Why Should You Always Have a Financing Partner in Your Practice
As the world limps back to normalcy amid the ongoing pandemic, dental clinics are slowly getting back on track. Unlike the past one and a half years, patients are now finally ready to undergo dental treatment without any fear of infections. However, due to tumultuous economic conditions, spending on expensive dental treatments could be a challenge for many. As a dentist, having financing options to help your patients afford their treatment should be a priority.
Who is a financing partner?
Most dentists offer customized treatment packages and plans for their patients, which can be paid in installments. However, it is important to note that such plans often mean the procedures are done in phases. This results in more chair time for a single patient. While some procedures may need multiple sittings, some can be done in a single one. Thus, more chair time for one patient might mean losing out on one more.
This is where having a financing partner can be of help. A financing partner or a third-party lender offers credit or loans to your patients to pay for their treatment. In this arrangement, the dentist gets paid upfront by the financing partner, and the treatment can be done with the minimum number of sittings.
Advantages of having a financing partner
With a financing partner on board, the dentist gets paid on time and saves chair time as well. This, in turn, adds to their practice revenue. The patient, on the other hand, gets to avail of the treatment faster and doesn’t have to pay at one go. He/she can repay the loan as per the agreed terms and conditions.
The third-party lender takes up the job of following up with the patient for repayments, and dentists don’t have to get involved in case of any no-show. And, if a patient fails to repay the loan, the dentist’s practice doesn’t get affected in any way, and the onus falls on the financing partner to sort things out.
In some cases, the provider of certain treatment appliances offers financing assistance, as well. For example, if you use OrthoFX clear aligners to treat patients’ orthodontic issues, you benefit on multiple levels from this partnership. Besides getting a top-class product, you stand a chance to make good profits in terms of financing, insurance processing, remote monitoring, etc. Your patients also can pay as per their budgets, yet it doesn’t negatively impact your revenue. A good financing partner could also mean happier patients and more referrals.