Would a 10% increase in production and collections make a difference for you? What about a 30% increase? These kinds of results are possible—and proven—when practices embrace and promote a patient financing program.
Years of data show that patient financing helps practices unlock untapped potential in their charts. Patients who need or want treatment may delay or decline it due to financial barriers. It’s not that you’ve done anything wrong—it’s that something prevents them from moving forward.
If patients perceive the value, urgency, and need for treatment, and they trust your team, they are far more likely to proceed—if they can afford it. That’s where offering patient financing can make all the difference.
The Reality of Cost Barriers
An ADA survey revealed that 77% of people would not be able to make a one-time dental purchase of $500 unless they could spread out the payments.
Imagine This:
One additional patient per week proceeding with $500 in treatment:
- $500 per week
- x 4 weeks per month = $2,000/month
- x 12 months = $24,000/year
One additional patient per day proceeding with $500 in treatment:
- $500 per day
- x 200 practice days/year = $100,000/year
In these examples, overhead increases only slightly (e.g., supplies or lab costs), typically accounting for 20% of the additional production. The remaining 80% goes straight to the bottom line—profit.
More importantly, patient financing enables patients to get the care they need, creating a win-win scenario for everyone involved.
Promoting Patient Financing: Ideas to Consider
1. Introduce the Program to Your Patients
Send a dedicated mailing or highlight the program in your newsletter. Direct patients to your website to apply easily (check with your financing provider for this option). While some patients won’t need financing, others will see it as a solution to overcome cost barriers.
Key Point: Ensure all your patients are aware of the financing options available.
2. Consistent Communication Through Newsletters
Stay in regular contact with your patient base to reinforce the availability of patient financing. Life circumstances change, and so do dental needs.
- In October, remind patients to maximize their yearly benefits.
- In January, highlight new insurance benefits for the year and offer financing for any remaining balance.
Key Point: Repetition is essential to patient awareness and program success.
3. Brochures and Welcome Packets
Include patient financing details in your practice brochure and welcome packets. Highlight how it can make care affordable and stress-free.
Tip: Use brochures creatively to retain patients, generate referrals, and showcase what makes your practice unique.
4. Conduct Chart Audits
Regularly review charts for incomplete treatment plans. Reach out to patients to reactivate their care, emphasizing how financing makes it manageable.
In morning meetings, identify patients with outstanding treatment needs. Use tools like intraoral cameras to visually show patients the importance of proceeding with care.
Key Point: Many practices can schedule additional dentistry from existing patients by actively educating and encouraging them.
5. Address Insurance Gaps
Help patients maximize their insurance benefits by using financing to cover out-of-pocket expenses.
Key Point: Patients are more likely to use their benefits when they can spread out the costs.
6. Highlight Financing in Case Presentations
Patients often focus on cost during consultations, which can overshadow your clinical recommendations. Address financing proactively to ease concerns and keep the focus on treatment.
Example:
Doctor: “I understand cost can be a concern. That’s why we offer convenient financing options here in the office. Let’s focus on your treatment plan first, and then we’ll discuss how to make it affordable for you.”
Key Point: Address financial concerns early to keep the conversation patient-centered.
7. Leverage Social Media
Use platforms like Facebook, Instagram, and YouTube to communicate regularly with patients. Share posts about financing options and success stories of patients who’ve benefited from it.
Short, engaging videos showcasing your practice, team, and community involvement build trust and keep your social presence engaging.
Key Point: Social media is an effective, low-cost way to remind patients that quality care is accessible and affordable.
Key Takeaway…
Defuse the fear of cost by making dentistry affordable and comfortable for your patients. A well-promoted patient financing program doesn’t just increase your bottom line—it ensures that patients receive the care they need.
With a strategic plan, consistent communication, and team involvement, your patient financing program can transform your practice and your patients’ lives.
