753: Maximize Your Margins: Slash PPO Write-Offs and Skyrocket Your Dental Profits – Dr. Barrett Straub & Miranda Beeson

The Best Practices Show with Kirk Behrendt

753: Maximize Your Margins: Slash PPO Write-Offs and Skyrocket Your Dental Profits – Dr. Barrett Straub & Miranda Beeson

Do you want to own a practice just for someone else to control it? If not, don't miss this episode! Kirk Behrendt brings in Dr. Barrett Straub, ACT’s CEO, and Miranda Beeson, ACT’s director of education, with a treatment plan to get you out of the thumbs of insurance so you can achieve financial freedom and personal fulfillment. With careful, strategic planning you can start removing some — or all — PPOs and reshape your future! To learn the steps to a better practice and a better life, listen to Episode 753 of The Best Practices Show!

Learn More About Dr. Straub & Miranda:

• Send Dr. Straub an email: [e-mail]
• Join Dr. Straub on Facebook: https://www.facebook.com/barrett.d.straub
• Register for Dr. Straub’s live workshop (August 23, 2024): https://www.eventbrite.com/e/act-dental-gaps-method-the-formula-for-financial-freedom-tickets-776572418007
• Send Miranda an email: [e-mail]
• Follow Miranda on ACT’s Instagram: https://www.instagram.com/actdental

More Helpful Links for a Better Practice & a Better Life:

• Subscribe to The Best Practices Show: https://the-best-practices-show.captivate.fm/listen
• Join The Best Practices Association: https://www.actdental.com/bpa
• Join ACT’s To The Top Study Club: https://www.actdental.com/ttt
• See the ACT Dental/BPA Live Event Schedule: https://www.actdental.com/event
• Get The Best Practices Magazine for free: https://www.actdental.com/magazine
• Please leave us a review on the podcast: https://podcasts.apple.com/us/podcast/the-best-practices-show-with-kirk-behrendt/id1223838218

Episode Resources:

• Watch the video version of Episode 753: https://www.youtube.com/@actdental/videos
• Register to access ACT’s PPO Roadmap: https://www.actdental.com/free-resources/ppo-roadmap
• Register to access ACT’s Say This, Not That: https://form.jotform.com/221665137804153
• Email Dr. Straub for ACT’s Capacity Tracker and Patient Segment Scorecard: [e-mail]

Main Takeaways:

• Whether you're looking to drop PPOs or not, try out ACT’s PPO Roadmap.
• Insurance isn't what's killing your practice — but they will if you let them.
• You don't need to become anti-insurance to achieve financial freedom.
• Don't start indiscriminately dropping PPOs. Plan and be strategic.
• Clearly define what growth means for you and your practice.
• There isn't a singular path to reach financial independence.
• Know which data points to track to start slashing write-offs.
• Follow the 12 steps to align and strategize with your team.

Snippets:

0:00 Introduction.

6:52 About ACT’s TTT, BPA, and Pro Coaching.

10:26 Why this is an important topic.

12:15 Objectives.

13:52 Insurance independence, explained.

21:22 Improve your thinking and mindset about dentistry.

23:04 Figure out your overhead percentage.

25:26 Figure out your capacity.

26:59 Figure out your new patient referral sources.

28:22 Figure your new patient hygiene re-appointment percentage.

29:53 Figure out your annual patient value.

31:53 Figure out your unscheduled active patients.

33:14 Why you need to join the BPA.

36:50 Figure out your hygiene reappointment percentage.

38:23 Figure out which segment your patients belong to.

40:53 Rank and identify the PPOs you want to remove.

43:32 Read your contracts!

44:48 The 12 important steps to align and strategize with your team.

52:17 Final thoughts.

54:06 Q&A: Navigating plans not allowing out-of-network benefits.

58:02 Q&A: Advice for negotiating fees.

1:02:00 Q&A: Differentiate yourself before dropping bigger PPOs.

1:06:02 Q&A: Advice for limiting PPOs in your schedule.

1:08:24 Name, number, knowledge.

1:11:55 Q&A: How do you juggle growth during this process?

1:14:22 Try the PPO Roadmap today!

Dr. Barrett Straub Bio:

Dr. Barrett Straub practices general and sedation dentistry in Port Washington, Wisconsin. He has worked hard to develop his practice into a top-performing, fee-for-service practice that focuses on improving the lives of patients through dentistry.

A graduate of Marquette Dental School, Dr. Straub’s advanced training and CE includes work at the Spear Institute, LVI, DOCS, and as a member of the Milwaukee Study Club. He is a past member of the Wisconsin Dental Association Board of Trustees and was awarded the Marquette Dental School 2017 Young Alumnus of the Year. As a former ACT coaching client that experienced first-hand the transformation that coaching can provide, he is passionate about helping other dentists create the practice they’ve always wanted.

Dr. Straub loves to hunt, golf, and spend winter on the ice, curling. He is married to Katie, with two daughters, Abby and Elizabeth.

Miranda Beeson, MS, BSDH Bio:

Miranda Beeson, MS, BSDH, has over 25 years of clinical dental hygiene, front office, practice administration, and speaking experience. She is enthusiastic about communication and loves helping others find the power that words can bring to their patient interactions and practice dynamics. As a Lead Practice Coach, she is driven to create opportunities to find value in experiences and cultivate new approaches.

Miranda graduated from Old Dominion University, and enjoys spending time with her husband, Chuck, and her children, Trent, Mallory, and Cassidy. Family time is the best time, and is often spent on a golf course, a volleyball court, or spending the day boating at the beach.