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Blog — Wisdom Truth
The purpose of this blog is to help guide dental student so they can navigate the "Dental World".
Fee-for-service vs. insurance. What should I do?
“One of the major decisions you will be making during your career is ‘do I take these plans or not’ and ‘which ones should I take?’. Linda Miles has a good ‘take’ on this subject and this is worth 15 minutes of your time.
Also, in the near future, the ADA will be offering a service that will allow you to evaluate the different plans and their effect on your bottom line. This is another good reason why you should be a VDA and ADA member.
A Rapid Transformation...
As we discussed, even locally in Richmond and in the state, we are seeing a fairly rapid transition from small physician owned practices to a multi-specialty ‘group’ type practice being owned by large hospital chains. My guess is around 70% of the existing physicians are working for a corporate entity in some form or fashion. As the author suggests (see article link below), one day they may be on salary, instead of being paid by procedure codes. Are there implications for dentistry? I would think so, albeit at a much slower pace, due to the difference in
Discount Programs
As we discussed, we are seeing more of these type programs for self-employed folks, those without dental insurance at their work place and small companies that would like to offer some type of dental program.
Would they bring more patients to your office? Probably so – but at a cost to your bottom line. As with all discount programs (and that includes the traditional benefit plans which ask you to discount your fees also), you have to look carefully at these programs and how they will affect your bottom line.
Dental Spending Growth Slows…
The rate of growth of dental spending has also slowed in recent years. Between 1990 and 2002, per capita dental spending grew by 3.9 percent per year after adjusting for inflation, a rate that fell to 1.8 percent between 2002 and 2008. Since 2008, the per capita dental expenditure growth rate declined 0.3 percent while overall health spending grew by 1.6 percent.
The Trend Continues...
As you can see, the trend toward consolidation continues- not good or bad, just is the new paradigm. Interestingly, the ‘buyer’ is in Canada also (remember Heartland’s buyout of probably around $1.3B to a Canadian teacher’s pension fund). It’s the ‘return on investment’ these funds are seeking.
Mid-level providers- Part II
AUGUSTA, Maine (AP) — A bill sponsored by Maine House Speaker Mark Eves would address an impending shortage of dentists and lack of dental care in the state.
The bill from the North Berwick Democrat would establish a license for mid-level dental hygiene therapists to provide limited oral care focused on prevention.
Maine has a shortage of dental care in 15 counties, resulting in high-cost emergency room visits. Eves says Maine’s dental shortage is a crisis that can’t be ignored because it has far-reaching effects for children and adults.
Wisdom Truth - Introduction
The two hours I spent with you yesterday, I hope, were eye-opening and thought provoking. I am sure it was a ‘lecture’ unlike any you are used to hearing from your dental school faculty. Their responsibility is to prepare you to be a competent diagnostician and clinician. My goal is to prepare you for a ‘dental world’ unlike any we have seen in the past. My goal is to prepare you to be successful in spite of the challenges you will face as graduates of the class of 2015.
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