You might witness fewer patients if the cost of your dental services doesn't suit their budget or they can't pay it in full at once.
Dentistry is expensive. Many patients delay or miss dental care due to the high costs involved. This can lead to more problems for both dental practitioners and patients. The research shows that around 77 million adults do not have dental insurance.
In fact, the majority of people can’t afford needed care even with an active insurance. As a result, they are unable to opt for non-covered treatments such as dentures, dental implants, cosmetic surgery, and more.
But, is there a better way?
Dentists can help more patients afford the care they need by offering payment flexibility.
Payment Plans vs Insurance
Which is right for you? Explore to understand their unique benefits!
In this blog, we will learn what dental payment plans are and how you can help your patients by offering them.
What are Dental Payment Plans?
Payment plans allow individuals to pay for services over an extended period rather than paying the whole amount in a lump sum.
In terms of dental care, payment plans can allow your patients to pay at their convenience without compromising your growth.
52% of patients prefer dentists offering payment plans to help them get their required oral treatment.
Common Challenges Dentists Face by Not Offering Payment Plans
- Low Patient Retention: Patients can abandon your services if they can’t pay at once for dental treatments or the terms are not favorable.
- Loss of Revenue: Dentists turn away potential patients owing to credit scores. This eventually results in declined patient acquisition, hence less income.
- Lack of Competitive Edge: Most dental practices now offer payment flexibility. If you don’t provide it, you’re already losing patients.
- Low Reputation: People don’t want dental care at the cost of exceeding their budget. If you don’t understand their financial situation, they won’t connect with you or recommend you to others.
Offering flexible payment options can help patients get their treatments while you enjoy multiple benefits.
Five Reasons to Offer Dental Payment Plans Now
1. Boost Recurring Revenue
Flexible dental payment options offer the convenience of paying certain costs in monthly installments.
The same patients who discard a dental treatment owing to affordability may be willing to pay for it over time. It eventually provides you with a steady stream of income while helping you gain a more patient base.
2. Gain a Competitive Advantage
Offering flexible options allow you to stay afloat in an ever-competitive dentistry market. The more payment flexibility you offer, the more patients are willing to opt for your services.
3. Enhance Lead Generation to Gain New Patients
Flexible options increase your chances of acquiring more leads. How? It appeals to many people because of more freedom to choose a plan according to their budget.
Offering flexible payment plans can increase your conversion rates by up to 30% on average.
4. Increase Patient Retention and Loyalty
When patients get easy access to dental care without breaking the bank and are happy with services, they return for future appointments. Knowing they can pay for their treatments over time, satisfies them.
Thus, offering payment plans can help you establish a loyal patient base and enhance patient retention.
That’s not it. They will further recommend you to others, increasing your word-of-mouth referrals and walk-ins.
5. Expand Your Dental Practice
Flexible payment plans keep your money flowing into your accounts, ultimately increasing your cash flow. You can use your earnings in upgrading equipment or technologies, expanding practice, and providing a better experience to your patients.
Conclusion
Dental practices can use payment flexibility as a way to expand their patient base, capture new walk-ins, and enhance patient experience. It augments your practice's bottom line too.
Now you know a lot about offering payment plans and how it can benefit your practice. Why not get started with it?
Try using a reliable payment plan solution like Denefits for:
- Multiple payment plans
- Payment flexibility
- No credit checks for patients
- Lower interest rates
- Protected payments for providers
- Long-term payment plan options that can range up to 48 months
- High approval rates
- Automated payment processes
And on top of it, an automated debt recovery system!
More payment surety with the ability to recover past due accounts - a double win for your practice’s growth.
If you want to offer payment convenience to more patients, try Denefits today! Write to us to learn how the best dental payment solution can help your practice grow.
