Considerations Before Joining Private Insurance Networks, and Systems for Efficacy and Profitability-Part 3: Finding Opportunities in DSM

Video Transcription

Video Summary

In this video, the speaker discusses three tools that can help determine the value proposition of a dental sleep medicine practice. The first tool is a SWOT analysis, which involves identifying strengths, weaknesses, opportunities, and threats within the practice. The speaker provides examples of each category based on their own experience, such as having a low labor cost as a strength, and a lack of medical billing understanding as a weakness. The second tool is a competitive analysis, which involves researching and gathering information on local sleep labs, dentists offering dental sleep medicine, and physicians providing evaluation and management. The speaker suggests specific questions to ask during the analysis, such as the services offered, insurances accepted, and referring physicians. The third tool is a payer analysis, which involves collecting information on reimbursement rates, medical policies, and market shares of different insurance companies in the area. The speaker explains how to calculate the average unit reimbursement and discusses the pros and cons of contracting with insurance companies. Additionally, the speaker emphasizes the importance of efficiency in various aspects of the practice, such as patient care coordination, insurance processes, and clinical workflows. They also discuss the potential profitability of dental sleep medicine and provide a formula for calculating total profit per chair hour. The speaker concludes by highlighting the value of relationships and the significance of using an electronic medical record and practice management system.

Keywords

value proposition

dental sleep medicine practice

SWOT analysis

competitive analysis

payer analysis

efficiency

profitability

relationships