Patient financing can set your dental practice apart from your competitors, giving your patients the resources they need to afford even the most expensive dental procedures. Instead of adding to their credit card balance or wiping out whatever savings they have, they can finance the cost to better fit their budget and protect their credit and their assets.
Financing plans can vary significantly in terms and conditions. That’s why it’s important for you to understand how it works! Here’s what you need to know so you can choose the right plan for your practice and your patients:
Many finance programs require a credit check to approve applicants. Those who have good credit shouldn’t have any problem getting financing – but that would be true for any program. Those with poor credit or with no credit history often have problems getting financing, and therefore, they often need it the most.
Jasper financing approves patients who have poor credit and no credit. In fact, patients don’t even have to undergo a credit check to get financing. Applicants have to show a valid ID, provide a social security number, show an active checking account and show proof of income. Applicants can be approved for financing within minutes.
Interest rates for dental financing programs can be all over the map, just like with credit cards and personal loans. In some cases, the interest rates are no better than credit card interest, removing any incentive for patients to use the financing plan.
Some financing plans charge fees to dental practices that are just as high as the interest they charge patients.
Most financing plans don’t offer any other services. Jasper offers marketing services in addition to financing, helping you to grow your practice and to win new customers. You will soon have a steady stream of customers and revenue, helping to take your business to the next level. The right marketing strategy will also guard your business against loss even in slow times.
When patients don’t have a way to pay for treatment, you lose money. Insurance only covers a little more than half of treatment costs, on average, and patients are left footing the bill for the rest. If you can offer your patients an affordable way to pay, you can win their business. Consider dental financing to help them and to help your business.