How to drive new patients to your
practice Web site...tomorrow
For more on this topic, go to www.dentaleconomics.com
and search using the following key words: financing,
financing options, patient financing, case acceptance.
It’s a curious thing.
PatIents who want or need cosmetIc Procedures are usually
concerned about the cost fIrst. Since they
don’t have many ways to measure the worth of your
dental skills, experience, or quality of materials,
they only know to ask, “How much does this cost?”
And the dichotomy is that all-important
money matters are just about the last things that are
discussed around a dentist’s office. Maybe they
pop up just ahead of scheduling. Patients want your
services — and you want to help them say “yes.”
But they delay, they decline, or maybe they settle for
something that’s less than the best possible care.
(Or worse, they shop around for a lower price.) Your
case acceptance average could eventually fall.
Neither price nor financing should
be the last thing on the agenda. It’s important
to present the value and benefits of your services,
and you’re probably good at getting that across.
But don’t avoid the subject of affordability.
Offer financing without being the
banker
Providing financing options for big-case
procedures keeps your ser•vices within reach.
And while you want to make this available in your office,
you don’t want to be the banker.
Businesses that provide patient financing typically
arrange to pay the practice slightly less than the full
amount that is owed by the patient. This difference,
plus any interest on the credit extended to the patient,
is how they make their money. The practice, however,
is paid at the time of the procedure.
The challenge is to know which of
the many firms has the best program for you and your
patients. The details vary — what procedures can
be financed, how they go about approving patients’
applications (and how quickly), what it takes to set
it up, and how and when the practice gets paid for services.
Fortunately, we know several respected
and experienced firms that work closely with dental
practices, deliver on their services, and remove the
headaches from your office. Before you go too far on
your own, give us a call. We can usually suggest options
that are a good fit.
The right words help boost case acceptance
With patient financing available,
your office can help provide patients with a path to
happiness. But a careful choice of words makes a difference.
First, avoid using the “F-word.”
Sometimes the word “financing” (which is
truly the subject at hand) is not a user-friendly term.
It can bring on negative feelings for various reasons.
While people are open to the benefits of financing,
the name itself can be off-putting. So avoid using the
“F-word,” and select words of benefit. Consider
these:
• Benefit: Affordable
payments. A principal benefit of financing
is that the cost becomes smaller bites spread over a
more comfortable length of time. It’s the size
of the individual payments that are compared to the
monthly household budget. For most of us, affordability
is all about the ability to handle the monthly payment.
• Benefit: Up to one
year without interest. Being able to pay over
time “same as cash” is a compelling option
that is available through some third-party finance companies.
Consumers perceive interest as the pinch-point of “financing,”
and no-interest options have a “painless”
appeal.
• Benefit: Flexible
terms. Because everyone’s situation is
different, having a range of options opens the door
to finding the right answer for the individual’s
need. The benefit for most people is having a choice
and a voice in selecting the term and other details
that are most comfortable for them. It’s also
a benefit for the office because having multiple options
allows you to find a solution for more patients.
• Benefit: Instant approval.
When patients seek you out, visit your office, discuss
and understand the course of treatment, and envision
the likely outcome...they are usually ready to buy.
When cost is a challenge, it’s
important to have an answer immediately. Large finance
companies can usually qualify and approve patients in
a matter of minutes, while they are still in your office.
This benefit keeps the process moving forward seamlessly.
Financing boosts acceptance
Not every patient needs financing
for cosmetic procedures, but having the option available
in your office is mighty helpful for those who do.
Stewart Gandolf, MBA, and Lonnie
Hirsch are cofounders of Healthcare Success Strategies,
and two of America's most experienced practice marketers.
They have worked with dentists for a combined 30 years,
have written numerous articles on practice marketing,
and have consulted with more than 3,000 private health–care
practices. They may be reached by calling (888) 679–0050,
through their Web site at www.healthcaresuccess.com,
or via e–mail at info@healthcaresuccess.com.
Source:Dental Economics
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