Which is the Best Patient Financing Option for Your Practice?
Dental care is one of the most essential aspects of healthcare. However, despite saving for emergencies, well-planned out monthly budgets, etc., sudden expenditure on oral care treatment often puts people in a fix, and they tend to opt out of treatment or delay it. While backtracking on dental treatment (due to financial issues) can lead to several complications in the future for the patient, it is an equally unfavorable situation for dentists and their practices. The easiest way to deal with it is by offering financing facilities to patients. However, while there are quite a few options for patient financing, not all may be equally beneficial. Here’s a quick look at which option may work better.
In-house Payment Plans
You may come up with special and customized plans and packages for different types of treatment to suit every patient’s budget. The packages can include payment through installments or in phases depending on the intensity and length of the treatment. In such cases, it is important to have a well-informed customer service facility to help patients understand the need for the treatment and how such plans can ease their out-of-pocket expenses. While having such packages often turn out helpful for the practice in patient retention and the generation of new leads, it has a flip side. The onus of following up for payments, negotiating on interest rates, etc., will lie on the clinic. It is not only time and energy-consuming, but the revenue also takes a hit.
To avoid the complexities of self-financing and following up on the same, you can also opt for a third-party financing option for your patients. For this, you need to tie up with a third-party lender who will provide the loan to the patients to pay for their dental treatment. It works like a personal loan, and the lender pays you upfront for the treatment on behalf of the patient. It gets into an agreement with the patient on the terms and conditions of the loan, who in turn pays back the lender based on the agreed rate of interest. In this case, the dentist or the clinic does not have to bother about timely payments or follow up with the patients in case of defaulters. It comes with the dual benefits of patients not opting out of treatments as well as no trouble of not getting paid on time.
Just like any other branch of medical science, patient financing is a vital feature of dental care and makes a difference for dentists and the future of their practice. With the world still reeling under the effects of the pandemic, ensuring patients don’t turn away from treatment is essential both for their well-being and the financial health of dentistry.