Offering a few different payment options, can increase your case acceptance and help you manage your overdue collections.
Dental care can be expensive for patients without insurance. And there can even be out-of-pocket expenses for those patients who do have insurance.
Patients will often turn down treatment because they simply cannot afford it. Or sometimes they decide to have the treatment completed and then realize they are having a hard time paying for it, which then turns into a collection problem, and your over 90 A/R increases.
Offering a few different payment options, (without you becoming the bank) can and will increase your case acceptance and help you manage your overdue collections.
Offer a discount if the patient pays in full in advance of their treatment. Patients love to get discounts, so make sure they are aware of what you offer. Set a dollar limit for when to offer this special option.
Half and Half
A half and half option gives a patient a bit more flexibility. Half of the payment needs to be paid upfront and the other half would need to be paid before the completion of dental treatment.
Set up a payment plan for the patient to send in payment on a weekly, bi-weekly, or monthly schedule. Or have them pay in advance of their treatment over a longer time span.
This option would require a transaction fee but makes dentistry more affordable for your patients, which means greater case acceptance for recommended treatment. You get paid upfront from the finance company resulting in not having to “chase” after your money. More and more dental practices are now offering this type of option.
So, when presenting a treatment plan, make sure to mention different payment options. Offering patients a few different payment options will help to increase case acceptance, reduce billing for the office, and increase your collections percentage.
If you found these ideas helpful, learn more about the Dentrix Profitability Coaching Program, where one of our highly skilled and experienced profitability coaches teach these, and many other great concepts, strategies and ideas, to you and your team. To find out more about Dentrix Profitability Coaching, CLICK HERE.
By Irma Loftis, Henry Schein One Practice Consultant