Offering payment plans such as monthly payment options to patients considering private dentistry treatment will increase the acceptance rate for treatment considerable. For practices offering expensive private dental treatment such as Invisalign, veneers or All on 4 the large upfront costs which runs into several thousand dollars is high for patients and not all patients can afford to pay for the full cost of their treatment upfront.
Many finance companies offer payment plans for dental treatment, which can be offered by dental practices such as DFW as a patient benefit. There are no administration costs for the dental office and the management is handled by the finance companies. But the initiative provides significant benefits for dentists, who can in turn greatly increase their acceptance rate for treatment – that is to say the percentage of patients who choose to go ahead with their treatment.
A monthly payment plan allows patients to spread the cost of their treatment over typically 6, 12, 18 or 24 months. This makes treatment affordable and accessible and means that patients do not have to save up the full treatment cost up front. Some patients may prefer to use a credit card or other loan but monthly payment plans are the best option for patients seeking to spread the cost of their treatment.
For patients who wish to pay in full up front prior to staring their treatment, some practices will offer a discount. Private treatment can be expensive with Invisalign, veneers and All on 4 being the most expensive treatments, but the benefits for patients are huge. A smile is a true asset and the boost in confidence which patients will get is significant. Some parents may select private treatment for their children, and likewise monthly payment plans make this choice more accessible.
In addition to increased profits through a higher acceptance rate, dentists will attract more patients and also build their main patient base at the same time. Private dentistry patients are inclined to travel for treatment but a proportion may choose to return for other treatments or general dentistry treatments. In addition the set up and management of a monthly payment scheme is straightforward and run by finance companies, meaning that there is no administrative or work required from the dental practice or staff. Most practices offer payment plans, so there is a risk that not offering a monthly payment plan for high ticket treatments will mean patients turning to other practices who offer the same treatment with payment options. This initiative is an easy win for dental practices and should not be overlooked.