You think that a patient is ready to move forward with care. So, you recommend advanced treatment like such as a smile makeover, which includes advanced procedures like dental implants and bone grafting. You know it would help improve their quality of life. But then the patient declines the case.
How often are patients declining cases vs. accepting them? What is your case plan acceptance rate like? Not only is the patient is missing out on life-enhancing interventions, but your practice doesn’t meet its full potential.
The Price Tag
The first reaction of any patient, especially when seeing a projected cost upwards of $30,000, is to naturally pause, think, or even withdraw. More often than not, it has to do with financial barriers.
Getting patients to say “yes” means you need educate them about alternate funding sources and arrive at a workable payment plan, regardless of your perception of their income.
Mention these tips during case plan acceptance, regardless of whether the patient asks about payment plans:
- Understand your patient may not have the cash to pay upfront. You can suggest a down payment and finance the rest with their health saving account.
- Suggest using their medical policy to cover the major parts of the treatment such as bone grafting.
- Offer a secured loan with 3rd party lenders. These low-interest rates are perfect for patients who want to pay less out-of-pocket expenses in the long run.
- Allow patients to pay all or a portion of their case with a credit card.
- The patient may be able to dip into unconventional resources, such as writing off a part of the cost as a medical expense and receiving a tax benefit on it. Other options are their IRA or retirement savings. They may also want to consider liquidating extra assets on hand, such as a boat they don’t use or equity in their home.
- Mention that subprime patients can ask a family member or a friend to co-sign their loan.
Besides your compassion and excellent services, you need to concentrate on the business side of dentistry, too. Strategize the use of funding sheets, staff training, and working with third-party financiers to convert more people and gradually increase your revenues.
