Even with insurance, your patients may not be able to afford some of the dental procedures and examinations your practice offers. Instead of turning them away, consider offering payment plans to keep money flowing into your accounts.
Flexible payment options allow you to stay afloat in an ever-competitive healthcare market. Knowing which policies to implement will help you optimize service quality and profit.
How Flexible Should Your Dental Practice Be with Payments?
Many of your prospective patients may hesitate to make appointments because they worry about how much treatment will cost. Promoting flexible payment options can encourage them to schedule regular visits and invest in quality dental care. However, it’s important not to offer more than your practice can afford.
You should consider several factors before creating a payment policy. For example, determine a reasonable period of time you are willing to wait before you receive payment in full.
Some practices offer one or two-year repayment plans for patients. This method is ideal for expensive dental procedures that could take months to pay down.
In most cases, it’s better to offer short-term plans to ensure payments come in quickly. For example, small-percentage discounts on upfront fees or low-cost down payments could be practical solutions instead of long-term financing plans.
What Are the Benefits of Offering Flexible Payment Options?
First and foremost, flexible payment options increase your dental practice’s revenue. Patients who feel they aren’t spending a fortune on dental care will likely stick with your services. This strategy may not earn you the most money upfront, but it supplies you with a steady stream of income from dozens of patients over time.
Offering these financial solutions also helps with lead generation and attracting new patients. Flexible repayments will appeal to many of your patients because they give them more freedom to budget. Promoting a flexible payment policy could even increase your conversion rates by up to 30%, depending on your location and policies.
Flexible payment options also boost your practice’s reputation. Being receptive to your patients’ financial needs will earn you positive feedback. Your patients may even praise these policies in online testimonials and reviews, encouraging others to explore your services.
Which Financing Options Should Your Dental Practice Offer?
In-house financing is a popular choice among many dental practices. These policies allow patients to send payments directly to your accounts receivable department without insurance companies or third-party services getting in your way. However, in-house financing may only be feasible for balances under $1,500, depending on your practice’s budget.
In-house membership programs let you establish subscriptions where patients receive special benefits on basic services, like preventive care. You can include additional benefits for long-term loyalty members, encouraging other patients to sign up and stick with the program.
Set up electronic billing online and allow automatic charges to credit cards or any other preferred method of payment. Make sure you send reminders to patients so they know when bills are coming.
How Can Staff Make the Repayment Process Easier for Patients?
Your staff should ensure that patients fully understand your practice’s financial policies. List these options on your website and have patients sign them using Digital Forms. This method prevents accidental delinquencies or surprise charges that may cause your patients to lose trust in your practice.
Modern technology makes it easier for your staff to collect payments and monitor transactions. Using data-monitoring tools like Payments helps you track the progress of repayments and identify who is late with payments. These dental management programs also allow your staff to collect payment, communicate information to out-of-office patients, and more.
You can also offer our Patient Financing options that are simple for your patients to apply for and allow you to get paid quicker.
Don’t forget to train your staff on any new policies you adopt. This practice ensures that you receive payments on time and that your employees allocate money to the correct channels.
Optimizing Your Dental Practice with Proven Payment Solutions
Flexible payment options incentivize your patients to return for examinations and procedures. However, it can be challenging to keep up with collections without help.
At Dental Intelligence, we help your practice manage payments with flexible online payment options. Our resources will enable you to build and monitor your financing policies and reduce the risk of patients who refuse to pay their dental bills. Schedule a demo to learn more about how our flexible payment options can help your practice succeed.