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It is imperative to dispel the belief that due to a bad credit score, dental financing is not worth considering. Indeed, there are a lot of dental financing companies who judge patients’ repaying ability based on their financial status. But with an upsurge in dental patient financing, it has bestowed ways to get every dental visit financed.
Apart from dental credit cards and payment plans, it is crucial to choose a patient-friendly healthcare financing plan. By choosing wisely, you can pay these out-of-pocket expenses in full, conveniently.
Dental patient financing gives you an option to pay your dental care bills in easy, convenient installments. You borrow money to pay for your treatment and then make payments to pay off the borrowed amount. It should be noted that some financing companies who lend you money for your treatment also charge paying fees and interest on the money borrowed.
Here are a few options that can help you get financing for dental work, even with a bad credit score.
As the name suggests, a payment plan allows you to pay your dental bills in a split amount. It means that you have the leverage for not paying the full amount upfront but in installments. The payment plan is neither a loan or payment through the credit card. Hence, the patient doesn’t have to pay extra. Also, as it is not associated with any financial group, it doesn’t impact your credit score. But it should be noted that failure of payment could lead to collections all call.
With increasing awareness of dental and healthcare financing, many practices are offering credit card facilities. This is the procedure wherein, after filling a form, the practice submits the application to a financing company. After approval, the financing company offers a credit card, which enables you to pay your dental bill. You can then pay your credit card bill through monthly payments. Usually, the interest levied is a small amount, and if you are on a tight budget, you have an option to pay a small amount of your total bill. However, the biggest drawback of having a dental credit card is that as the monthly payment amount is too less, it takes time to pay off the dental credit card bill. This eventually means paying a lot of interest in the base amount.
This is a type of loan which can be provided when a patient has been denied dental credit cards. It usually happens when the credit score is bad. In this scenario, you can opt for a bad credit dental loan. However, these loans impose a large amount of interest rate. The providers of these loans don’t have to do much with your credit history; rather, they will focus on making money if you fail to repay on time by charging you a higher rate of interest.
The fact that dental care in the US is twice as expensive as in any other nation, dental patient financing (https://www.denefits.com/services/dental/) has now been given serious consideration. It is not only helpful for patients but incorporating it in your practice benefits healthcare professionals as well.
Here’s what all you need to know about the best dental financing solution
When you offer the best dental financing solution to your patients, they get several advantages. From being able to easily afford expensive dental services to get an option to pay in convenient monthly installments, dental financing solution has truly made dental services affordable to all.
Following are a few key benefits of offering dental financing solution to patients:
Make dental care affordable to everyone: One of the best features of dental financing is that it gives patients an option to pay in easy monthly or even in yearly installments. With dental financing, patients do not have to think about any upfront payments. When a practice introduces affordable plans to patients, they will never say no to any treatment.
Patients become open to treatment options: With treatment affordability, patients can even think about more treatment options. Rather than opting for the cheapest treatment, they will investigate more options and can decide the treatment plan which is best for themselves or their loved ones.
Your patients will be satisfied: Affordable dental financing plans help your patients to get effective treatment and dental care services. This, in turn, makes them more satisfied and they will appreciate your practice for offering them financing solutions.
Word of mouth: The more satisfied your patients are, the better it will be for your practice. They will be loyal to your practice and also. they will help you get more patients.
What else does dental financing have for your practice, here’s a detailed description:
Benefits of dental financing solutions for practice
Help your practice to increase treatment conversion rates: When healthcare professionals incorporate financing solutions to their practice, they confer treatment affordability to their patients. As patients are able to afford treatment, they can easily proceed with immediate treatment. A few dental financing solutions like Denefits payment plans offer instant approval and no credit checks. Patients are not judged on their creditworthiness rather they get an option to pay for their treatment conveniently. This also helps your practice get more patients.
Smooth cash flow: There are several dental financing solutions that help you get paid at the beginning of treatment. This makes your cash flow smooth and reduces the risk of uncollectible receivables.
Dental financing also acts as a great marketing tool: Apart from your patients promoting your practice strategies, dental financing companies also act as a great marketing tool. Most dental financing companies offer free promotional materials like counter displays.
Reduction in administrative costs: The best dental financing solution helps in reducing the costs of billing and administering patient payments. It enables your practice to shift the costs and burden to a third party. Hence, you can focus on your patients and their treatments.
The ones who offer guaranteed payments: There are some dental financing companies that offer guaranteed payments to the practice. This means that even if your patient fails to make monthly payments, your practice fee is safe with the financing companies.
Denefits financing for dental care is the best financial solution that works for your medical procedures of all ranges.
Instant approval: It is well justified that the medical treatments do not wait for the approval of your loans. We believe that medical emergencies should be attended immediately. Hence, we don’t let patients wait and approve the financing instantly in order to ensure a quick recovery.
Ideal platform for low-income holders: It becomes difficult for someone from a low-income background to repay his/ her medicals debts. Denefits provides financial assistance to all income ranges and allows you to prevent medical debts with an easy payment system.
Accessible dental care to all: Denefits does not discriminate on the basis of age, gender, or ethnicity of the patients. Denefits does not ask for your credit score before financing your medical treatment plans. It technically bridges the gap between medical bills and treatment.
Fundraising through social media: We support the fact that it is possible for you to not be able to pay off your medical bills all the time. Thus, Denefits has made the payments easy and you can also take help from your near and dear ones.
No health credit cards or hidden fees: Unlike the health credits cards which are often equipped with hidden fees and terms, Denefits patient financing platform allows you to distribute your medical expenses over months/ years. It, therefore, becomes very easy for you to pay the entire cost of any treatment plan in an easy and stress-free manner.
Transparency: Denefits is a value-based system. Our patient financing protocols dictate the healthcare service provider (s) to share all the terms and conditions beforehand. We never charge you any additional service fee that has not been declared to you.
Denefits is committed to bringing patients closer to affordable dental care. Our innovation has helped us to fill the gaps between the financial constraints and expensive dental treatment plans. Our transparent system of dealing with the patients has allowed us to conquer a distinguished space among the leading patient financing platforms used by patients across North America. Now, Denefits financial platform supports hundreds of distinct healthcare service providers to offer affordable treatment options to their patients.