Levin Group recommends that practices set a target of increasing the use of interest-free financing every year. The simple rationale behind this recommendation is that when patients take advantage of interest-free financing, case acceptance, practice production, and practice profitability all increase. We have seen this scenario repeat itself when practices properly implement interest-free financing. Unfortunately, although many practices currently offer interest-free financing, it is extremely underutilized.
Tell patients about interest-free financing during case presentations. Start by letting patients know that financial options are available, including interest-free financing, and that you or a team member will review the options at the end of the presentation. You can even include scripting that lets the patient know that practice financial options almost always allow patients to afford treatment.
Don’t forget to have clear signage visible to each patient in the practice about interest-free financing. Posters, flyers, and brochures will help keep interest-free financing top of mind with patients.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email [email protected].
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