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How 3rd Party Dental Patients Financing Can Boost Your Treatment Plan Acceptance

How 3rd Party Dental Patients Financing - Infographic

As a dental professional, you know how often patients have to delay or forego treatments because of funding issues. You’d like to see more of your patients receive the care they need and increase your treatment acceptance rate at the same time. One of the best ways to make that happen is by offering the option of third party dental treatment financing.

How Does It Work?

The more successful plans like SimplePay make it easy for you and for your patient. On your end, you pay a monthly fee for the service. In return, your patients can qualify to make payments through the third party on a monthly basis. Most finance providers are fine with patients making more than one payment a month if it works for them. On a specified date every month, the collected funds (less any fees owed to the provider) are deposited in your practice’s checking account. The straightforward nature of this solution makes it stand out from all the other dental financing plans on the market today.

An Attractive Solution for Your Patients

Offering patient payment plans like this address some of the concerns that people have when it comes to paying for dental services. The first obstacle is not being able to obtain a medical loan or possibly having to pay higher interest rates because of less than perfect credit. Plans of this type are not loans. That means there are no credit checks and no need to explain the line items that show up on those credit reports. As long as the patient meets the basic criteria set by the service, approval will be easy.

Second, there is no waiting once the approval is granted. It’s possible to schedule the procedure for any date and time that works for both the dentist and the patient. With loans, there is the review period, discussions about terms, and other factors that can drag out the process. Some of these lenders also conduct hard rather than soft inquiries that drive a low credit score even lower. Patients who are already concerned about the condition of their credit may prefer to put off the procedure and take their chances rather than deal with the consequences of applying for this type of loan.

You Spend More Time Taking Care of Your Patients

Partnering with a third party service will boost your treatment acceptance in another indirect but important way. If you chose to manage the financing for procedures in-house, your accounting team will have to deal with late payments, making collection calls, and applying late fees if that is part of your terms and conditions. The result is a greater strain on your resources and possibly time taken away from the needs of your patients.

With the financing arrangements handled by a third party, you and your team can focus on scheduling appointments and performing procedures that make improve the dental health of your patients. The fact that you take such good care of them will get around and you can expect your practice to grow.

There are plenty of medical financing companies out there with a variety of products you can consider. Give serious thought to what a third party financing arrangement can do for you and for your patients. In the end, everyone is a winner.

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What Dental Options Are There for the Uninsured?

What Dental Options Are There for the Uninsured - Infographic

You would love to have some work done but there is no dental rider in your health insurance plan. Even if you could obtain insurance, many providers require that you be enrolled for a minimum of six months before a number of standard procedures will be covered. Instead of delaying the dental work you need, why not consider one of these alternatives?

Paying Cash

The most basic approach is to pay cash. If there is any way that you can temporarily withdraw cash from a savings account and pay for the dental work, consider this option. Remember that many banking institutions require that their depositors maintain a minimum balance in savings accounts in order to receive a higher interest rate. If the withdrawal would leave you below that minimum, consider using a different strategy.

Discount Dental Plans

Another way to go is to look into purchasing a discount dental plan. This approach normally calls for paying a flat rate for one year of participation. In return you receive discounts on just about any dental procedure you could imagine.

One of the downsides of discount plans is that you must use a dental professional who is an approved provider. That means you may or may not be able to use your current dentist. While not the worst approach to dental payments, this is one you need to investigate closely before making an commitment.

The discounts on some of the services may not be that great. If you only receive a 10% discount on checkups or teeth cleanings, is the plan really worth the money you spent? Probably not.

Dental Loans

There are medical loans for just about any purpose, including having dental work done. This approach to dental finance involves applying for the loan, obtaining approval, and repaying the loan according to the terms and conditions. While this approach is helpful, the combination of interest rates and assorted fees can add to the debt significantly. Unless you have no other option, it would be best to avoid this solution.

Third-Party Dental Payment Services

One approach that is becoming more popular is providing payments to the dentist of choice through a third party provider. Services like SimplePay enhance patient financing by requiring no credit checks. As part of the agreement, the patient does submit a down payment and agrees to make monthly payments until the debt is paid in full.

Dental payment plans of this type are simple to manage, approval is easy, and the payments are affordable. Your dentist receives a lump sum payment once a month of all payments submitted through the provider.

Check with your dentist today and find out what sort of payment arrangements can be made. You may find that the practice already has an account with a third party payment service, If so, apply today and arrange to remit your down payment. In no time at all, your dental work will be done and you can begin paying off the expense with payments you can fit into the budget easily.

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How Dental Practices can Market to the Millennial Patients

How Dental Practices can Market to the Millennial Patients - Infographic

As with everything else in the marketing world, modern dental practices are seeking to capture a millennial audience. This generation, whose members were born in the early 1980s to the early 2000s, tends to be highly interested in maintaining proper health and hygiene. They also have a lot of purchasing power, making them likely to seek out the best dental practice available. Here are some ways you can get millennials to take notice of your practice.

Offer Flexible Payment Plans

While millennials as a whole have a lot of purchasing power, that is not always the case of the individuals who make up the generation. Millennials tend to come into adulthood saddled with debt due to multiple credit lines and student loans. To help them maintain their financial flexibility while also taking care of their smile, make sure your practice offers dental payment plans. A good dental finance system such as SImplePay.com offers millennials a chance to get the care they need without the need for a credit check or a down payment. At the same time, it offers a way to make sure that you get money into your practice quickly. By providing a way to enhance patient financing, you will earn many new patients.

Make a Mobile-Friendly Website

While every practice can benefit from a strong online presence, targeting millennials specifically means beefing up your site’s capability for mobile browsing. Virtually everybody uses mobile devices these days, but millennials are especially likely to utilize smartphones or tablets. 97% of millennials own such a device, and many of them use it as their primary or their only way of access the online world. You should make sure that your practice’s website is responsive and viewable with ease from multiple mobile devices. If you aren’t sure how to do this, you should consider hiring a technician who can bring your website into the 21st century.

Advertise on Social Media

More than two-thirds of millennials are active on social media networks such as Facebook, Twitter, and Instagram. Build a business presence on these networks as you can, but don’t force things too much. If you cannot come up with useful, genuine content, millennials will identify your practice as something to ignore rather than something to learn more about. When developing your social media presence, make sure that you include your business hours and contact phone number. If you receive comments or messages from a potential patient, be sure to respond quickly. If you can engage your customers online, they will see you as something greater than just a business – they will see you as somebody they can rely upon.

At their core, millennials are essentially the same as other generations. However they are a group of people that grew up with technology and who are often saddled with significant debt. Cater to them by providing technological solutions and strong financing options. If you do these things, you will find more millennials coming into your practice and staying for the long haul.

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How to Increase Dental Practice Revenue

How to Increase Dental Practice Revenue - Infographic

Dental practices are always walking a fine line between providing the best care possible and ensuring that they have enough cash flow to keep things running smoothly. Patient payment plans are readily available to many clients in need, but they often wind up slowing down the fiscal flexibility of the practice. Here are a few ways that you can make those old worries a thing of the past and get money into your practice while also helping your patients.

Appeal to Emotion

You can explain all the facts about why a patient needs a particular treatment, but it won’t do any good unless you have them emotionally invested in maintaining their smile. Many patients know intellectually what they need to have done, but they are hesitant to go through with full treatment if they have a fear of the dentist or simply worry too much about cost. If you appeal to patients on an emotional level and explain to them passionately about how treatment can improve their immediate lives, you are more likely to get them on board. This leads to better results for the patient and also gets money into your practice, since they are now working with you rather than resisting helpful treatments.

Break Down Financial Barriers

Medical financing companies are not always the greatest of helps when it comes to making sure that your patients get the treatment they need. Many of them run credit checks and force high interest rates on patients who have a shaky history. Often, the patient will opt not to receive treatment rather than go through the annoying process of seeking financing. If you can offer dental financing plans that work well for any patient, you can eliminate this barrier. SimplePay.com is one such option, as it offers a chance for any patient, regardless of credit, to seek 0% financing with no credit check. This gets money into your business immediately and keeps less efficient payment plans to a minimum.

Stay in Touch with Patients

It’s easier to engage existing patients than to create new ones. At the same time, existing patients can become lapsed patients very easily. First they stop making appointments for procedures outside of teeth cleaning and checkups, and then they start to drift toward other practices or, even worse, they stop going to the dentist at all. You can reduce these problems and keep revenue in your practice by reaching out to patients now and then. Remind them of their upcoming appointments well in advance to ensure that there is less of a chance that an appointment gets forgotten. Send birthday cards and other occasional greetings. If you stay in touch with patients, you will keep them active in your practice.

The secret to increasing revenue in your practice is to develop strong communication lines with your existing and potential patients. If you can do this and also make sure that you offer strong dental financing solutions, you will find your practice thriving with the revenue you need.

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SimplePay is a no-credit check, 0% interest financing program that approves all your patients. Get your patient’s treatment financed in 15 minutes and start growing your revenues immediately.