In today’s medical landscape, patient finance is a vital component for practitioners across all fields. Offering flexible payment options is essential for dental practices to ensure patients receive the necessary treatments and for patients to afford the best possible care.

However, many practices are focusing on the wrong aspect of treatment finance.

Why Financing Matters for Dental Practices

Preventing Treatment Avoidance

Providing patient finance options can significantly increase the number of patients accepting treatment. Financial constraints often lead individuals to delay or avoid necessary medical treatments. By offering financing solutions, dentists can alleviate this burden and ensure patients receive the care they need. In a profession where patient care is paramount, ensuring positive outcomes for patients is crucial.

Affordable Comprehensive Care

Financing can increase the average transaction value. Patients with access to finance options are more likely to choose comprehensive treatment plans over minimal care, ensuring their long-term health. This not only improves patient outcomes but also boosts revenue for healthcare providers.

Building Patient Loyalty

Everyone wants their patients to return. Satisfaction, trust, and commitment are key determinants of patient loyalty. Offering finance options makes patients feel valued and less stressed about the financial burden of their care. Satisfied patients are more likely to return for future care and recommend the provider to others, creating a loyal patient base. Don’t let your customers seek treatment elsewhere.

 

The Misconception About Subsidy Rates

Many practices focus on finding the cheapest way to offer finance to their patients. While this is understandable, it overlooks the fact that the most critical success factor for dentists should be the number of patients they help. What good is developing a treatment plan for a patient if they are then rejected for finance?

The impact of this is significant. Patients who are rejected for finance will have a bad experience and may not be able to afford the treatment. Worse still, the embarrassment of the experience may lead them to seek a new dentist, resulting in a bad outcome for everyone. To offer cheaper rates, funding partners often look for less risk, which means accepting fewer patients.

 

High-Quality Finance for More Patients

At Snowbird Finance, we think differently. We believe the acceptance rate of patient finance should be the focal point. The higher the acceptance rate, the more patients will take it up. This creates a true win-win situation: more patients receive the treatment they need, practices serve more patients and generate more revenue, and practices can reinvest this revenue to grow and serve even more patients.

Our current acceptance rates are the highest we’ve ever seen. Over the last 30 days, we’ve tracked an acceptance rate of over 80%. Imagine converting 4 out of every 5 customers who need finance. One of our existing clients put it simply as “They have impressively high acceptance rates, meaning we’ve been able to write more business than ever.”

Embrace Acceptance Rates for Growth

Patient finance is a vital tool for dental practitioners aiming to grow their practice. However, it requires a significant shift in how it is considered to help as many people as possible. With our system, practices don’t suffer the impacts of bad debt, and payments are quick and automatic.

So why not talk to us and rethink your finance proposition to your patients?

It could be the difference between striving and thriving.