Meet Alex, a financially savvy guy who enjoys the finer things in life, from extravagant vacations to luxury vehicles. Despite his financial stability, Alex faces a dilemma when unexpected dental treatment arises. Dental care, albeit important, is edged out in favor of other expenses. Whether your patient is well-off like Alex or struggling financially, everyone thinks twice about dental expenses. That’s where third-party payment plans, and financing can make dental care more appealing and accessible for everyone.
In this blog, you’ll learn how third-party financing (like the one offered in Practice-Web’s all-in-one practice management software, powered by Global Payments) can dramatically improve treatment acceptance, your patients’ oral health, and your cash flow.
Create a Competitive Advantage and Attract New Patients
Consider Sarah, a hard-working freelancer who puts off her dental visit because of tight finances. She is among the 27% of adults without any dental insurance, making her hesitant to schedule a visit due to her fear of out-of-pocket costs. With a little online research, she finds a dental practice that offers third-party financing via Global Payments and Practice-Web. She sees how this will let her choose finance terms that align with her budget. She no longer has to choose between her oral health and financial budget.
These third-party financing options become a beacon, attracting patients like Sarah, who will pick your practice over others who don’t clearly offer those options. Marketing this benefit can set your practice apart, drawing in patients who might otherwise forgo treatment.
Increase Case Acceptance
ohn, a graphic designer, faces a familiar scenario when he is presented with a $500 dental procedure. Falling into the 49% of patients scared about unforeseen expenses, he considers declining the treatment plan. However, Josh is excited to be introduced to a convenient on-the-spot financing application process through his phone, made possible by Global Payments. This immediately eases his concerns, and he agrees to go through with treatment.
Had John not been shown how easy and affordable it is to finance his procedure, he may not have accepted treatment at all. This is no one-off scenario either. Dental Offices across the board have seen a significant increase in case acceptance rates after introducing third-party financing options to their practice.
Increase Patient Satisfaction
Emma is experiencing severe pain and requires a root canal procedure. However, she is uncertain about her ability to cover the upfront costs after losing her insurance. Imagine Emma’s relief when she calls her preferred dentist and finds out that their practice offers affordable payment plans. She instantly schedules an appointment.
When she arrives at the office and is given the opportunity to effortlessly apply for financing from her phone, she is stunned at just how easy the process is. She chooses the Pay Later option and agrees to a payment plan that works best for her. After her treatment, she is pain-free and without financial worry.
When practices offer financing solutions, they’re not just providing a service; they’re building trust, enhancing satisfaction, and creating a strong base for referrals. This kind of patient satisfaction cements the relationship between dental practices and their clients.
Create Consistent Cash Flow
Dr. Lee’s clinic was in a bit of a bind, wrestling with the tricky issue of cash flow because payments from patients were showing up later than they should have. There are many reasons why a patient may not pay. Either they forget to pay, forget the due date, or they simply cannot afford to pay. Fortunately, Dr. Lee discovers Practice-Web’s integration with Global Payments and implements consistent payment reminders through email and text, efficient e-billing methods, and easy finance applications.
His practice immediately sees a notable improvement in collection rates, with approximately 50% of payments clearing within an hour. This swift uptick in payment processing meant the clinic’s cash flow got a much-needed breath of fresh air, easing that financial tightness and laying down a solid path for the clinic to grow and thrive.
Reduce Outstanding Balances
Dr. Thompson’s journey from grappling with $105,000 in 90-day overdue balances to slashing this down to $52,500 is nothing short of remarkable. This turnaround is possible through integrating financing solutions that offer both flexibility and reliability to their patients. The ability to offer manageable payment plans not only alleviates patient financial pressure but also significantly reduces the practice’s outstanding balances, showcasing the transformative power of third-party financing.
In a landscape of financial diversity and uncertainty, third-party financing stands out as a lifeline, redefining the dynamics of dental practice operations. Embracing platforms like Global Payments not just boosts patient satisfaction but also secures an edge in a competitive market, ensuring sustainability. It’s about turning possibilities into realities, with every patient that walks through the door. Isn’t it time your practice explored how third-party financing can redefine your success?
If you’re not using Practice-Web but want to explore our software solutions, start with a complimentary demo by clicking here!
Watch the following video to learn more about Practice-Web’s integration with GlobalPayments: