Third-Party Financing for Dental Treatment
During uncertain economic times when patients' pocketbooks are uncommonly squeezed, third-party financing for dental treatment can be helpful. When faced with the question "How can I afford to pay for my dental work?" patients appreciate financing options, especially when considering more extensive treatment plans. In fact, many times the decision to proceed with treatment is hinged upon the patient's ability to obtain financing. People typically make monetary decisions based upon what they believe they can afford on a monthly basis. This is how most bills are paid, so it is easily understood and factored into a budget. The major third-party vendors, such as Care Credit, have online calculators available to help a patient figure out the monthly cost of financing treatment.
Third-party financing companies allow patients to apply online and offer rapid approval times, which can be accomplished while the patient is still in your office. Finance charges are based upon the amount charged and the length of the financing program. Dental offices must apply with third-party vendors to offer these plans to their patients. Dental offices can determine which financing options they wish to extend to patients. Offices that provide third-party financing through these vendors can choose not to offer all the available plans from a vendor if some of the interest rates are beyond what they wish to pay.
Offering third-party financing is an excellent way to market your practice to families without dental insurance. These families are generally aware of their dental needs, but the high cost of dental care sometimes prevents them from seeking treatment. The fees you will incur by granting such financing will be readily recovered by caring for the dental needs of a fee-for-service family of patients.
Another excellent payment option to extend to patients is the Visa Easy Pay Consent Form, thereby scheduling automatic monthly credit card charges. Your office might elect to permit patients to pay their balances over a period of six months. Patients are typically quite enamored with this option and you are offered relative assurance of payment.