To make matters worse, most insurance plans don't cover all the dental work needed. In the end, patients need to pay a significant amount out of pocket to maintain their oral hygiene.
One of the best ways to help your patients is to offer financing. Below are four things that happen when dental clinics provide alternative payment options.
1. More traffic
Times are tough. According to MarketWatch, 1 out of 5 Americans weren't able to save any money in 2021. It's no surprise that many don't want to pay for an expensive dental procedure upfront.
When you offer to divide the cost into a series of regular payments, patients who need more flexibility may seek you out. That means more patients for you.
2. Increased treatment acceptance
Price is one of the biggest deciding factors governing whether a patient will accept treatment. Tragically, many forgo an expensive procedure and deal with the pain. Others go with the cheapest option available, which in some cases, results in poor quality treatment.
In addition to the large price tag associated with these treatments, patients are also often required to pay in full upfront or in a short amount of time. This doesn't give many patients enough time to allocate the funds. Therefore, by offering minimum installment plans, you give your patients some breathing room.
With a flexible dental financing option, patients can receive necessary dental treatments and have the freedom to slowly pay for the services in a way that fits their budget.
3. Loyal patients
It's hard to keep patients loyal to your dental clinic when your competitors offer better financing options. Even if your clinic has top-notch service, some patients will opt for another office that offers better financing options. At the end of the day, people often go where it makes the most sense for their finances.
When you offer to finance dental services, you are giving patients a chance to split the payment and keep getting the best dental services you offer. And since you are providing them with flexible payment terms, they will most likely stay loyal to you because they don't need to pay upfront.
4. Improved cash flow
Continuous cash flow is critical in most industries, including dental healthcare. Fortunately, you may be able to improve cash flow by offering dental financing.
As mentioned above, the benefits of offering dental financing can include increased foot traffic, greater treatment acceptance, and more loyal customers. That in turn can lead to a decrease in unexpected cancellations and procedure refusals, as well as an increase in customers paying for the services you offer.
Offering alternative payment options for dental care services is a win-win for both you and your patients. You help them access the great treatment they expect from you, and your clinic enjoys better cash flow.
Michael Needham oversees content operations, internal traffic strategy, and marketing initiatives at Finturf. His experience bringing financial platforms to market has included helping some of today's top companies.
The comments and observations expressed herein do not necessarily reflect the opinions of DrBicuspid.com, nor should they be construed as an endorsement or admonishment of any particular idea, vendor, or organization.
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