Good business is
powered by good data.
Whether you are starting a new dental practice, growing through acquisition, merging with another business, or simply evaluating potential new locations, you want access to the best possible data to make the best possible business decisions for your practice.
Understanding your marketplace is the key to better decisions.
Our MarketPlace Solutions offer all the insights you need. Five Lakes will work with you to develop a Marketplace Analysis Solution specifically designed to help you understand the current and future market opportunities for your practice.
Comprehensive Marketplace Evaluations
Setting your practice up for success starts with understanding your market. Five Lakes helps both new and established practices evaluate the key factors that influence growth, including competition, patient demand, and local trends. This in-depth analysis forms the foundation of a smart business strategy designed to improve patient flow and strengthen revenue cycle management.
Local Employer Benefit Plans:
We’ll verify the offered benefit plans and identify the best PPO plans for your practice. Understanding what insurance plans are being offered by local employers is important to attract and retain new patients.
Competitive Intelligence:
Our audit will offer insights into your competition’s PPO participation. Knowing how your local competition participates in and manages insurance helps you develop an insurance strategy.
Community Demographics:
We’ll research age, income, lifestyle, housing, dental spend, and community growth trends. Local socioeconomic factors will greatly influence patient spending power.
Referral Sources:
Dental care specialists need to gather data on how local referring dentists manage and participate in insurance.
Five Lakes can provide the comprehensive analysis you need to start a new practice or improve an existing practice that’s not achieving business-related goals. Our team can help you better understand your market and your patients so that you can focus on providing the best possible dental care for their needs.
Marketplace Strategy for New Practices
As a new dental practice, the location and surrounding demographics play a key role in how your insurance participation and reimbursement strategy. Our team can offer full circle solutions to get your practice up and running.
Site Viability Study
We gather relevant data to determine the viability and growth potential of a specific location. Economic, demographic, and competition data will inform our recommendation on the best location for opening a new practice to ensure success.
Insurance Participation
Developing an insurance participation strategy is the foundation of any dental practice. How and with whom to participate are key questions for dental practices of any size and all locations. Five Lakes will provide an insurance strategy based on our market analysis. We work with you and your team to negotiate the best fee and reimbursement structure.
Credentialing
The final step is often the most difficult to navigate. Five Lakes can offer complete credentialing services and guide you through the process. We help dentists and DSOs understand and manage leased networks to maximize reimbursements. Five Lakes provides full-service credentialing for PPO plans across the country. You’ll have plenty of choices, and life will be easier.
Revenue Cycle Management
Revenue Cycle Management, or RCM, is often a challenge for dental practices of any size. Five Lakes provides revenue cycle management strategy and solutions targeting cash flow and insurance reimbursements.
Payer Monitoring
The Five Lakes team can provide ongoing services to help your team implement and maintain successful revenue cycle management practices. This can include payer monitoring of insurance claims and reimbursements, a common cashflow issue for many practices. Our team can work with yours to build a sustainable process for claims filing.
Marketplace Solutions for DSOs
Five Lakes can support the strategic needs of DSOs, from marketplace analysis to credentialing and beyond. We work closely with your business development team to develop revenue cycle management plans for newly acquired practices or existing practices that may be struggling. Our solutions can also include ongoing support and consultation.
Our comprehensive services can support your practices and help your leadership team develop a more consistent approach to revenue cycle management. We also train and educate dental office teams to support your practice’s strategy.