Today marks the first post in a series exploring trends in the dental industry, and how practices nationwide are using creative payment and financing solutions to empower growth.
Our parent company, ExtendCredit.com, has worked for five years in the dental industry, as well as in the Veterinary space as Veterinary Credit Plans. During this time, we’ve spoken to dental professionals all over the country, and gathered data from thousands of membership plans, in all 50 states, and over 5,000 zip codes, adding over 10,000 new plans a month.
Over the years, our membership and payment plan solutions have helped Dentists, Vets, and other professionals handle over $100 million in treatment, completely set up and managed using Extend Credit’s software platform. While individual data is secure and private, we do analyze aggregated data to understand trends and best practices to further support our clients. We primarily focus on key data that helps our clients understand how their practice compares to industry trends. An example is analyzing the latest 25,000 payment plans to determine the most common high performing plans created within our platform we find that the average amount financed on a payment plan is $1,774, with an average interest rate of 10.5%. For these same plans we found that the average term length is 14 months with an average monthly payment of $130.
By offering membership and in-house payment plans, Dentists in our network are able to meet the financial needs of more patients enabling them to say “Yes” to needed or desired treatment. This grows their business by filling their appointment books, obtaining full case acceptance, and generating loyalty through membership plans and creating a strong profit center through interest on payment plans.
Over the course of next few months, we’ll be sharing what we’ve learned, and examine how dentists are evolving their practice and business model to fit a changing dental industry.