Dental Patient Credit: Improving Cash Flow for Private Practices
Besides general anxiety, a lack of funds is one of the main reasons many individuals don’t go to the dentist as often as they should. Even if a patient does go to the dentist, he or she may not have the finances necessary to pay in full for dental services, which puts a strain on the practice’s cash flow. Rather than turn away patients who are unable to pay in full, and to ease the burden on patients who put off going to the dentist entirely because of cash flow problems of their own, practices can offer dental patient credit.
The Patient Credit Process
Patients can apply for credit on the spot the day of their appointment, or they can apply earlier. In either situation, the process is quick and easy. The financing company checks the applicant’s credit score to see just how much dental patient credit he or she can receive. Once the individual receives credit, dental services are paid for on a monthly basis, much like credit card payments.
The Two-Fold Advantage
For many patients, medical bills place an unnecessary burden on their finances. With other financial obligations and bills to tend to, patients may feel it’s better for them to prioritize their immediate financial needs over going to the dentist. There’s also the fact that most individuals would rather not have their credit impacted or collections agencies coming after them for failing to pay a medical bill. Besides making it easier for patients to receive the dental care they need, dental patient credit also goes a long way in helping patients improve their credit whenever they make their monthly payments on time.
As for the advantage to dental practices, they’re able to fortify their cash flow and improve the oral health of their patients, which can impact the rest of their physical health as well. Just as patients might be anxious about going to the dentist, the owners of dental practices might be anxious about receiving payments on time from their patients. A consistent flow of cash allows practices to improve as they see fit, buying up new and improved equipment to better serve patients. What’s more is a credit program can go a long way in improving a practice’s reputation, which can become a powerful marketing and advertising tool.
Dental practices that are struggling to improve their revenue should consider dental patient credit. Both patients and practices have much to gain, and at the end of the day, everyone is all smiles.