Today, Eugene Shatsman and the Power Hour welcomes Steve Alexander – a consultant with over 20 years of experience helping practices boost profitability – to tackle a challenging question: When is it time to drop a vision plan? Many providers worry about losing patients, but Steve offers a fresh perspective with compelling data on patient retention. With the right approach, he explains, practices can retain 50-70% of patients as out-of-network and even convert many into cash-paying patients.
This episode goes beyond theory, diving into the “money math” behind choosing which plan to drop and how this decision can transform your practice. Steve and Eugene explore everything from assessing the profitability of each plan to deciding if you should ever drop a major one. They also discuss a crucial shift in mindset: how you and your team communicate with patients about plans you don’t accept. Instead of saying, “No, we don’t take that,” consider, “We’re out of network with that plan, but we can still help you.” Together, they unpack the simple shift in turning a potential no into a yes.
Steve shares actionable tips on building a stronger relationship with patients through effective communication and transparency about their out-of-network options. By reframing these conversations, practices can often turn an initial objection into an opportunity to showcase their unique offerings and value. This approach not only preserves patient trust but also empowers your team to manage patient expectations confidently.
Throughout the episode, Steve and Eugene provide a practical framework – covering tools, skills, technology, and the mindset needed to make your practice thrive without relying heavily on vision plans. If you’re ready to rethink your approach to insurance, maximize patient loyalty, and improve your bottom line, this conversation is packed with strategies and insights you can implement right away.
Key Takeaways- Patient Retention: Learn strategies to keep 50-70% of patients as out-of-network while fostering stronger loyalty.
- Profitability Analysis: Discover how to identify which vision plans may be costing your practice more than they’re worth and how to use this data to decide.
- Effective Patient Communication: Find out how a simple language shift can help you convert patients without the “no” barrier.
- Building Practice Independence: Gain insights into creating a profitable, patient-centered practice with less reliance on vision plans.
- 00:16 – Introducing Steven Alexander
- 01:45 – The Impact of Vision Plans on Practice Independence
- 02:58 – Vision Plans as Marketing Tools: A Different Perspective
- 03:54 – Patient Retention Data for Dropping Vision Plans
- 05:52 – Building Patient Loyalty and Making Retention Easier
- 08:06 – The Correlation Between Spending and Patient Loyalty
- 10:01 – Communicating Out-of-Network Benefits to Patients
- 15:34 – Financial Impact: Revenue Per Patient Analysis
- 18:11 – Revenue Comparison: Cash vs. Insurance Patients
- 22:05 – Communicating with Patients After Dropping a Plan
- 27:31 – A Framework for Retaining Out-of-Network Patients
- 29:24 – Bottom Line Benefits: Profitability of Out-of-Network Patients
- 39:02 – Building a Conversion Strategy for Dropping Vision Plans
- 42:40 – Communicating Value Beyond Vision Plans
- 47:01 – Closing Insights
Connect with Steven Alexander
Steve Alexander has been in the eye care industry for over 20 years and has worn many hats including optician, ophthalmic tech, lab tech, practice manager, regional manager, operations consultant, CE certified speaker and other in both private and corporate eye care settings. Over the last 8 years, he has been consulting with practices to find ways to better understand their patients, the ecosystems in which they work, and how to create a practice of which they can be proud. He is currently Head of Growth at Anagram.
Website: https://www.anagram.care/
LinkedIn: https://www.linkedin.com/in/steve-alexander-b31a992a/
Connect with Eugene Shatsman:
Website – https://www.eugeneshatsman.com/
LinkedIn – https://www.linkedin.com/in/eugeneshatsman