Do you have any tips for firms on maintaining good business/patient relationships when there are financial difficulties or late payments involved?
Our research into the dental industry, as well as the feedback we have been given, has told us many stories. Patients have told us that the core of every practice/patient relationship is providing a comfortable payment environment. Every patient’s financial situation is different and they don’t want to have to worry if they can receive the healthcare they deserve because they may not qualify for financing, or they don’t want to spend their savings to get the care. Sadly, most Americans do not have dental insurance, so dental work is often paid out-of-pocket. Patients often experience physical pain at the dentist, so there’s no need to inflict financial pain as well.
Given the pandemic, do you believe more dental companies will begin operating a payment installments system?
The pandemic drove an economic recession which in turn is accelerating many patients to look for buy now pay later options, but the demand for BNPL has consistently grown for some time- the dental industry is just getting a late start.
Have you noticed a change in how dental and healthcare customers are handling payments since the start of the COVID pandemic?
The most important realization is that dental practices have been placed in scramble mode trying to understand digital payments during covid because they have traditionally been behind on offering digital payments. The broader business market/world has steadily marched toward digital payments while the dental industry has stood firm on old-fashioned paper billing, Filling charts, etc. Now, these same practices are in a mad dash to catch up with the times and are quickly realizing the cost savings that come with it.
Do you think that people would be more likely to address their medical and dental issues if there were reasonable payment plans involved?
It’s no secret that an alarming amount of Americans avoid dental care because of the cost. It’s also widely known that delayed dental care can cost the patients 2-3 times more in the future as their condition worsens. QuickFee Installments helps patients avoid delayed treatment without the need to enter into a new, expensive financing plan.
How important do you think it is that dental practices make the finance options clear to patients before the treatment is agreed upon?
Transparency is paramount to any relationship whether it be business or professional. The same goes for your patients’ payment experience. No matter who walks in your door, or needs dental care, they should feel comfortable that you have a solution financially to fit their budget and or fiscal needs.
Do you have any advice for anyone who might be looking to start a dental or healthcare business during the pandemic, and how they can maintain a good cash flow and relationship with patients?
Most Americans do not have dental insurance, so every visit is out-of-pocket. Dental practices are expensive to maintain and grow. There exists an imbalance that can disenfranchise the patient and hobble the practice. A new healthcare/dental practice should seek to attain a balance between these two forces by ensuring that patients have a selection of payment solutions that fit their financial status. Doing so can foster goodwill between patient and practitioner, ensuring a good reputation among the community while the payment solutions foster a positive cash flow to the practice. Good cash flow ensures that the practice obtains the latest technologies and retains the best staff, thereby perpetuating the cycle.