You invest in technology, take the latest courses for aesthetics, and offer patient comfort enhancements – like the Couch Potato, ergonomic neck pillows, and warm, lemon-scented towelettes – but do you give your patients easy ways to pay for dental care? How about incentives, like a discount when a patient pays for dental work up front, in cash?
Roger P. Levin, DDS, of the Levin Group authored "Give Your Patients Financial Options" as "The Business of Dentistry" piece for July/August’s Academy Connection, the newsletter for the AACD. He argues that, "Practices can dramatically increase cosmetic case acceptance by offering a variety of convenient financial options."
Levin’s suggestions include a 5% discount for accounts over $300 that are paid up front, in full. You get cash in advance, the patient feels like they got a great deal. Everyone wins!
He also suggests that you accept credit cards, as well as outside financing. Institutions such as CareCredit, CapitalOne (formerly Dental Fee Plan), Unicorn, and Enhance are popular choices for dental financing, and some offer no-interest or long-term options for qualified applicants. Financing can motivate a patient to upgrade from low-cost, short-term cosmetic bonding to a full set of da Vinci veneers. Sure, you will be charged a fee for accepting credit cards and financing through third parties, but in the end, you’ll benefit big time – and so will your patient!
An in-house payment plan of 50% up front and balance due upon completion also helps patients afford the dentistry they want or need. This one puts you in a more vulnerable position than the other options, but no one is charged interest and fees, so it’s a good option for doctor and patient.
Don’t make your patients ask about financial options. Present choices with the treatment plan. By offering diverse payment options and discounts, you’ll create a reputation of understanding and commitment to the patient, and you’ll also increase case acceptance.
For more information, read Levin’s article at: http://www.aacd.com/downloads/academyconnection/current.pdf.
Visit CareCredit at: http://www.carecredit.com/.
Visit CapitalOne Healthcare Finance at: http://www.capitalonehealthcarefinance.com/dental/.
Visit Unicorn Financial at: http://www.unicornfinancial.com/.
Visit Enhance Patient Financing at: http://www.enhancepatientfinance.com/menu_pt.asp.