Medenta’s Ruth Findlay shares some of the big benefits of having patient finance in your practice and what to look for when choosing a provider.
The dental profession, much like other businesses across the UK, faces challenging months ahead.
The most difficult aspect to deal with in terms of the fallout from COVID-19 is the uncertainty it creates across society.
It’s not all doom and gloom, however. As diaries begin to stabilise after lockdown and the backlog of patients begins to ease, you may find your patients are eager to continue or begin a new treatment – whether elective or prescribed.
What’s more, patient finance aims to make this easier for your practice and your patients. It removes financial barriers that stop treatment going ahead.
You can rest easier knowing you have regular cash flow and a higher likelihood of patients proceeding with treatment.
Finance is beneficial for your patients as well as your practice. Patients now expect finance as an option due to the fact it’s readily available across so many services. From online shopping through to buying a car, or even home improvements.
Finance enables patients to spread large treatment costs over a number of repayments. Rather than having to pay one large bill, making treatment more affordable and uptake more likely.
If you are looking to introduce finance or are looking for a new provider, here are a few questions to ask yourself before deciding.
Do they offer the best subsidy rates and terms?
Lower subsidy rates mean your business is charged less when a patient decides to proceed with a finance option. Ultimately, tightly controlled costs are good for your bottom line.
That, alongside flexible terms for your patients, is a recipe for success in creating an appealing patient finance offering.
Look for a provider that has multiple credit and payment options. So that your patients can choose terms that best suit their circumstances.
Is their process simple and instant?
Did you know some finance providers can offer online decisions on patient finance applications in seconds?
Not only that, if approved, these providers can produce an agreement you can sign with a mouse click.
It’s about keeping the process as simple and pain-free as possible for patients. That’s the key to successfully increasing treatment uptake with finance.
Look for a provider that has an easy-to-use online application portal so that your patient can complete the form themselves at home if they prefer. It will also make your team’s life easier to know that you can help patients apply for finance, without having to involve the provider in the process because it is too difficult.
Do they know your business?
Not everyone fits the mould as the saying goes.
There’s an advantage to having a finance provider that truly understands the dental profession.
Better yet, one that exclusively offers finance for your sector. This ensures you have an experienced provider that can help you with any queries unique to the dental profession.
It also means you’ll receive tailored training for your business, rather than generic information that is recycled across unrelated service sectors, with nothing specific to help your particular business.
Check to see if your potential provider has any qualifications related to the dental sector. This will put you in good stead.
Do they offer digital training?
In a post-COVID-19 world, with the ever-changing restrictions on how many people can gather from different households, you may feel more comfortable doing training virtually.
Digital learning is a more modern, efficient and convenient method to keep your staff well trained and compliant in patient finance communication.
Also, it’s much more flexible and convenient for your diary and staff. So you won’t have to take time out of your working day.
Team members can fit this into their schedule at convenient times. Meaning less strain on the practice during busy periods.
Are they ready with a helping hand?
While digital solutions are important, sometimes it’s necessary or preferable to speak directly with your patient finance provider.
Having a provider whose staff are friendly, helpful and well trained is invaluable. They effectively become an extension of your team.
Consultative support from experienced business development managers will provide expert guidance with the more technical aspects of patient finance. Such as compliance and consistent communication, alongside group training.
The best providers ensure you see the same business development manager each time. You can build a relationship with someone who knows you and understands your particular business.
If you would like support in introducing finance to your practice or changing from your current finance provider, give the Medenta team a call on 01691 684175, or visit www.medenta.com.
Medenta has transformed its finance offering over the past 18 months to offer comprehensive support service to help your practice flourish.
