatments on the calendar will really help your patients while also boosting your practice’s Q4 revenue numbers.
5. Get Paid: Use automated patient billing to maximize your revenue
As we mentioned, the easier it is for patients to pay, the more likely and sooner they will pay.
When you automate your patient billing, it’s a more appealing payment option than writing checks, finding a stamp, and getting an envelope into a mailbox. Patients with a busy work-life, want a straightforward and modern system that explains what they owe and allows them to pay with a few clicks or taps.
Here’s how it works: When there is an outstanding balance after a patient’s treatment, the automated software sends the patient a payment reminder by email or text. They can pay online easily at any time from anywhere, whether they’re standing in line at a store, waiting in the airport, or out of town for the holidays.
Automated patient billing makes it easier for your team to collect from dental patients — your team doesn’t have to do anything. It’s entirely hands-free. So even if your office is open more often than usual during the holiday season, your team won’t be overwhelmed by trying to collect from patients before the new year.
Learn more about DCS Automated Patient Billing Services.
Prepare for the new year with A Dentists’ Checklist for End of the Year Success
As a dental business leader, you have many things to account for by the end of the year. That’s why we’re sharing our bonus resource, A Dentists’ Checklist for End of the Year Success.
This checklist will land in your inbox immediately after you fill out the form below. It includes 5 things you can do this year to set yourself up for even greater success next year. You can download and print this checklist to use in your office when preparing for Q1 and beyond.
Don’t settle for the typical holiday revenue slump — spark a revenue jump!
To recap, here are 5 ways you will help patients use their insurance benefits before they lose them at the end of the year:
- Spend It All: Explain they are letting “free” money go to waste
- Split the Treatment: Help patients divide their treatments to make the most of their maximum
- Stay Open: People make time for appointments during the holidays because of time off
- Pack Your Schedule: Pick up the phone and get your patients in the chair
- Get Paid: Use automated patient billing to maximize your revenue
Remember, your patient’s experience at your dental office is your top priority. If you can execute this mutually beneficial strategy that encourages them to ‘use it or lose it,’ you’ll gain their trust and earn a patient for life.
And don’t forget to download our free Dentists’ Checklist for End of the Year Success that will guide you in ending your Q4 flawlessly and starting your Q1 strong.
Our end-to-end revenue cycle management services at DCS will help you schedule and collect from your patients with ease, increasing cash flow and overall production with no extra stress on your busy dental team. Book a free 30-minute consultation with our experts to learn more.
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