Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial Inc. (NYSE: ALLY), recently announced availability of its financing solutions for patients of Western Dental & Orthodontics, a national leader in dental and orthodontic care and one of the largest Dental Service Organizations (DSOs) in the country. The relationship, which begins as a pilot program in 43 Western Dental offices, comes as Ally Lending continues to expand its footprint in the consumer health care lending market.
Cost is often a barrier for patients seeking dental care. According to the Pew Dental Campaign, approximately 72 million Americans rely on Medicaid and Children’s Health Insurance Program (CHIP) for dental coverage, yet two-thirds of dentists do not accept either kind of coverage. For many, insurance does not cover the full cost of care. Financing options help provide much needed flexibility when it comes to affording important dental and orthodontic procedures while avoiding the high interest and startup fees of credit cards.
Using Ally Lending’s fully digital application process, patients can quickly pre-qualify for a loan with no impact to their credit score. Following pre-qualification, patients review loan terms and monthly payment options, and ultimately, select a loan package that works for their budget. They will then pay Ally Lending back over time for their service. Ally Lending has offered financing in the dentistry space since its inception in 2015, originally as Health Credit Services LLC (HCS), and now today with the financial backing of its parent Ally Financial.
“Advancing customer health in an affordable and innovative way continues to be our priority,” said Hans Zandhuis, head of Ally Lending. “This partnership is a natural fit because Western Dental is aligned with this philosophy and always puts the patient’s overall health first.”
Western Dental & Orthodontics provides a full range of dental services, including dental implants and restorative crowns, periodontics, pediatric dentistry, endodontics, orthodontics and extractions. Research shows that when dental practices offer patient financing it helps drive business by maximizing profitability and alleviating financial risk.
“Oral health plays a significant role in a person’s overall health, so it’s imperative we offer our patients financing options that fit their individual situation,” said Bill Dembereckyj, chief financial officer at Western Dental & Orthodontics. “The Ally team has been a terrific partner during the pilot program and amid the COVID constraints we are subject to. We hope to expand the Ally financing option to all 326 of our offices in the coming months.”