For patients who face significant out-of-pocket costs for treatment, the availability of financing often makes the difference between accepting and rejecting your recommendation. By making treatment affordable, an installment payment plan from a reputable lender opens the door for increased practice production. In addition, it reduces the financial risks and collection headaches you'll experience by serving as your patients' banker.
Feature patient financing as one of several options. The cost of treatment has always been a major barrier to case acceptance. Insurance has changed the picture considerably, but even insured patients face substantial charges. By offering several payment options -- a discount for full prepayment, a half-now, half-later plan, payment by credit card, and outside financing -- you can motivate more patients to say yes to treatment.
Don't hold out for 100% of nothing. Some dentists object to third-party financing because of the service charges. What they don't consider is that this arrangement improves cash flow, reduces risks and the costs of collection, and makes it possible to generate income that would be lost entirely otherwise. If you have an all-or-nothing attitude, you'll often end up with nothing.
Dr. Roger P. Levin is CEO of Levin Group, a leading practice management and marketing consulting firm. To contact him or to join the 40,000 dental professionals who receive his Practice Production Tip of the Day, visit LevinGroup.com or email [email protected].
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