Offering patients flexible payment and financing options
If problems with billing have proven to be a barrier to growth at your dental practice office, it could be that a review of your payment and financing options is overdue.
The future is digital
Processing a bill from start to finish using old school paper methods is a slow and laborious process that may frustrate your patients. Settling accounts online is fast and convenient. It’s also the payment method many of your patients will expect. Stay ahead of your competition by offering electronic invoicing and online bill payment options.
Improve customer relations
Having flexible payment options shows that your practice cares for its patients. It demonstrates an understanding on your part that your patients’ bills and cashflow aren’t always in sync. By offering flexible payments you create an opportunity to take advantage of special offers or vital treatments, even when the financial timing is off. Patients who benefit from this arrangement can maintain a long-lasting, positive impression of your practice.
Allow patients to move forward with costly procedures
Many dental procedures can be expensive for your average patient. Financing makes it possible for patients to choose treatments they’d otherwise be unable to afford. Improve a patient’s purchasing power and they’re less likely to postpone or skip treatment.
Diversify your patient base
Having payment options that put your services within the financial means of more people will increase your patient base and grow your practice. Diverse financing options make it possible for patients from different backgrounds to afford to join your patient list.
Better something than nothing
No business owner likes the idea of writing off bad debt, but in the dental industry it can be inevitable. When a patient is far behind on their dental payments, they’re likely pretty far behind on their mortgage, credit card balance and other bills, too. Instead of playing hardball and hoping that a collections agency has more luck, a better strategy may be to renegotiate lower payments that the patient can afford.