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Streamlining Dental Financing for Improved Patient Care and Practice Growth
Dental treatment financing can be daunting for patients, often leading to deferred or incomplete treatments due to the complexity of understanding payment options. Simplifying this process can help patients better understand and manage their financial options and improve access to necessary dental care.
The primary goal of any dental DSO is to enhance the overall patient experience while increasing revenue and driving continued growth across all practices. DSOs and their affiliate practices need an intuitive, efficient, and comprehensive solution to payments and financing. The combination of financing options, payment arrangements and payment processing offerings empower dental offices to streamline their financial management processes, ultimately driving incremental revenue through improved case acceptance.
Dental treatments, even when essential, will often be postponed or neglected due to financial constraints (59% of adults avoid the dentist due to cost). Providing flexible financing solutions enables patients to access necessary oral care without experiencing undue financial strain. When patients are provided the option to pay overtime rather than in a single lump sum, they are able to manage their budgets more effectively while still receiving timely, essential dental services. This not only benefits the patients but also enhances the practices financial health and service acceptance rates.
Practices need to find financing options that offer a unified solution, providing dental offices with seamless access to various financial tools. Upon enrollment, dental offices should be able to utilize payment devices, online payment options, multiple real-time financing choices, and automated payment arrangements for their patients. Setting up a cloud-based system is straightforward to incorporate and can be completed within a few hours, ensuring minimal disruption to a practice’s daily operations.
Ease of use and quick setup make any robust platform an attractive option for dental offices looking to enhance their financial offerings with minimal time investment. A national survey from Bankers Healthcare Group found 88% of dentists are concerned about their patient’s ability to pay. Additionally, the American Dental Association (ADA) emphasizes the importance of discussing financing options with patients to improve treatment acceptance rates. Dental offices can offer a patient-centric payment experience, thereby increasing patient satisfaction and loyalty.
Advantages for Dental Providers:
- Improve Case Conversion: Patients are more inclined to accept and complete recommended treatments when they have access to manageable financing options. The ability to spread the cost over several months makes treatments more accessible and less intimidating.
- Increase Patient Spending: Patients with access to financing options are more likely to invest in comprehensive dental care. The availability of financing allows patients to consider and elect more extensive treatments that they might otherwise forgo due to cost concerns.
- Reduce No-Shows and Cancellations: Financing options contribute to reducing the avoidance of care. Patients committed to a financing plan are more likely to adhere to their appointment schedules, ensuring that they follow through with treatment plans.
Foster trust and transparency between patients and their dental care providers by demystifying the financing process. By addressing financial obstacles head-on with a range of solutions tailored to fit different budgets and financial situations, practices allow flexibility for patients to prioritize their dental health without the stress of an immediate, full balance remittance. Caring for patients’ financial health increases patient satisfaction, improves retention rates, and more referrals, benefiting the practice in the long run.
The holistic approach of various payment options supports both patients and dental practitioners by reducing financial barriers and enhancing payment flexibility. These platforms improve the patient experience while boosting the overall efficiency and profitability of dental practices. Make a commitment to patient-centric care, ensuring that financial constraints do not hinder access to essential dental treatments.
Dental practices and DSOs utilizing these financing tools aim to enhance their financial management and patient care. The intuitive design, comprehensive features, and significant advantages make it essential for practices focused on productivity, growth and patient satisfaction. The simplified financial process ensures that patients receive the care they need when they need it.
