Dental Finance for Patients
Offering easy-on-the-pocket dental financing plans for your patients is one of the best ways to grow your practice and revenue. As the world limps back to normalcy after even as the pandemic continues to loom, in-person dental check-ups and procedures slowly have once again started becoming normal. Patients, who had waited all this while to get their dental issues treated, are getting back to the clinics. However, the economic aftereffect of the pandemic has affected all and, despite the urgency, expensive procedures are still a concern for most of them. This is where arranging for financing options for your patients will work as an assurance and, in turn, help your revenue growth.
Types of dental finance
Considered one of the most common means of payment, here the patient pays for the treatment using their credit cards. Your payment is processed within 24-48 hours, and your patient is liable to pay the bank with the billing cycle.
Dental procedures often involve expensive technologies, and it could be a reason of concern for most patients. Upfront payment for such procedures could often lead to patients delaying their treatment and sometimes even opting out. But if they are offered payment plans or packages to make staggered payments, most would happily opt for it. No hidden charges and simple monthly installments over a pre-decided tenure make it one of the best methods of dental financing.
Insurance, HSA, and FSA:
While most insurance programs cover dental care, not many are aware of its details. A dental clinic that helps patients with all insurance-related queries and plays the role of a communicator between the patient and insurance provider is always preferred. In addition, you could also assist them in understanding the coverage extent of their HSA and FSA accounts and claims to reduce their out-of-pocket expenses.
Many clinics these days are opting for helping patients secure personal loans for their dental treatments. You could tie up with a third-party lender, who pays you upfront or in phases on behalf of the patient, who can later repay the lender, albeit bound by certain terms and conditions. In this case, you get the payment on time and do not have to take the liability of any non-payment.
There are multiple avenues to provide financing options to the patients of dental clinics, and there is no one-size-fits-all. The more options you offer, the more customizations you can provide your patients with.