Dental practices and industry professionals need new tools and solutions that work together to attract and retain patients, grow revenue, especially predictable recurring revenue, and enable more patients with and without dental insurance the financial options that enable them to say yes to the care they need and the procedures they want.
Dental CreditPlans (DCP), a division of ExtendCredit.com utilizes industry-leading software in a SaaS platform providing dental practices of all sizes a comprehensive, end-to-end solution for patient financial services. Providing patient financial solutions allows dental practices to enable more patients to say yes building revenue, but also working as a key marketing tool and differentiator helping attract patients and lower overall new patient lead generation costs. DCP single focus is the dental community and providing the solutions that enable dental practices to build a well-rounded patient financial strategy.
Tightening credit, changes in insurance, uncertainty in the economy and numerous other concerns are making it harder for individuals to afford the general care, corrective and cosmetic dental care the seek. Membership plans allow the practice to answer specific needs for individuals and families, create employer and university programs as well as concierge. While membership plans are widely popular in other industries, the dental community is just now realizing how these plans can be used to attract new clients, enhance current relationships and enable more patients to obtain the services they want. The economic advantage is that they often lower lead costs and through monthly membership fees build predictable recurring revenue for the practice. For all these reasons Membership plans are an important part of a complete financial services program, but membership plans are just one key part of a sound dental patient financial services strategy.
In-House Financing Payment Plans
In-house financed payment plans allow practices to say yes to more dental patients by offering their own payment plans to creditworthy patients that might have otherwise walked out the door. Often reserved for long-term clients, in-house payment plans are great opportunities for increasing revenue by enabling more procedures and through the addition of interest revenue. DCP delivers a proven automated solution allowing the practice to stay in control. Setting up payment plans, credit and bank checks, billing, and reports are all automated. In-house payment plans can be used as a second look program for patients who are denied by third party credit, but are still creditworthy. In addition, some patients using third party credit still need additional funds to cover the cost of the procedure they desire. In-house payment plans provides the opportunity to extend additional financing to cover the difference. In-house payment plans are another smart option in a well-rounded dental patient financial services strategy. This leads us to third party credit, already used by many vet offices to allow pet owners to obtain credit for the care their pets need, third party credit is another key pillar and important tool in a practice’s pet owner financial offering.
Third Party Financing
In the past, the “safer” alternative has been to have the patient apply for credit from a third party to cover treatment costs. However, this carries its own set of complications. While the third-party financier extends the capitol to fund the procedures, most of the process is out of the hands of the dental practice. The practice pays a discount fee, receives its payment and the patient deals directly with the lender. Unfortunately, third party financiers have significantly reduced approval rates — not to mention the high cost in fees charge to the practice for getting funds upfront and removing risk. To help with this and provide a single integrated dental patient financial solution DCP will soon be announcing a new product offering for your third party needs.
A strong patient financial services strategy should provide choices and options for both the patient and the practice. Just as important it should deliver the tools for increasing and better managing revenue, creating recurring revenue while enhancing customer loyalty and building the brand of the practice. For the first time dental offices of all sizes can utilize one platform to provide them the leading solutions for membership plans, third party credit and in-house payment program management.