Principles of Practice Management: If you want to increase production, increase the use of patient financing
As you read this column, Americans are beginning to max out on the use their credit card debt once again. Keep in mind that one of the economic factors that keeps America running smoothly is consumer spending. We are a consumer society that has access to debt and uses it in order to make all types of purchases which fuels the economy which makes everything run well. At least until it doesn’t.
At some point consumers truly max out their debt. In other words, they can’t put more on their credit cards and are looking for additional opportunities to access debt for certain specific needs such as dental services. Patient financing companies that focus on dental and medical specifically are an incredible opportunity to increase practice production because you are helping your patients access debt. I have had some dentists comment that perhaps patients shouldn’t be taking on more debt, and my response is that dentists are not financial advisors. Our job, from a customer service and quality of care standpoint is to allow patients to find a way to receive quality of care treatment. Patient financing is one of those ways.
Today you can walk into a store, and they have a credit card for you with a separate debt limit available. You can add additional credit cards, mortgage your house, get bank loans, etc. Americans are extremely focused on how to use credit and debt to live the life they want to live and part of that includes excellent and optimal oral health. By making patient financing available and offering it to all patients, you are providing a convenience and a customer service and also allowing patients to have dental treatment where otherwise they would not be able to. Our focus as dentists should be to offer dental services with the highest quality and make it convenient, comfortable and easy.
Always keep in mind that you want to make the practice as easy, effortless and enjoyable for patients as possible. Easy, effortless and enjoyable practices are going to be the winners as people seek out more convenience and service in their complicated lives. When it comes to money, people’s lives are even more complicated, and this is an opportunity to make everything smoother and increase production at the same time.
Editor's note: This article originally appeared in DE Weekend, the newsletter that will elevate your Sunday mornings with practical and innovative practice management and clinical content from experts across the field. Subscribe here.
