Adjust Your Strategy and Bring in Patient Financing to Improve Profits

See How Patient Financing Can Entice More Business

patient financingIf you’re seeing little to no growth in your business, it may be time to take a look at your strategy. What can you do to jump-start your dental practice? Let’s take a look at how you can update your growth plan and the benefits patient financing can bring to your updated strategy.

You’re first focus should be on production. You probably have a long list of patients who have come in once or twice, or maybe were regulars for years, but they’ve since become inactive. Reach out to these people and explain to them how important a regular dental hygiene session is to their dental health. Work on getting them back in for an appointment. This may be an untapped resource that can get you back into the growth column quickly.

It’s not unusual for waste to be an issue with a dental practice. In fact, most businesses, regardless of the industry, can recoup losses by paying closer attention to fairly mundane aspects of doing business. For instance, look at your utility bills and costs associated with telephone usage and internet services. Compare them with what other vendors are offering and see if you can save.

A more careful review of all your purchases will help you determine which ones are unnecessary. Do you have a storage closet that contains valuable supplies? Regularly clean out these areas to make sure you’re not hoarding inventory. Finally, if you have loans that are high interest, now is the time to refinance because interest rates on loans right now are low.

Try reaching out to more potential clients by using social media. This is an inexpensive form of marketing that can be quite effective. Put someone who is social media savvy on the task. Make sure they have the right content, which means you need to work on being informative to your followers and not push your business in an overtly self-promoting way.

When you utilize social media channels, you can promote contests and events that are fun for your followers. You can also use these platforms to inform the public about new treatments that can improve the dental health of everyone from children to senior citizens. Don’t forget to be personable in some of your posts. Let the public get to know what you and your team are all about. This creates more trust and a sense of community that is important in establishing long-term relationships.

Patient financing has also become vitally important to many dentists. When you offer patient financing, you’ll have a larger number of patients accepting treatments that you recommend. Not all insurance companies will cover all of your treatments, which means they’re paying for it out of pocket, and that can be stifling for most budgets. When you offer patient financing, your patients can get the treatment they need now and make low monthly payments later.

At The HELPcard, we have worked with many dentists to provide them with patient financing programs that are built around their specific needs. If you have a percentage of patients who are considered sub-prime in their credit rating, don’t worry – we work with prime and sub-prime applicants. Contact us today and let’s get your practice back on the right track.

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