How providing the right dental benefits can help an organization reach its revenue targets
By Steve Valentor, CEO and Co-Founder, PayDent
More than ever, companies know that they need to attract top talent to maximize revenue, and offering strong benefits packages is one key way to do that.
But benefits packages also can play a role in retaining employees, which can be equally important in helping an organization reach its revenue targets. According to Quantum Workplace and Oracle NetSuite, employee retention can promote a company’s health and success in many ways, including by:
- Increasing employees’ commitment to organizational success. Long-standing employees tend to be more committed to the success of the business, which is a direct path to revenue growth.
- Improving employees’ productivity and expertise. Longer-tenured staff are likely to be more efficient at their jobs, getting more done in a shorter amount of time. They also develop expertise in their fields and are apt to solve complex issues on their own, which benefits the organization.
- Enhancing customer service. Having happy, invested employees correlates with better customer service, which translates into repeat customers, which means more revenue.
Companies are increasingly making that direct connection between valuable benefits and their employees’ engagement and productivity. For example, Hayley Doran, a VP at Humana, told the Phoenix Business Journal last year that when employees value their benefits, they are “more engaged and productive than those who don’t.”
Given the ongoing “Great Resignation,” offering great benefits that employees value is more important than ever — and those benefits include dental coverage.
According to a 2021 MetLife survey, 70% of workers in a wide range of industries said dental insurance was a “must-have” benefit. And a 2021 report by the consulting firm LIMRA found that during the COVID-19 pandemic, dental insurance was one of the three things that most people added to their benefits packages. (The other two were life insurance and medical insurance.)
But here’s the problem: Overwhelmingly, people are dissatisfied with their dental coverage. Just search the phrase “dental insurance” on social media and look at some of the issues people raise:
- Mistakenly believing that their insurance covers 100% of claims when, in fact, their “100% coverage” only applies to a few procedures.
- Insurance only paying what the insurance company thinks the procedure “should” cost, which is often far less than what the dental office actually charges.
- Limits to what insurance will pay annually. With a typical $1,500 annual cap, a patient who needs $4,000 in dental care in a given year will have to pay $2,500 out of pocket — and that’s on top of the monthly insurance premiums!
- Insurance not covering cosmetic, elective or preferred treatments, such as implants.
Obviously, a better solution to dental coverage was needed. And that’s why we developed PayDent, a superior alternative to dental insurance.
We believe PayDent is the best dental benefit an employer can offer to its employees. With PayDent:
- There are no insurance hassles, no claims to file, no pre-approvals needed, no service limitations, no annual caps and no rejected claims.
- Every dental procedure is covered, including cosmetic, elective and preferred treatments.
- Patients receive discount prices for all services — 15% less than the American Dental Association national survey of fees.
- Patients’ money is never lost at the end of the year.
- Coverage never lapses as it does with insurance if premiums aren’t paid.
With PayDent, patients simply set up dedicated cash savings accounts to pay for their dental treatments. Instead of paying insurance premiums, they make regular deposits into their PayDent accounts that can only be used for dentistry.
Employers also can regularly deposit money into their employees’ PayDent accounts instead of paying insurance premiums.
For employers in nearly every industry, attracting and retaining employees has never been more intense than it is today. Given that employees want dental coverage and are unhappy with current dental insurance plans — and that PayDent eliminates all the problems with dental insurance — PayDent might be one of the most valuable benefits an employer can offer their employees to help reach their revenue targets.
Please visit PayDent.com, call 312-505-3636 or email email@example.com for more information about how PayDent can help you offer your employees a dental care benefit that they will value and that will truly benefit them.