Whether planned or not, dental care is expensive. Although most Americans have private dental insurance through their employer or another plan, patients will likely have some out of pocket costs for the majority of preventive and emergency dental procedures.
These added costs are both frustrating and stressful for many Americans, especially given the impact that the coronavirus pandemic has had on jobs and the economy as a whole. But when a patient needs a crown or replacement filling, it needs to be taken care of. So what can you do to encourage patients to seek care even if it’s tough on the wallet? That’s where flexible financing options come in. Here are three good reasons to offer financing to your patients.
BOOST PATIENT MORALE
In today’s uncertain economic climate, major or even minor dental procedures can be cost prohibitive. For patients without dental insurance, even the cost of an annual cleaning may be too much. If you offer financing as a payment option, your patients can still receive excellent dental care without draining their funds to do it. This is especially important in today’s social and economic environment as a result of COVID-19. There are several ways to incorporate flexible financing into your payment plans. Popular options from companies like CareCredit include low monthly payments, zero prepayment penalties, and low interest loans. If your patient has poor or no credit, they may still qualify for certain plans if that’s something you feel would benefit your consumer base.
ATTRACT NEW PATIENTS
Another benefit of offering flexible financial payment plans is that it attracts new patients who might otherwise be unable to seek high quality dental care. As stated before, consider the needs of your patients. How might the pandemic have affected their wallets? What options can you offer to assure them of their options even if they can’t afford standard procedures out of pocket? This applies not only to new patients but also to your existing ones.
INCREASE YOUR BOTTOM LINE
Although it might mean less upfront revenue at the time of service, incorporating flexible financing terms can result in increased profit later on. Why? Because the alternative is that new or existing patients don’t seek dental care even in an emergency because of the potential costs. This not only puts your patients at risk for developing significant dental conditions, but also affects your practice if no procedures take place to generate income. Flexible financing payment plans are practical, effective and beneficial for your practice and for the patients you serve.
CURIOUS ABOUT FLEXIBLE FINANCING OPTIONS FOR YOUR PRACTICE?
Contact Dr. Coughlin today with any questions you have about how flexible financing options can boost your dental practice.