Payment Plans for Revenue Growth in Dental Treatment
Learn about the importance of offering payment plans in dental practices to meet patient expectations, improve case acceptance, and increase revenue.
00:00:00 Learn about the importance of offering payment plans in dental practices to meet patient expectations, improve case acceptance, and increase revenue. Discover the impact of financing options on patient access to care and how payment plans can help overcome financial barriers.
👉 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.
00:07:42 Learn how offering affordable payment options can increase case acceptance rates and revenue growth in your dental practice. Discover the importance of presenting price as a monthly payment to meet consumer expectations.
💰 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.
00:15:21 In this video, the importance of high patient approval rates for dental treatments is discussed. Questions to ask financing providers and patient concerns are also covered, including interest rates and the scrutiny of medical credit cards.
💡 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.
00:22:32 Discover the hidden costs of using medical credit cards for dental treatments. Learn about deferred interest, complaints, and the impact on credit scores.
💰 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.
00:30:11 Learn about the importance of payment plans for revenue growth in dental treatment. Understand the differences between hard and soft credit checks and the impact on patient credit scores. Explore different approval rates and amounts, and the implications of deferred interest. Consider the length of payment plans and the potential benefits of offering zero percent financing. Discover the significance of tracking case acceptance rates and the opportunity to improve them by addressing the issue of affordability.
💰 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.
00:38:00 Learn how to maximize case acceptance and revenue growth in dental treatment by effectively offering payment plans and integrating financing into your practice operations. Spread awareness of financing options to every patient and provide empathy and information to drive conversation and increase acceptance.
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
00:45:43 Learn about strategies for offering payment plans to dental patients, including the importance of presenting options early and providing resources to alleviate cost objections.
💰 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.
Want to deep dive into this video?
