Today’s customers across every industry are used to having a variety of choices for everything, from pattern and size to payment method. While some of that need for options does not impact the dental industry, there remains high demand for accepting multiple payment options and even financing. By increasing the number of methods you accept, you increase your workload, but you also can attract more patients and avoid invoices that sit around unpaid. What should your practice know?
Why Are Multiple Payment Options a Good Thing?
Today, people earn money and get paid in a broad variety of ways. An estimated 5.4% of households across the United States also don’t have a checking or savings account, and they still require dental care. By expanding your practice to accept multiple payment options, you can attract a more diverse variety of patients and serve your community as much as possible.
Additionally, most dentists have met patients who put off critical treatment due to the cost. If they do not have dental insurance or the procedure is not covered, they may experience worse treatment outcomes due to not having the cash on hand to cover the cost of it. Accepting a variety of payment methods, including options like PayPal or financing, broadens your options.
Things Have Changed
Countless things have changed in the wake of the COVID-19 pandemic, and one of them is how patients pay. In the past, most patients would offer payment for a procedure in person with a physical credit or debit card. As people have become more conscious about germs and viruses, touchless options are increasing in popularity. Using a scannable QR code or payment website lets you still get the same payment, just in a manner that will make patients more comfortable.
Plan Ahead to Protect Your Practice and Patients
While electronic payments increase versatility, they do not come without caveats. Ensure that you receive permission to send text messages to patients and that your electronic payment platform has HIPAA compliance so that you do not put patients at risk.
Consider Buy Now, Pay Later Services
ERJ Solutions offers versatile Buy Now, Pay Later financing for patients that lowers the risk for dental practices and increases client satisfaction. They use QuickFee to allow patients to pay off their treatment over time using an existing credit card. Additionally, it does not perform a hard credit check or have a lengthy approval process that would discourage usage. On the practice end, you will experience a quick setup process and then receive payment for services within only a few days.
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.