Dental Treatment Financing: Your Patients Will Thank You to Pay You

 

Crush the Biggest Obstacle

The biggest obstacle to selling a dental treatment plan is the patient’s financial situation. It is incredibly important to make the patient feel comfortable and give them multiple options.

While most offices accept cash, checks, and credit cards, the patient’s most flexible option will normally be using a payment plan company. Your office should not provide its own payment plans. The banks do not do dentistry and a dental office should not act as a bank.

Stop Fearing the Price of Your Treatment Plans

I have spoken to many dentists, office managers, and treatment coordinators. Too many are afraid to tell the patient how much treatment they need. This causes them to focus on one problem instead of giving each patient a full treatment plan.

We have all been to a car dealership for an inspection or oil change and been given a to-do list of what else the car could use to keep it safely on the road. Likely you have chosen to do all or some of that work but only because it has been presented to you.

Everything must be presented, and your patient can evaluate just how much to have done. Often, there are other considerations outside of the price.

Many patients will choose to complete the entire treatment plan if the method of payment fits their financial needs.

Offer Financing to Every Patient

Just like you should present all your patients with full treatment plans, you should offer all your patients EVERY payment option that you offer.

My office tells every new patient who calls our office that we offer many convenient payment options.

We take cash and credit cards but also work with third-party financing providers such as Sunbit. Sunbit technology powers a simple application process, with over 85% approval rate, helping patients across the credit spectrum, with true 0% interest options as well as extended plans (with interest).

Often, patients will decide to apply using Sunbit technology, before they are even seen in the office. You are planting the seed early so that your treatment comes with a possible price barrier, and you are lifting that barrier prior to it being a concern.

The patients know they already have a way to pay for treatment and now your job is to explain why they need that treatment and not how to pay for it.

Offer Convenience to Deal with Emergencies

Most adult Americans have monthly payment plans. We are all familiar with car payments, mortgages, and credit cards.

But emergencies are unpredictable, and their expenses are unexpected.

Most major dental treatment done in my office starts as emergency treatment. Our patients need extractions, root canals, crowns, dentures, or bridges and they need them right away. There was no financial plan prepared by these patients for their sudden emergency treatments.

It is our job to be prepared on their behalf. This is why payment plan options like Sunbit are a MUST for all dental practices.

The convenience of paying for emergency or extensive treatment will ease the burden for your patient and your office will be paid virtually right away.

Your Patients Will Be Thankful

My office sees over 100 new patients per month for emergency treatment. More than half of our income is derived through payment plans.

When a patient comes to The Philadelphia Dentist, P.C. for treatment, they are aware ahead of time that emergency treatment is costly and that we have convenient payment options available. Our patients leave our office with a sense of gratitude that we give them immediate treatment through convenient methods of payment.

While we run a business, our priority is the care of our patients.

It is essential to provide them with exceptional care in all aspects of their treatment. And by putting patients first, the success of our business follows. This means fewer cancellations and no-shows, more comprehensive care, and ultimately more production.

Your patients will thank you for offering them the comfort of your care and the comfort of payment over time with companies like Sunbit.

 

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About the Author

Daniel Schriftman, DAADOM, is a business manager and coach. He has his MBA with a focus on Human Resources.

Daniel coaches dental practices to run their business models more efficiently. He is the innovator of The Philadelphia Dentist, P.C., an emergency dental practice serving the Philadelphia community 365 days a year. He is also a founder of Unicorn Professional Coaching, LLC, a burgeoning organization seeking to improve all aspects of the dental employer, employee, and patient experience.

Daniel is President of The Delaware Valley Dental Connection, a Philadelphia area learning network for anyone in the dental field.

Daniel is a lifetime member of the American Association of Dental Office Management (AADOM) and earned his Fellowship (FAADOM) in 2020, his Masters (MAADOM) in 2022 and  most recently, Daniel received his AADOM Diplomate (DAADOM) in September of 2023.

 

See Rates and Terms for loan requirements and state restrictions. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.