Changing the Way You Think About Patient Financing

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Every dentist knows that in an economy when even essential restorative care can sometimes be a hard sell, patients will often leave elective procedures on the back burner for years. If you think of everyday dentistry as being your bread and butter, and cosmetic restorative dentistry as being the frosting on the cake, one patient financing company is offering a totally new, easier, and quicker way to get to the dessert course.

“Engaging in treatment cost conversations with patients can, at times, be uncomfortable for both practice staff and patients,” says Tim Seitz, Executive Vice President of Healthcare Finance Solutions (HFS), based in Pennsylvania. “HFS has been very successful with reducing cost-conversation anxiety between practice staff and patients by providing instant payment options that make treatment affordable.”

Healthcare Finance Solutions (HFScredit.com) introduces to dental support organizations and group practices a different approach to the financing approval process that results in faster acceptance (we’re talking within minutes) and can segue into immediate treatment. HFS offers more flexible plans and reduced costs to both the group practice and the patient than traditional patient financing providers.

“The principles are the same, but we offer term loans and same-as-cash 0% interest loans to consumers. Our rates are lower,” Seitz explains, “and one thing that’s very important to the group dental practice itself is that our discount rate is more affordable.”

But the WOW factor part of the equation is HFS’s cloud-based portal, which is tablet and mobile friendly, customized to the individual group practice, and provides instant approval so dental care can commence right then and there. If a patient has just been told he or she needs an implant or a bridge, the dentist can hand them a device linked to the portal, they can fill out the application, and get approved in seconds. The overall application to final loan selection and completion takes no more than 5 minutes, all while still sitting in the dental chair. And this is no high-interest credit card, or revolving credit. It’s an actual term loan for whatever procedure you have recommended to the patient.

“Offering people the ability to apply right there in the dental chair is really powerful,” Seitz points out. “That can result in more accepted procedures. It’s an absolute fact that if people hear it’s going to cost $3,500 they often say, ‘I really don’t have the money right now,’ or ‘I have to pay the orthodontist for my kid’s braces next month.’ People put procedures off. This really is a great tool—being able to hand them an iPad while they’re in the chair, and say ‘Oh, by the way, it’s only $99 a month.’”

Like many technologies today, “Fin Tech” is changing. HFS’s application process is completely paperless. Patients can fill out the forms and sign them electronically. (There is a paper option for people, especially older patients, who may not trust or use the Internet.) The entire transaction is very simple, and practices are usually funded within 48-72 hours.

Designing the cloud-based online platform so that it is customized to a specific group practice has an added benefit: unlike a “financing available” link on the practice website that takes people away from the practice website, HFS keeps patients connected to their own dentist’s or DSO office. That is appealing to patients, and can lead to a positive decision regarding treatment acceptance. They might not talk themselves out of upgrading treatment, or replacing a tooth that “no one can see anyway.”

HFS provides financing for just about everything dental:

• Endodontics
• Periodontics
• Periodontal scaling
• Periodontal disease prevention
• Gingivitis prevention
• Ceramic fillings
• Sealants
• Teeth cleaning
• Invisalign® teeth straightening
• Lumineers
• Veneers and dental implants
• Ceramic crowns
• Root canals
• Braces or retainers
• Bite plates
• Headgear
• Tooth repair
• Dentures

HFS does not charge enrollment or annual fees or monthly minimum usage fees, and the most competitive interest rates correspond to a patient’s credit status. HFS loans are non-recourse to the provider. Group practice providers are not charged for defaults on loans and have no obligation requirements on volume. 0% interest, same-as–cash, and standard installment loans can extend up to 72 months, depending on the amount of the loan. HFS also offers an optional, and industry-first, subprime lending program for patients who may be “credit challenged.”

In addition, HFS trains DSO staff on using the online portal, coordinates delivery of patient materials, and is available for any questions your staff or patients may have regarding the loan process—in real time. This backend support keeps things running smoothly and seamlessly.

HFS is well established in cosmetic surgery and other elective medical procedure spaces, as well as the veterinary, fertility, hair restoration, LASIK and vision arenas. Its mission is “To enable more patients to move forward with medical procedures and treatments while simultaneously improving healthcare providers’ revenue cycle management.”

“We are trying to change the way dental practices, particularly group practices, think about patient financing,” says Seitz. “Offering patient financing upfront, and having a positive conversation about an affordable solution to large out-of-pocket expenses is the most effective way to position patient financing in today’s DSO and generate more revenue for the practice.”

Contact Tim Seitz for more information: phone: 215.429.0505, email: tSeitz@hfscredit.com.