A dental practice requires a major monetary investment, which means that cash flow needs to be consistent. This is especially true at the beginning of an office’s life, when setup costs and initial fees can create financial issues. But because of the cost of major procedures, patients usually rely on dental financing and dental payment plans that might prevent you from getting the quick influx of money you need. Luckily, there are ways to speed up your cash flow while also providing an opportunity to enhance patient financing.
1: Use Electronic Mailings Whenever Possible
Providing information via email or an electronic gateway cuts down on mailing and printing costs. It also reduces the turnaround time for payments and other correspondences with the office. While email is not a good way to mail personal or confidential information, you can use it to provide a link to an electronic gateway on a secure server. Most of these allow patients to log in, view their information, and make their dentist payment plans without having to leave the comfort of their own home. Because this all happens instantaneously, you can speed up the paperwork process and cut through the red tape that keeps you from getting paid.
2: Encourage Direct Deposit
Patient financing gets easier for both the patient and the practice when direct deposit becomes an option. This allows payments to come directly from the patient’s bank account and be deposited right into the office account. There is no waiting for checks to clear and, if the payment is a recurring one, no risk of a skipped bill. For the patient, direct deposit makes personal accounting easier and allows payment dates to be set up around when paychecks come in. This option also makes setting up a dental payment plan easier, since the patient can determine when a payment gets made and what account it comes out of, reducing the risk of a bounced check or other issue.
3: Find No Credit Check Financing Options
Limited dental practice financing makes it more likely that you will have to wait on payments. It also increases the expense on your end, as credit checks need to get run and other details need to be checked, taking up a lot of precious time. Systems like SimplePay.com bypass the problems present in other medical financing companies by providing a quick, easy way for patients to pay. On their end, they don’t have to risk the stress of a deep dive into their credit history. On your end, your practice gets the money it is owed immediately, without having to go through a lot of red tape.
Patients tend to seek out a dentist with payment plans, but you need to take an extra step to make sure those payment plans get to your bottom line quickly. Options like no credit check financing and direct deposit help make sure that you can provide great service to your patients while also getting the money that you need in order to keep your practice going.