What to Expect from Patient Financing Solutions
Last Updated - Dec 16, 2021
Written by Hans Zandhuis
Many Americans believe oral health is important to overall health; however,
only 65% visited the dentist one or more times in 2019. To help overcome possible financial barriers, many dental service organizations (DSOs) offer patient financing. Nevertheless, for many, financing continues to be an afterthought in patient conversations and an extra hurdle in staff training. Recognizing this, some patient financing trailblazers are challenging the status quo and demonstrating the broader benefits of financing, including attracting and retaining patients.
Knowledgeable patient financers with a vision for the full patient experience can help amplify patient financing offerings. Unlike traditional financing companies, these pioneers collaborate with providers to offer customized patient financing programs and products that align with the organization’s patient experience, revenue and risk goals. They look beyond the point of payment to uncover untapped opportunities across the entire patient experience to further drive efficiencies and effectiveness.
1. More Options for More Patients
What if there was an affordable payment solution available for all patients? Work with your financing partner to explore alternative payment methods. Go beyond traditional non-recourse financing to consider new creative risk-sharing solutions. Together, evaluate the benefits of taking on greater risk to accommodate a greater number of patients across all credit tiers.
2. Frictionless Workflows
Incorporating financing into your workflow should not disrupt your patient or staff experience. Seamless integration into your existing technology and servicing processes is imperative to the success of your financing program. The easier the process is to navigate, the greater the adoption rates. Challenge your financing partner to do the flexing so you don’t have to.
3. Performance Enhancement Tools
Financing lends itself to a wealth of valuable data. Your financing partner shouldn’t be sitting on the sidelines – rather, they should be providing access to their analytics and insights to help you further optimize performance. Broad metric-based financial reporting, performance, behavior and opportunity insights are integral to delivering an impactful patient financing program.
4. Strategic Awareness and Loyalty Drivers
Leverage your financing partner to drive incremental revenue and growth through pre-care, point-of-care and post-care communications. Consider including pre-qualification in your appointment-setting process. This gives your patients insight into what funds are available prior to care. Once patients are in the door, further reinforce available payment options by layering their financing offers into their treatment plan. Following the visit, leverage your financing partner’s monthly statement to remain top of mind and to inform patients of funds available for future procedures.
Ally Lending is on a mission to deliver provider solutions for more efficient and effective patient financing. This mission impassions us to invent smart, simple solutions that make healthcare more affordable. Ownership of the end-to-end lending process gives us the freedom to listen to our customers and to adapt to their needs. From practices delivering more care to patients successfully managing their health, we take pride in empowering and equipping our customers to take charge of both their physical and financial well-being.
Modern consumers know how to shop. Gone are the days when bedraggled bargain-hunters trudged from store to store, looking for the best deal.
Patient or consumer? In the healthcare marketplace, these terms are becoming increasingly synonymous.
It’s no secret that the healthcare landscape is changing. In this increasingly consumer-driven market, providers are not only expected to deliver top-notch care, but also to take on the added responsibility of behaving like a brand.