We have experienced a number of ups and downs during the past 18 months. As the economy recovers, patients will begin spending money again on more of what they want.
This bodes well for quality-of-life purchases such as cosmetic dentistry. But keep in mind, after such a period of upheaval, patients will be much more careful with how they spend their money. Practices that do a better job of building value for all services will be well-positioned to take advantage of the expected recovery.
Make it easy for patients to accept and pay for your services. Regardless of what shape the economy is in, convenient financial options should be made available to patients. To ensure patients can afford and feel comfortable with payment, offer the following options:
- Pay half up front, half before completion of treatment
- 5% courtesy for full payment in advance for larger cases
- Credit cards
- Outside patient financing
Don't assume economic recovery will spur confidence. Patients have just been through one of the most difficult economic times in the past few decades. In the wake, a smarter patient has emerged. You and your team members must provide an outstanding experience to instill confidence and build trust in recommended treatment.
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