How Can Dental Financing Boost Patient Retention?
The importance of oral health for our overall well-being is undeniable. But dental procedures may not always be pocket-friendly. Despite an urgency or a genuine need for treatment, many patients backtrack from it due to the higher expenses associated. And this can have a severe impact on dentists and their revenue. Thus, patient retention is one of dentistry’s most important features, and offering dental financing can be a great way to deal with it. Let’s find out how:
Why do patients opt out of treatment?
While most patients come in with a lot of zest to treat their dental ailments, many of them give up halfway through — the reason being the expenses of dental care. Teeth-related procedures are often expensive, especially if there’s a need for implants, aligners, braces, surgery, etc. Depending on the complexity, some of the cases can take multiple sessions, thereby increasing the costs. Not many can afford the expensive procedures. Thus, even if they start with regular visits, they opt out most of the time.
Regular medical insurance covers most of the procedures for dental treatment, but the extent of the coverage may not be enough. In such cases, patients have to either borrow or use their savings, which increases their out-of-pocket expenses. The interest rates for loans are not always easy on the pocket, either.
How can patient financing help?
We all like packages, discounts, and all-around services. So why not provide the same to patients and help them overcome their worries of not undergoing treatment due to lack of funds? Offering them plans and packages based on the type of treatment is a great idea to ensure patient retention. The sound of installments is music to their ears since it saves them the tension of upfront payment. Plans customized to suit all types of treatments can help them feel valued, and they will keep coming to the dentist who offers such options.
In addition to packages, providing loans through tie-ups with third-party lenders and providing all-around customer support also increases patients’ faith and trust. A third-party lender, in fact, is a viable option if you do not want to bear the brunt of the lengthy repayment process or deal with defaulters. Here, the lenders pay you upfront, and the patient can repay them as per terms and conditions. Meanwhile, offering financing support through well-conversant customer support helps put the patients at ease and handhold them through their smile journey.
Thus, it is pretty obvious that a little bit of financing support from the dentist can go a long way as far as patient retention is concerned. It helps in building the patient’s confidence and they choose to get treated despite the high costs. Now, that’s a win-win for both the stakeholders!