5 Go-To Financing Strategies to Help Patients Pay for Dental Implants
Helping dentists attract dental implant patients gives us a unique perspective into closing dental implant cases. One thing we have discovered is most practices are only one step away from regularly closing high-revenue dental implant cases.
Overcoming this one step can immediately boost their case acceptance rate and add thousands of dollars to their bottom line every month. If your practice is focused on doing dental implant treatment, or if you are running marketing campaigns to specifically attract dental implant patients you are probably finding that financing is often the final hurdle to get patients to say yes to treatment. In this post, we will share five go-to ways to help patients afford their care.
1. Help patients secure healthcare lending.
Healthcare lending, such as CareCredit or CareCredit alternatives, are often a good first option. CareCredit works just like a credit card, which patients are used to using. So, you will not need to teach them about how it works. You will only need to talk with them about the features. If you help them apply—or, better yet, let them apply in your office—you can get an answer in seconds and schedule treatment.
CareCredit also offers compelling “No interest if Paid in Full Within 6, 12, 18 and 24 Months” financing options. If a patient can afford to pay off their treatment in full during the promotional period, they pay no interest. They can enjoy their transformation now and pay for it later. Of course, not everyone will qualify for CareCredit, and it is not without risks.
But healthcare lending like CareCredit can be a good option for patients who cannot afford to pay in full yet can afford to pay over time.
2. Help patients apply for peer-to-peer lending.
Peer-to-peer lending has been around in the US since 2006. Since then, it has become a mainstream way of lending money. Individuals can request personal loans for almost any reason—from home improvement projects to, you guessed it, dental implants, and everything in between. Instead of borrowing from a bank, however, the “lender” is a pool of money from individual lenders. Anyone can become a lender.
A benefit of peer-to-peer lending is it often has more relaxed approval standards and more favorable terms, such as longer loan terms and lower interest rates. This makes it easier for patients to get approved and fit treatment into their budgets.
3. Help patients secure a personal loan at a bank or credit union.
Sometimes, the simplest solution for a patient is a personal loan through their bank or credit union. Ask your patient whether they have a great relationship with an existing national, online, or local bank or credit union.
If they already have open accounts in good standing with a positive payment history—such as a mortgage, car loan, or home equity line of credit—this can work in their favor to getting financing for the dental implant treatment they need. Additionally, if they own homes or cars, they can use them as collateral for secured loans, which are typically easier to qualify for and could have lower interest rates. Two national and online options include Wells Fargo or GreenSky Dental Loans.
Tip! Create a list of popular local banks in your area where patients can secure financing. Reach out to them beforehand to discuss referring patients for financing options.
The more options you can offer your patients, the more likely it will be for them to get the care they need. An advantage of traditional financing is banks are often able to loan larger amounts.
4. Start an in-house dental membership program.
Dental membership programs, such as BoomCloud, offer several advantages and can be combined with other financing options for even greater results.
In-house membership programs offer discounted dental care to patients for a subscription fee. When structured well, you can make up for the small discount you offer a patient by earning their loyalty and subscription fee). Plus, in house programs don’t come with same restrictions traditional dental insurance has, such as missing teeth clauses, waiting periods, and restrictions on materials used or procedures covered.
5. Offer in-house financing to patients for dental implants.
Because patients are prepared to finance dental implants and pay interest to do so, many dentists choose to offer in-house financing.
While it is not without risk, in-house financing offers many advantages for practices. For one, the interest you earn can become a significant and reliable revenue stream. With companies like Compassionate Finance formed to alleviate administrative burdens, in-house financing is easier and better than ever.
Make sure to learn the ways to not get burned with in-house financing if you choose to offer in-house financing to patients.
Are you ready to close more dental implant cases?
These five ways can help you overcome the biggest obstacle to improving dental implant case acceptance. Help patients secure one of these options and you can quickly increase case acceptance. Be creative and make sure they know all their options and how to use them to get the care they need.
A creative financial coordinator will quickly learn how to “stack” financial options to make sure the total procedure is covered and help patients fit the high-value treatment into affordable monthly payments.
We highly recommend you print this article and share it with your team to consider each option in detail. If you have any questions, you can also schedule a free 15-minute strategy call with us. We can talk with you about how to attract dozens of implant patients every month as well as how to help patients to say yes to the treatment they need.
If you’re interested in learning more about how Driven Dental Marketing can help you to attract and convert more high-value patients, you can book a FREE 15-minute strategy session right here on drivendentalmarketing.com.