Patient Financing For Growing Dental Practices
Growing your dental practice is essential for long-term success. However, reaching a wider audience take capital, which is not always readily available due to outstanding patient invoices. Instead of taking out loans from traditional lending institutions, dental practices are using patient financing to improve cash flow and promote growth.
Patient financing is a variant of consumer financing. What was once only reserved for large corporations is now available to practically every industry, including healthcare. Patient financing allows dental practices to offer payment alternatives to their clients. Instead of owing one lump sum, patients can opt for a financing program which will split the amount due over manageable installments.
Reducing Unsettled Patient Accounts
Patient invoices sometimes fall by the wayside and dental practices have to perform collections to get the revenue they are owed. Patient financing also reduces the number of outstanding accounts. First, because the financing program spreads out the balance while locking patients into an agreement, the monthly installments are more affordable and easier for patients to budget for every month. Second, the company providing the patient financing to the dental practice can collect on bad debt portfolios. All of this provides a healthy cash flow while helping to automate the accounting process on the back end.
Tapping New Markets
Patient financing doesn’t just help to automate accounts receivable. The financing program has built-in marketing tools to help dental practices grow. Dental practices can make offers to patients who sign up for financing, such as “First 6 months same as cash” and similar incentives. Special financing offers for new and approved accounts bring in new patients, which generates more revenue. The entire application process is instantaneous, and patients can get approved while they are in the waiting room. Also, never discount advertising by word of mouth. Patients who have wallet-friendly payment options will tell friends and family, which will also help to grow the client base.
At Wise Commercial Capital, we offer a patient financing program, complete with tiered pricing and flexible interest rates. Our financing program is easy to implement, and our qualification is inclusive, so even dental practices that have been refused in the past can access the many benefits we offer. If you want to improve your cash flow and take advantage of built-in marketing tools to grow your practice, contact our offices today.