Financing platforms offer patients various options to pay for dental work, including healthcare credit cards and personal loans. These options also help reduce the burden on dental practices.
Ease of Payment
Many patients use credit cards when paying for dental procedures not covered by their insurance. However, this can be tricky as it’s easy to exceed your limit and face expensive interest rates.
Luckily, there are 3rd party financing platforms like Payspyre that make it easy for patients to pay for their necessary (or elective) dental care without the hassle of whipping out their emergency credit card. These 3rd party financing options work similarly to regular credit cards but are specifically designed for use by medical and dental practitioners.
Patient financing is necessary for any practice to be seen as an ethical and comprehensive provider. Dentists can ensure that financial limitations don’t compromise their patients’ oral health by offering multiple financing options through in-house plans and third-party partners. Providing financing to all eligible patients can also increase treatment acceptance, which is a win-win for everyone involved. Patients benefit from access to affordable payments, and practices can secure higher revenue from the finance plan fees they charge.
Reduced Risk of Delinquency
While offering in-house dental financing can increase patient loyalty and retention, it also entails significant financial risk for the practice as a creditor. Furthermore, managing in-house financing programs can tie up staff time and resources that could be better spent on other aspects of the business. Chasing down payments and writing off delinquent accounts is not a small expense. Using a third-party finance company can help mitigate these costs and risks for the practice.
Affordability
While it would be great for every patient to pay in full at the time of the procedure, this is only sometimes feasible. Providing financing through in-house programs, third-party partnerships, or healthcare credit cards is a valuable tool for dental practices to help bridge the affordability gap for patients.
Most people only have the luxury of waiting once they are financially prepared to undergo costly procedures. With interest rates falling and the return on savings dwindling, patients have found themselves unable to afford necessary treatments without additional financing options.
Financing platforms divide treatments into manageable interest-free payment plans. These programs are often better than whipping out credit cards when paying for medical needs because they offer lower or 0% interest rates. This can be particularly beneficial for those who don’t have insurance or who do not want to use their existing credit card balances for healthcare expenses. Similarly, personal loans are available through various financial institutions, including banks and credit unions, and can be more affordable than high-interest dental credit cards.
Flexibility
Patient financing is necessary for dentists who strive to offer comprehensive care. With a significant portion of the population without dental insurance or facing gaps in coverage, dental payment plans are designed to bridge the affordability gap and make treatments accessible.
In-house financing, for example, offers patients a repayment schedule tailored to their budget. This allows them to prioritize their oral health and avoid the long-term consequences of untreated dental issues. For practices, this means increased treatment acceptance and improved patient outcomes.
A third-party provider can also manage payment platforms on behalf of a dental practice, freeing up staff time for other tasks. However, these third-party options can be costly and require a longer implementation lead time. Ultimately, you want to choose a payment platform customized to your specific needs and easy to integrate into your practice. This will ensure you provide your patients with the best financing solutions while reducing administrative hassles. Then, you can focus on your patients’ experience and satisfaction, ensuring they receive the treatment they need.
Convenience
Dental patient financing platforms help increase treatment access for a broader range of patients. The streamlined payment process eliminates the need for patients to apply for third-party financing options, saving staff time and ensuring that all payments are collected in one system.
Financing platforms also allow patients to avoid the need to delay treatment. This is especially helpful for patients who require urgent care that cannot wait. When a dental issue is left untreated, it can worsen and lead to more expensive procedures.
Offering dental financing enables practices to address patient issues as they arise rather than waiting for them to improve on their own or to become more costly. This can reduce attrition rates, which is particularly harmful to a growing practice. In addition, it’s a good idea for practitioners to communicate their financing options in the office and online. This helps patients feel more confident that they can afford a dental treatment plan. This may also make them more likely to accept a treatment plan and move forward with their appointment.
