Payment arrangements or financing for dental treatment was something unheard of in the past. Now, patient's has so many everyday expenses, that idea of spending on dental treatment do not gain ground. As a result, their oral health is neglected. So, How can you provide dental financing ?
If you ever have visited Apple store or Best Buy , they provide in store financing option to their customers? This is with the help a company called as Paybright .It's a big one nowadays. This is a third party, that pays your office outright, the entire treatment expenses after deducting their fees.
You can do this before the treatment has started, or once treatment is completed. Pre-treatment financing makes more sense, as gives clarity on patient's ability to pay for dental expenses.
when I say pre-treatment in-office financing, an example would be of help here. Let's say if a patient wants to have an implant placed, cost of implant is around $3000. We can ask the patient to pay us in advance every month. So, patient will be paying $1,000 each month for three months. After three months, once the payment schedule is completed, patient can get an implant. This is an example of Pre-Treatment Financing Arrangement
In Post-Treatment Financial Arrangement you make an agreement with the patient. For example, we ask the patient to pay us 25% on the day of treatment, and after whatever the outstanding amount is, we are going to divide it in three months or six months, This can be paid first day of each month.
Paybright has become favorite for numerous dental offices as other businesses. The procedure to apply for financing has become even easier. Once you have created Paybright merchant account here , then you just send a link of the application or you can send them QR code. You can have patient scan that QR code . This step can be done only while patient is in the dental office.
Now if a patient calls you saying, "I want to get a bridge done but I want to do financing". You can send the application link to them when they're sitting at home. This way they can complete the application from the comfort of their home. It takes five to 10 minutes for them to know whether they got approved or not. The patient could ask you that if the application is going to affect credit score. As per Paybright representatives, it is a soft credit check. So it should not affect credit score. Paybright can be contacted for updated information
if the patient pays them back in three months or six months, there is no interest involved. There is some monthly administration fee, approximately $6.99 ( this could change ) that they have to pay. if they finance for six months, but they pay them back in three months, they save the three months administration fees. If they choose one year, two years, three years or up to five years, then there is an interest. Now, financial obligation is between the patient and the Paybright.. Now you've helped the patient getting the treatment that was important to improve patient's health. You have also received the payment, and you don't have to make any payment related calls.
This is a win-win situation for everyone.
Learn More In A Comprehensive Training For Your Dental Office.