Patients want the care they need, but cost or lack of coverage can hold them back. Fortunately, third party dental payment plans provide more options for those in need.
With payment plans, patients can pay for their procedure in monthly installments. These plans allow them to prioritize dental care without sacrificing other essential costs.
They’re Flexible
Third party payment plans for dental care are a great way to help your patients get the treatment they need without breaking the bank. These plans can be as short as a year or as long as five years and offer flexible interest rates that allow them to pay off their balance in small monthly payments. Many of these plans also offer a low or no down payment and short-term interest-free periods, making it easier for your patients to budget their expenses.
Most importantly, a flexible payment option makes it easier for your patients to access high-quality care from you. The majority of individuals who do not have dental insurance struggle to afford dental procedures and examinations. This can lead to lost revenue for dental practices, as these patients choose other practices with more accommodating financing options.
Providing flexible financing options is an effective way to ensure patients can connect with your practice and recommend it to others. In addition, implementing a dental payment solution can automate your patient finance process, reducing paperwork and streamlining the overall payment process. This provides more payment certainty for your patients and allows you to collect past-due accounts – which is excellent news for your bottom line.
They’re Affordable
Dental care costs can be steep, especially if you don’t have insurance or want to upgrade your coverage. As a result, many patients put off or avoid needed procedures, leading to tooth decay and other serious oral health issues. Even those with dental insurance often struggle to afford their care due to high copayments, deductibles, and other out-of-pocket expenses.
Payment options can help patients get the care they need without breaking the bank. Some dentists offer in-house financing or flexible payment plans, while others partner with systems that provide various options, including interest-free payments.
With various payment options, your practice can appeal to more potential customers. This helps maintain patient retention and allows your business to grow and thrive.
In the fee-for-service model, dentists are paid for each service they perform. However, with a value-based payment approach, you can bundle treatments into a single visit, saving both patients and your practice money in the long run. For example, instead of spreading out X-rays, dental cleanings, and fluoride treatments over multiple visits, you can do them all in one for a lower price.
Many of these new payment models also benefit your customers, such as 0% interest for up to two years and refunded processing fees on verified transactions. These programs can help your customers take control of their debt and reduce their stress by breaking up the cost of necessary treatment into smaller, manageable payments. Plus, they can help offset the impact of a costly procedure on their credit score. It’s no secret that many of the most effective ways to prevent disease and improve dental health aren’t covered by traditional medical or dental insurance, so value-based payment approaches can be a game changer for patients seeking access to quality dental care.
They’re Convenient
A payment plan allows individuals to split the cost of a dental procedure over time. This can make it easier for them to afford care without saving money or paying off the debt over a long period.
In addition, a buy now, pay over time plan can help patients avoid interest by making payments over a set period (12 months, for example) before the first interest charge is applied. This can be helpful for those with poor credit scores who might not qualify for traditional medical or dental loans.
Patient financing options can be offered in-house or through a third-party lender. When a practice offers financing, it takes on the financial risk of collecting payments and must establish clear policies on handling delinquent accounts. This can divert resources from other business areas, such as marketing and patient care.
On the other hand, when a dental office partners with an external financing provider, it can offer patient financing without taking on the added responsibilities and expense of managing the program. This can reduce the administrative burden on staff and allow them to focus on providing patients with the best possible experience.
Adding patient financing options to your practice dramatically increases your revenue and attracts new patients. By offering flexible payment options, you can expand your patient base, boost loyalty, and improve your reputation. Leveraging a powerful automated debt recovery solution can boost your cash flow and further grow your practice!
They’re Secure
When patients can manage the cost of treatment over time, they’re more likely to follow through with comprehensive treatment plans. This improves their oral health outcomes and saves the practice money in the long run, as they avoid putting off necessary dental work that may require more extensive treatment down the road.
Dental payment plans also help patients with poor credit scores access necessary care. This is because they don’t have to rely on external financing companies or traditional loans, often based on credit scores. By providing affordable payment options, your practice can attract more customers without insurance and increase the accessibility of your services to a broader range of people.
Whether you partner with an external third party or create your payment plan solution, you must communicate how the system works and its obligations to patients. This includes identifying any interest charges, confirming the length of the term, and letting them know what steps they need to take to cancel or change their repayment schedule.
