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, having access to the best possible data is essential to making 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
An important part of setting up your practice for success is to have a comprehensive understanding of what is around you. Five Lakes specializes in helping both new and existing practices to analyze important factors that will affect the potential growth of their business. This comprehensive evaluation is the foundation for creating a business strategy designed to maximize your revenue cycle management and patient flow.
Local Employer Benefit Plans:
We’ll verify the benefit plans being offered and identify the best PPO plans for your practice. Understanding what insurance plans are being offered by local employers is important for attracting and retaining 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 is important for developing 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:
For dental care specialists, it is important 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 to improve an existing practice that is 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 drive 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, 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 as well as help your leadership team develop and create a more uniform approach to revenue cycle management. We train and educate dental office teams