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Finance

How to Offer Dental Financing to Patients

A 2015 study from CareCredit discovered that 75% of patients only used providers that accepted their insurance.

Dental care is taking the industry by storm and showing that it is necessary for your patients. Healthcare insurance is not covering the same procedures as it used to, and your patients need payment assistance. They need your help to know what options they have to get the care they need at your practice. Instead of losing struggling patients in need of your care, start helping by financing them risk-free while boosting your revenue! 

Financing Is In Demand

Dental care is popularly in demand lately with the current state of healthcare. 

Insurance companies are constantly changing their policies, affecting how much care they will cover. For dental care, many insurance companies will only cover 1-2 cleanings per year before the patient will have to pay out of pocket. Any additional cleanings or checkups will need to be paid for by the patient, which can cause issues. Someone does not have the money to pay for the required additional care. They will need another option to help them out.

As mentioned above, many patients prefer to go to a practice offering a plan for financing. They can have options for payment at least. People like knowing that if a procedure pops up, dental practices can help them pay for it if their insurance does not cover it. They will have peace of mind that you are a helpful dentist that will get them the care they need no matter what. 

Dental procedures are expensive, and many patients do not have the cash to cover them if necessary. Many people struggle with their insurance since many have been choosing high-deductible plans as of late. That means they pay less per paycheck for insurance but pay higher co-pays and deductibles when they have procedures completed. So, if they have insurance like this, they might have to pay high deductibles on top of any other fees that their insurance does not cover. 

Also, some employers do not offer dental insurance to their employees, so people do not even have coverage. If that is the case, they will have to front the cash for any procedures they receive from you. When people are uninsured, their only choice is to find a financing option for themselves or use services you may offer them. 

Figuring out a financing solution to help your patients could be game-changing for your practice due to the demand. 

How to Offer Financing to Your Patients 

You can grow your practice by partnering with a company and offering financing solutions to your patients. You have two options if you want to propose some kind of financing to your patients. 

In-house financing 

The first option is to offer in-house payment plans that your staff manages for your practice. This option is the most manageable yet most difficult due to the implications that plague patient financing. With a traditional in-house financing platform, you will offer payment plans without the help of an outside lender directly to your patients. That allows you to approve anyone you want and start financing them immediately once their procedure is complete. 

While in-house financing is the easiest way for your patients to get their care, it has many complications. Your practice will have to deal directly with collections and accounts receivable as your patients pay off their care. Handling this can create a more complicated relationship with your patients if they miss a payment and you start contacting them about their outstanding balance. 

Also, if your staff gets busy with other day-to-day operations, they might miss a payment that slips them and make you lose money in the long run. While in-house financing is easy, you might find it more complex to run your practice with it. Instead of focusing on providing quality care to your patients. You will get frustrated that people are not paying you back. Then, your office staff will get stuck tracking them down and may not have time to do so. 

In-house financing requires a lot of assistance that can be possible if you are willing to put in the hard work. 

Hybrid in-house financing 

Another option when financing your patients is integrating a hybrid in-house platform with your practice. 

Hybrid in-house financing is when you bring in a third-party provider that handles all of your financing functions for your practice. It takes over the hard work for you while you focus on caring for your patients. It continues to work for you throughout the complete payoff term, stays on top of your accounts receivable, notifies you when you have a missed payment, and helps you collect missed payments. 

The great thing about hybrid in-house financing is that you drop most of the stress that in-house financing brings and still give your patients payment options. You can continue to provide quality care to your patients while they will feel at ease knowing they can pay the bill one way or another. You can also start attracting more patients once people know you have flexible payment options for everyone. 

When you start offering hybrid in-house payment plans, you can turn lost opportunities into more patients for your practice. In the past, when you had patients that could not pay. Then you would have to turn them away unless they found a loan of their own accord. When you start offering a hybrid in-house financing solution with a partnered company. You can finance just about anyone and boost revenue.

With hybrid in-house financing, you can improve patient experience and create more opportunities for them. 

Growing Your Practice

If you can start offering a financing plan to create more opportunities, you will begin growing your practice. 

When you offer more payment options, you open a new door to everyone, bringing in more revenue. Once a financing option is available, you can nearly double your potential client base and take your practice to the next level. Without financing, there are not a lot of other opportunities to grow and take on more patients. 

Financing can help your practice grow because you can provide quality care that people are looking to find. With excellent service comes better reviews, boosting how many patients your practice will receive in the future. Everything about your practice is online, so you must have good reviews for potential patients to see. 

Growing your practice can be challenging, making it a splendid idea to start offering financing options to all your patients. 

Offer a Financing Solution Immediately!

Your dental practice can start offering the right now with Denefits, a complete payment solutions provider that can integrate into your practice’s daily operations. 

With the Denefits software, you can start creating payment plans for all your patients that need assistance. No credit checks are required with Denefits, guaranteeing approval for every patient regardless of their financial situation and getting you paid even when a patient defaults.

While helping you finance each one of your patients, Denefits also takes over your accounts receivable to help manage all your past dues. 

Visit the Denefits website or download the app to get started right away

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Denefits is a leading complete payment solutions platform used by customers and businesses alike across many industries.

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