The concept of buy now, pay later has always been a customer favorite. However, due to the drastic changes in people's financial situations over the past few years due to the COVID-19 pandemic, buy now, pay later has become increasingly popular.
Payment plans are no longer just for car payments, subscriptions, or utility bills-you can find them everywhere.
Looking to Expand Your Dental Practice? Our Guide Offers Valuable Insights and Strategies
From helping your practice reel in more patients to helping it increase its revenue, offering patient payment plans are as beneficial for your dental practice as it is for your patients.
In this article, we'll be going through the top four reasons your dental practice should offer patient payment plans and how you can get started increasing scheduled appointments today.
Increase Revenue for Your Dental Practice
It's no secret that patients love to save money. While dental payment plans don't always necessarily mean discounts, the fact that a single monthly payment is significantly less than an associated total balance is often enough to draw in more patients who are likely to pay for a treatment using a payment plan.
When customers feel they are saving money, they are more likely to spend in ways they otherwise couldn't or wouldn't.
By offering payment plans to your patients, you're making otherwise costly dental procedures accessible, increasing the number of patients who can afford the process. When your dental practice doesn't offer payment plans, it doesn't get the chance to provide its services to a larger population, which keeps your practice stagnant.
Payment plans for patients provide your businesses with a stable, predictable stream of monthly revenue. And, the more patients you get started on a payment plan, the more monthly payments you receive.
It is easy to understand why having an expensive dental treatment done without paying for it in full immediately is an attractive option for many patients. When it comes to purchases, patients are more likely to schedule a dental procedure if they know they will have the option to pay for it over time.
According to Afterpay, businesses, on average, experience a 20 to 30 percent increase in their conversion rates once they begin offering payment plans.
Be More Competitive
As a small business, it is often challenging to find ways to stand out and stay competitive—dental practices aren't any different.
Many dental practices experience large amounts of dental competition in their local community, especially in large metropolitan areas. While this is an ideal situation from a patient standpoint, it doesn't help when trying to routinely bring in new patients to your practice.
Your dental practice can consider offering additional incentives to patients who start a new finance contract or payment plan. Doing so will help with further improving your dental practice's competitive advantage. Consider offering promotional incentives such as payment deferrals, low-interest rates, and other applicable incentives to help your practice provide more treatments while simultaneously growing its patient base.
Increased Patient Loyalty
Dental practices can build loyalty with their patients by offering financing options. Patients are more likely to return to a practice that offers flexible payment options. Also, when you care about your patient's financial situation and try your best to meet them in the middle through flexible payment plans, chances are you're building a long-term relationship with this customer.
When offering payment plans, your dental practice has the option of offering internal or external options to satisfy patient needs.
Here are some ways in which dental practices can offer internal financing options to their patients:
Discounts: Another way to offer internal financing is to provide a discount for patients who pay in full at the time of treatment. The practice can give a percentage off the total treatment cost, making it easier for patients to afford dental care.
Credit Cards: Dental practices can also accept credit cards as a form of internal financing. Patients can use their credit cards to pay for treatment and pay off the balance over time.
Here are some ways in which dental practices can offer external financing options to their patients:
Payment Plans: Dental practices can work with third-party providers like Denefits to offer payment plans to patients, allowing them to spread the cost of treatment over a certain period. For example, a 12-month payment plan with monthly installments can work for your patient and your practice. Moreover, companies like Denefits provide protected payments even if the patients default.
Healthcare Credit Cards: Healthcare credit cards are a popular financing option for dental care. These cards are specifically designed for medical expenses and offer low-interest rates and flexible repayment terms. The dental practice can partner with a healthcare credit card provider and offer these cards to patients as a financing option.
Medical Loans: Medical loans are another financing option that dental practices can offer patients. Patients can obtain these loans through banks or credit unions and can use them to pay for dental treatment. The dental practice can work with a medical loan provider and offer these loans to patients who need financial help.
Offering payment plans is an effective way for dental practices to ensure that their patients receive the care they need without breaking the bank. It's also an excellent way to help people to stop avoiding their dental visits to take better care of their teeth.
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By offering payment plans, dental practices can build patient loyalty, increase revenue, and benefit in many other ways. So don't delay improving your customer experience. Denefits treats your customers and business as its own!
To see how much profit you can make even before integrating the Denefits software into your existing system. Or, request a callback to get assistance.