Our Values
Guided by integrity, compassion, and excellence in all we do.
Sometimes the cost of a patient’s treatment plan is higher than the patient expected, even with the cost-sharing available through their dental benefit plan. Patients who don’t budget for dental treatment may have concerns about costs that may cause them to postpone treatment or to decide against it.
Many practices offer internal or external programs to help patients finance treatment. Knowing there are options to financing dental care often increases case acceptance rates and can significantly reduce the amount of time patients need to make a decision about proceeding with treatment.
When managed properly, financing programs make good business sense for your patient and your practice. Regardless of which approach you take, it’s important to be selective about which options you offer to which patients.
It’s also important to be aware that certain financing programs could result in the practice being considered a “lender,” especially if in-office payment plans offer patients more than 90 days to settle accounts. Complying with truth and lending regulations, which exist at both the federal and state levels, can be an arduous and complex process. For these and other reasons, many practices opt to out-source financing and payments to a third party.
Make sure you adequately educate your staff about the benefits and requirements of any financing options available in your practice.
It’s also prudent to develop and follow a written policy that details the options available and the protocols for having financing discussions with patients.
Patient Financing Options
Any payment option offered through your practice should meet the needs of your patients. After all, the reality is that for many patients, the decision to proceed with dental treatment comes down to how much they can afford to pay. While any financing options you offer should respect your patients’ financial commitments, you also have to ensure that you can meet your overhead expenses.
Finally, remember that patients’ financial health can change unexpectedly. Patients who didn’t need to finance treatment in the past might need to do it today. And some patients may want to finance treatment for what many might consider “modest” out-of-pocket costs.
Internal Financing
While you might want to do everything you can to help each patient cover the cost of treatment, in-office financing should not necessarily be offered to every patient. Criteria to consider before discussing this option include your relationship to the patient, the patient’s ability to pay, payment history, the type of work being done, and the value of the treatment plan. Managing a financing program can require a significant amount of time so make sure your designated staff has sufficient time to be certain that payments are credited to the correct accounts.
External Financing
Many external, third-party financing options involve an outside company issuing the patient a credit card that can be used to pay for health care services only.
Make sure you fully understand how this type of financing program works before signing any agreement that directs patients to a particular company or service for external financing. And be sure to pay careful attention to the section of the contract that details how you will be reimbursed over time for treatment rendered.
Can you pay your dentist in installments?
If you don’t have hundreds or thousands of dollars to cover a dental procedure upfront, you might be able to break up your bill into installments rather than taking out a loan. Some dentists offer payment plans with low interest or even interest-free payments.
Others accept medical credit cards, like CareCredit, where you can make minimum monthly payments and pay off your dental work over time.
Looking to scale up?
PDA empowers you to expand your dental practice and enhance your expertise through collaborative partnerships! connect with us now discover the possibilities.