A growing number of dental practices are offering patient financing options to allow everyone access to the dental care that they need, even if they cannot afford to pay in full at the time of service. However, there are considerations that need to be made before you decide to offer financing, and there are many options outside of the most popular ones like Care Credit. Is financing right for your dental practice?
Why Is Financing Appealing?
How many patients has your practice provided a treatment plan to who are unable to cover the cost of it, even after insurance? Have you ever had a patient experience a more serious or dangerous outcome because they delayed treatment due to cost? When treatment costs add up, some people elect to delay them because they don’t have the funding available. In those situations, financing can bridge the gap between what they can afford and the cost of the treatment that they require. No dentist wants to turn away a patient in need, and connecting patients with financing opportunities can make a difference.
What Financing Options Are Available?
Dental practices can choose from a variety of internal and external financing programs to allow patients access to the funds they need to have their procedures performed. Some dental practices offer internal financing, but this puts the practice at risk, as you are the lender. You should not extend internal financing options to every patient unless you are prepared to absorb the cost of treatment. When weighing internal financing consider things like the patient’s payment history, your history with the patient, the type and amount of work being done, and how much the treatment plan costs. Managing your own financing program takes a lot of time and manpower, so many offices elect to offer external financing instead.
There are multiple external options for financing as well, some of which involve loans and others of which involve credit cards. These are designed to pay only for healthcare services, unlike a traditional credit card. When directing patients to these types of financing, make sure that you understand how they operate and how you will be paid. Most companies require the dental office to submit documents relating to the treatment, and your payment might not be received immediately.
Can You Make Financing Profitable for Your Dental Practice?
Financing can be a great tool for practices, as it provides your patients with the care that they need, increases patient satisfaction due to better outcomes, and increases your production. Patient financing can overcome obstacles like cancellations, no-shows, and treatment plans that are not adhered to. Patients are also more likely to accept their treatment plan and immediately start it when they have financing, which increases chair time and your bottom line.
APEX Reimbursement Specialists Is Here to Help Your Practice Grow
Whether you’re preparing for the recredentialing process or looking to explore automating your dental practice, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.