SB Dental Solutions Dental Billing Company is always keeping an eye out for changes in the dental billing field. Lately, a lot of chatter centers around the dental insurance market and their continued combination with the larger healthcare industry.
According to research by West Monroe Partners, the dental insurance industry threatens to shrink and merge with the larger insurance Industry. West Monroe surveyed industry professionals and found, “The portion of health plans offering adult dental benefits has quite doubled since 2018.” Meanwhile, a third of West Monroe’s survey respondents speculated that stand-alone dental payers’ market share will fall to 90% by 2025 (from around 97% today), and one in five believe it'll drop below 85%. This comes as no surprise, as a similar 2017 survey determined that around 96% of insurers believe the two markets will ultimately merge into one.
Inflexible Dental Insurance Companies get Left Behind
As a result of these shifts, industry leaders predict that individual dental insurance providers must either evolve, partner with medical insurance, or decline due to emerging competition. While some dental insurance companies will fall victim to the changing tide, many insurers acknowledge the approaching change, and they’re getting ready. In fact, some view convergence as a good chance to partner with and “embed” their dental benefits in new health plans.
The Upshot for Dentists
The changing industry does pose some risk to dental insurance companies that refuse to adapt, but it also offers an opportunity for providers and payers alike to extend holistic, value-based treatment to more patients for a lower price.
For one thing, dental coverage is the strongest determinant of whether a patient will schedule regular dental appointments, which should increase the subsequent volume of patients. Secondly, access to insurance coverage may increase case acceptance for expensive dental procedures like Endodontic restorations. Finally, merging medical and dental records allow for better knowledge-sharing and cooperation between providers.
Yes, dental practices will have to adapt to new insurance plans, unfamiliar pay structures, and growing consumer demand for value-based care. But, thankfully, these industry shifts need not disrupt day-to-day dental practice. Our clients can depend upon highly trained dental billing professionals to navigate the changing landscape of dental insurance and reimbursement. Call today to learn more about our Dental Billing Solutions!