If you’re looking for even greater financial security for your practice in the aftermath of COVID-19, it’s worth considering a move to a membership-only model.
Many practices told us how grateful they were to continue receiving the monthly payments from their patients during the months their practice had to close. This has led some to reconsider the way they run their business to be exclusively plan-based so that they can face the future with even greater stability.
Changing your business model requires some forethought and planning, much as it will have done when you were thinking of implementing a plan in the first place.
Below are some things to think about when it comes to moving to membership-only:
Involve the whole team: Picking up on that point above, when you implemented your plan you will have had to secure buy-in from your team about the benefits of being on a plan for your practice and your patients. It is a similar scenario if you choose to go membership-only. Everyone in the team needs to understand why you’re making the move, why it is best for the business and your patients and be confident talking to patients about it.
Introducing the idea to your patients: Think about how you will best communicate this move to your patients. Knowing the advantages to your patients and to the business’s sustainability will be key in presenting the move to your new and existing patients. You may find that this post-COVID-19 era is actually a good time to make such a move as patients are feeling more receptive to change. They may also have more understanding around the need for building a more sustainable business that can ride out the peaks and troughs and continue to be there for them.
Make sure the numbers stack up: Similarly to when you first introduced a plan, it’s important to calculate plan fees that cover all your outgoings and that are also fair to the patient. The finances need to make sense from a business perspective, but also provide value to the patient. It will also be easier when talking to patients about being membership-only if you can show them figures that it amounts to an overall saving compared to PAYG. Again, following the months of lockdown, many patients may feel more open to something that will mitigate against any lump-sum costs.
Gain some extra support: You don’t need to make decisions about changing your business model alone. You can reach out to other practices that are already running on a membership-only basis and learn what they found worked best. And, of course, as a DPAS member you can speak to your Business Development Consultant (BDC) who will be able to guide you through deciding whether this is the right time to make such a move and how to go about it.
So much has changed since the outbreak of COVID-19 and the following lockdown, that you may find that patients are more accepting of such a move as they see it as just another necessary change. To see if it is the best step for you, take time to consider the points above and don’t forget to contact your BDC if you have any questions.
