Like many other industries in the sphere of healthcare, dentistry is defined by continually evolving technologies and trends, forcing offices to constantly adapt to new and unfamiliar situations.
While new and innovative technologies are designed with the intent to increase efficiency and simplify processes for your practice, they often seem to have the opposite effect, instead causing costly complications for your staff and workplace.
Dental practices can’t afford to risk time, money, and effort restructuring payment systems when there is no guarantee that the new system will work.
The time spent learning a new software package could amount to time not spent centered on your patients’ health and desires — leading some offices to be wary of reinventing their patient financing systems when it tampers with the delicate process of receiving payments for services rendered.
By incorporating optimized patient financing solutions, however, practices can achieve their goals to improve the experience for their patients. A payment system overhaul may be just what your practice needs. By taking a leap of faith with a new patient financing solution, these changes can streamline your system, giving you more time to focus on diagnosing, treating, and managing your patients’ oral health.
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Patients are typically forced to choose sacrifice treatment selections instead of making their health a priority — representing the shortfalls of a system that can occasionally lead to disintegrating dentist-patient relationships.
So what can dental workplaces do to overcome the problem posed by the collection of excessive personal lump sums of money that patients are paying out-of-pocket?
Through the lens of patients, the most effective possibility for taking on giant expenditures for dental care is to spread out the bill in installments. Plenty of dental practices already provide payment plans in-house.
Though many offices have encountered varying levels of success in providing such programs to their patients, others are unwilling to accept the monetary risk or the possibility of spoiling hard-earned dentist-patient relationships.
For these offices, there are different ways to provide patients with payment arrangements and avoid all of the risks of a financial system overhaul that will likely lead to additional employment. This system is referred to as third-party patient financing.
Financing options open the door to expensive treatments that patients otherwise would not be able to afford. Often patients will immediately avoid major treatments because they are scared off by the initial price tag.
Providing the choice of creating low monthly payments effectively removes those barriers and eases the initial shock, giving patients enough time to realistically pay off their bills.
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Third-party payment plans also can help to build stronger dentist-patient relationships at your office. This method helps to avoid awkward matters regarding your patients’ personal finances. Patient finance programs can be implemented into your existing business operations quickly without investing time to conduct employee coaching.
Succeeding in today’s ultra-competitive economic climate requires a sharper business acumen and insight than ever before. By adopting a student mentality — giving the ability to master new techniques — dentists can stay ahead of incoming trends and procedures.
Despite the risks associated with third-party payment plans, it revolves around the perspective of patient health instead of the economic driving factors typically associated with the development of patient financing.
Dental practices that embrace the paradigm that overall patient health extends past the mouth are those who can reap the rewards.
Many dental practices are confronted with the same conundrum: Is patient financing actually going to increase my revenue? The solution varies depending on the practice, but here are recommendations as to why dental practices should seriously consider offering patient financing. It’s profitable for both the doctor and the patient. Consider it a win-win.
Patient Financing: Profitable for Dental Practice?
There are some guaranteed advantages to offering alternative financing options to credit card companies and insurances in your practice. Here are the most important benefits of dental patient financing, whether it’s used as an alternative or in conjunction with traditional lenders:
- Increased Patient Flow – 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 costs, so 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 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 – The proper use of patient financing options 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 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 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 in growing your practice and also increasing your practice’s revenue — and reputation in the community — medical financing is something made for you. Denefits can provide any medical practice with increased revenue capabilities, customized financial terms, and guaranteed payments.