We believe that dental insurance is ripe for disruption.
What Uber did to the taxi cabs, what Netflix did to cable, and what AirBnB did to hotels is what we know we can do to dental insurance. We all know PPOs are a pain to deal with. They're unwilling to budge on fees, often deny procedures arbitrarily, and basically dictate care they don't understand.
Consider the following grim statisics:
The dental market alone has grown over 70% from 1990 to 2015.
Yet dental earnings remained flat at a median of ~$180,000 over the same time period.
What happened? Dental insurance is squeezing dentists on reimbursements:
$75 billion is spent on dental insurance annually, yet only 60% goes to care of the patient.
The rest is pocketed by the lucrative dental insurance industry to the tune of >$30 billion.
Reimbursement rates keep falling across the vast majority of US states.
This has not only suppressed the earnings of dental practitioners but also allows PPOs to assert tremendous power and dominion over dental practices, thus commoditizing dentistry into a low-value "drill, fill, and bill" service instead of a respectable profession driven by personalized quality care.
In practice, dental practitioners no longer own their practice, as insurance is dictating the prices and terms of service. In short, someone else is running the show, not you, and many dentists are increasingly reduced to being "independent contractors" not unlike Uber drivers. It's straight-up depressing.
This problem led us to create OKDentalPlans, an online platform that allows dental practices to create their own in-house dental plans and offer them directly to patients. We automate the membership process end-to-end, thus allowing the busy solo practitioner to focus on the clinical, not the clerical, while your in-house plan grows on its own in the background.
We empower dentists to start taking back control of their business from PPOs, but, beyond that, we also help dental practices grow by bringing uninsured patients through the door and building a healthier, fee-for-service practice that boasts greater customer loyalty, increased case acceptance, and ultimately a win-win situation for both dentists and patients.
*OKDentalPlans is currently only available for users in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and the United States.