Dentistry has long been a dynamic industry defined by ever-evolving technologies and trends.
All too often the adoption of new technologies, designed to increase efficiency and to simplify processes for your practice, seems to have the opposite effect, complicating and frustrating both staff and management alike.
The time invested in learning and relearning new software package is a time not spent centered on your patients’ health and desires. It’s understandable that offices would try and avoid reinventing the wheel once it involves addressing the vital but complex process of receiving payment for services rendered.
Providing patients with the highest standard of care is a goal to which all offices aspire. It’s a dynamic method which needs attention on maintaining up-to-date information of the latest treatments and procedures, also as technological innovations so as to best diagnose, treat and manage your patients’ oral health.
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Appreciating the importance of the financial side of treatments is important, as patients are typically forced to base their treatment selections on value considerations over health considerations.
What alternatives are there for the dental workplace, besides the excessiveness of the personal sum of money and patients paying out of pocket?
For patients long-faced with this perplexity, the solution appears to be straightforward enough. The most effective possibility for creating giant expenditures is to pay in installments. Providing payment plans is, of course, not altogether a replacement though and plenty of dentists provide them in-house.
Though several offices have had success in providing such programs to their patients, others are unwilling to take on the monetary risk or the possibility of spoilage hard-earned patient relationships.
For these offices, there are different ways to supply their patients a payment arrange whereas avoiding all of the risks and additional employment. It is referred to as third-party patient financing.
Each funding choice encourages and permits patients to contemplate superior, nevertheless costlier, treatment choices which may be regarded by patients as aesthetically impelled. These treatment choices, that are ordinarily higher suited to the patient’s condition and desired outcomes, are quickly unemployed due to perceived price constraints.
Providing the choice of creating low monthly payments effectively removes those barriers and eases the initial ‘sticker shock’, permitting patients the time to completely think about the advantages of those procedures.
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Third-party payment plans also can foster stronger patient relationships along with your workplace. This is done by helping your workplace and employees from having to debate awkward matters in reference to patients’ personal finances. Patient finance programs will be enforced into your existing business operations quickly and simply with stripped effort or investment in terms of price outlays or time consumed by employees coaching.
Operating a prosperous practice in today’s ultra-competitive economic climate needs most additional business acumen and insight than the neighborhood dentists of yore was ever needed to possess. Today’s prosperous practice is one that is aware of recent technologies and invests promptly and showing intelligence. It acknowledges the importance of maintaining a student mentality and mastering new techniques, whereas keeping a watch on rising trends and procedures.
Adopting a patient finance choice in your observe solely represents a little cog within the terribly advanced wheel of your business, however, it’s one that reflects a perspective of patient health, that encompasses rather more than simply what’s unconcealed within the communication space.
Dental practices who embrace the paradigm that overall patient health extends past the mouth are those who can reap the rewards.
Many dentists are facing a similar problem and asking themselves the same question: Is patient financing helpful in increasing my revenue? The solution, of course, may be different for every practice, but here are the most recommended reasons why dental practices should seriously consider offering patient financing. In plain and simple words, because it is profitable for both the doctor and the patient. It is considered a Win-Win situation.
Patient Financing: Profitable for Dental Practice?
There are some guaranteed advantages to offering alternative financing options of care credit and insurances in your practice. Here are the most important benefits of dental patient financing:
- Increased patient flow in practice – When practices offer the option to pay for dental treatment with affordable monthly payments, it’s convenient for patients to proceed with treatment immediately by eliminating the lengthy decision process. There are times when patients have to go through a long process to get their treatment approved, whether it is through their insurance company or through a financing company. Most of the time this has to do with the harsh credit checks. Denefits is proud to offer no credit check financing for this main reason. Only through this process can healthcare become affordable for every person. Secondly, many patients avoid practices because of expensive treatment cost, patient financing can be a great option for those patients. Dental practices don’t have to lose patients anymore due to the high but necessary upfront costs. By providing a financing option to their patients, dental practices are able to increase the practice revenue up to 70%, making it a profitable practice for providers.
- Smart Revenue Option – Many dental financing options allow you to get paid at the beginning of dental treatment, which enhances your cash flow and builds trust. It can also reduce your risk of bad debt and uncollectible accounts receivable.
- No Cost marketing strategy – Patient financing is also a marketing tool for your practice with no cost promotion. Most patient financing companies offer free promotional materials—like counter displays and patient brochures—but by offering to finance to patients you can advertise your practice free of cost via word of mouth marketing technique as satisfying patients will suggest your practice to their friends and family.
- Reduce Workload from office – With the proper use of patient financing option may shift the workload and the costs of administration and administering patient payments. Now you can focus more on patient care rather than wasting time on payment collections. Let Denefits take care of your patient financing department.
Patient Financing: Top Benefits For Your Patients
Patient financing is not only profitable to Dentists and practice owners but also for patients as well. Patients can get these benefits instantly:
- Pocket-Friendly Treatment Option – Patients can go under any treatment they want or need, and they can pay in an easy monthly payment that suits them best—spreading the cost of their treatment over time. By offering this option to your patients, you are able to work with more patients because at this point, upfront costs are not an obstacle because your patients are able to get financed instantly through Denefits.
- Alternate treatment options of Insurance– It is not easy for everyone to get enrolled with dental insurance due to affordability. There are some insurance plans that don’t cover everything and it is common for insurance plans to not cover dental for some reason or another. It is in these situations where affordable patient financing becomes important. There are times when patients are in extreme need of a medical procedure but end up putting it aside due to the lack of money. With Denefits, that is not the problem anymore.
- Greater patient satisfaction – It’s not possible for every patient to pay for their treatment bill on upfront. For all these reasons, patients avoid visiting the dental practice again. Patients really appreciate (and are loyal to) dental practices that give them convenient patient healthcare financing options. They are not afraid to come back again because they need they have the option of paying for their treatment through affordable monthly payments.
- More referrals – Satisfied patients are very fast to tell their family and friends, and become a great source of additional referrals. In other words, do not undermine the impact of patient satisfaction.
If you are also interested to grow your practice and also increase your practice’s revenue—plus reputation in the community–medical financing that is something made for you. Denefits is happy to provide any medical practice with increased revenue capabilities, customized financial terms, and guaranteed payments.