A fee-for-service practice does not participate or accept any insurance plans. All associated costs of service are agreed upon between the dentist and the patient.
Doctors and hygienists are usually treat just one patient at a time causing a reduced patient flow, however, allowing the office to operate on-time with little difficulty. In many cases, this usually reflects a calming and smooth office atmosphere.
New patients find the office through referral and marketing since it’s not on insurance lists. Patients usually see the dentist on the first visit and develop a relationship that keeps them coming back for hygiene and more.
What to expect when buying a fee-for-service practice
It is harder to start a new fee-for-service practice, and the easiest way to enter the game is to purchase an already established fee-for-service practice.
YOUR TEAM. This will be the first challenge, as it always will be with any new owner taking over any business. Teams are always fearful of the unknown. Will the new owner be the same as the old? Will their jobs be secure? What should they expect?
They already know how to run a fee-for-service practice since they’ve been there, so reassure them of their importance to you and the practice. They understand customer service and that they are working for the patients and not an insurance company. Share with them how important it is for you all to work together to succeed, just as the practice has in the past. Nothing should change.
YOUR PATIENTS. The patients in a fee-for-service practice are expecting a certain level of care and service from everyone at the practice. With the change in ownership, its important to ensure that there is no affect on the level of service to your patients. They pay a premium at a pay-for-service practice, so they expect to receive their premium level of service, don’t forget that!
Should you buy a fee-for-service practice?
Only you can decide if you should buy a fee-for-service practice, but it’s definitely not for everyone. If you are the personality that wants to have a truly relationship-based practice with a high level of care and you are willing to work to constantly better yourself, your team, and your office, a fee-for-service practice could be for you.
Whatever you decide, consider browsing The Job Board Network to search for a practice to purchase, or even opportunities should you decide to work at a practice before purchasing your own.