Payment Plans for Revenue Growth in Dental Treatment

👉 Consumers expect payment plan options at checkout.

🔍 Not all financing options are equal, so it's important to ask the right questions.

💼 Leveraging payment plan technology can increase case acceptance and revenue.

💰 Patients may avoid seeking dental treatment if they perceive it as unaffordable or if there are limited payment options available.

📊 Presenting payment options and quoting prices in monthly installments can lead to higher case acceptance rates and average ticket sizes in dental practices.

💳 Offering payment plans as part of the treatment process can help patients budget and make dental treatments more affordable and digestible.

💡 High patient approval rates are important for dental treatment financing.

🔍 Key questions to ask financing providers: approval rates, merchant fees, patient experience, support, plan length, and success as a practice.

💳 Zero percent interest financing is ideal, but not all patients qualify. Deferred interest on medical credit cards is a concern.

💰 The APR for general purpose credit cards is around 16%, but medical credit cards have higher interest rates.

📉 Between 2018 and 2020, 20% of health care purchases with medical credit cards resulted in deferred interest being assessed.

💳 Patients using medical credit cards may be hit with deferred interest charges, even if they make partial payments.

💰 Different types of credit checks and their impact on patient credit scores.

📊 Different types of approval rates and their implications on payment plans.

⏰ Choosing the appropriate plan length for zero percent financing based on practice needs.

💼 The importance of tracking case acceptance rates and addressing price concerns.

Offering financing or payment plans can increase treatment dollars

Proactively introducing payment plans is important to avoid missing potential patients

Incorporating financing into practice operations and using marketing materials can drive awareness and conversation

Showing empathy, providing information, and offering options maximize case acceptance

Offering financing to every patient is important to increase case acceptance

Monthly payments are more affordable and appealing to patients

💰 Offering financing to all patients is legally compliant and more effective in increasing revenue.

⏰ Presenting financing options early alleviates stress, promotes case acceptance, and shows empathy towards patients.

📈 Using social media and providing patient resources can help increase fee for service treatments.

💳 Payment plans are financially friendly, avoid hard credit checks, and promote responsible payment.

🤔 Offering a specific recommended financing option can help patients make informed choices and avoid overwhelm.