How to Famine-Proof Your Dental Practice

Jordon Comstock is the founder and CEO of BoomCloud, a company that helps dental practices create, organize, track, and automate an in-house membership program as a strategy to reduce dependence on dental insurance. If you didn’t get a chance to listen to our last conversation, check out Episode #8 where Jordon and I talk about the value of dental membership programs. In this episode of the Progressive Dentist podcast, Jordan joins us again to talk about the pandemic and explain how in-house plans are helping practices maintain healthy cash flow during these crazy times.

The Benefits of In-house Memberships

Throughout the course of the pandemic, Jordan has seen in-house memberships help practices in three significant ways. The first is recurring cash flow. Practices that have built up their programs over time have seen upwards of $50,000 in revenue coming in, even when they were shut down. The second is a workaround for patients who are struggling financially. Employers are doing whatever they can to stay afloat, so dental memberships offer patients the dental care they need, even as their dental benefits are being cut. The third is patient retention because members are subconsciously more invested in working with that practice. And the fourth is an increase in average spend—members are likely to spend 2-3 times more than nonmembers.

Preparing for Feast or Famine

Dental practices need a cash flow strategy now more than ever. What the pandemic and its resulting lockdowns have taught us is that our businesses need some form of revenue stream whether we are able to practice dentistry or not. Membership programs can help practices achieve this relatively fast, and the residual impact will make your practice even more profitable. Having a cash flow strategy now will prepare you for the next famine, which could potentially occur in September, October, and November of 2020. This is predicted based on a massive scheduling hole in over 8,000 practices, so it is important to take any precautionary measures possible. As always, please visit me at www.theprogressivedentist.com for more informative podcast episodes with other remarkable business leaders.