Providing Financing Solutions With Low Monthly Payments For Your Patients
Today many dentists will set up their budget in such a way that it accounts for forgiveness of a certain percentage of fees for patients who don’t have insurance and can’t cover the out-of-pocket costs associated with dental work. Practices that have adopted financing can offer their patients low monthly payments that won’t break the bank but give them access to the dental work they require for better health.
It’s also a common occurrence for dental practitioners to set up low monthly payment plans for patients with large balances. This requires extra work on the part of the office staff tasked with billing procedures and collection duties. Some patients simply won’t pay their part of the bill, sometimes thinking insurance will cover it, but in some cases they don’t make it a priority.
The better choice is to bring in a third party, an expert at offering financing with low monthly payment plans while also possessing the skills to keep patients paying their required balance every month.
Dental costs can come up unexpectedly for your patients. Biting down on a supposedly soft food item that turns out to be hard leads to chipped or broken teeth or a cavity that becomes painful. These unplanned expenses can catch them so unaware that they simply don’t have the money to pay for the services. This is a perfect opportunity for a financing solution to step in and assist the patient.
The benefits of the financing solution with low monthly payments are many-fold:
- First, the patient is relieved that there is a funding option in place that gets them the services they need immediately.
- Second, you get paid immediately and don’t have to trouble your staff with monthly billing duties.
- Third, your bottom line improves because you’re no longer compelled to cut the cost of services to a point where your services are not only offered for free, but at an expense to you.
Dental practices should always discuss fees with patients in advance. In fact, there should be a person on staff who is an expert at dealing with insurance. This is the person who can tell the patient what the insurance will cover and what they’ll be responsible for. There should be no gray area where responsibilities lie. It’s these gray areas that lead to non-payment and dip in the amount of cash you have on-hand. The result is stymied business growth, and in the worst cases, an inability to make rent, utility and/or payroll payments.
The HELPcard has experience working with dental practices just like yours. Our financing solutions are available to prime and near-prime consumers who want to see low monthly payments. We understand that people today expect financing with just about every place they spend their money, even at the dentist office, and we’ve got a solution that benefits you and your patients. Contact us today for more information.