37% of Americans lack enough money to cover a $400 emergency expense according to the Fed’s 2022 Economic Well-Being of US Households survey. This is trending up 5% from what was reported back in 2021 when we were sitting at 32%. With the current state of the economy, inflation on the rise, and the average cost of dental treatments between $1,200 and $1,500, now is a good time to review the financing options you are offering your patients.
In-house financing is a valuable finance option for dental practices that can benefit both dental practices and patients. This unique financing model allows dental practices to offer patients the option of paying for their dental treatments over time, often without the need for third-party lenders or traditional credit checks. With in-house financing, dental clinics can extend a helping hand to individuals who may not have dental insurance or the immediate means to cover the cost of essential dental procedures.
By spreading the cost of treatment over manageable monthly payments, patients can access the care they need without causing undue financial stress. In-house financing not only fosters a strong patient-provider relationship built on trust and flexibility but also contributes to the overall growth and success of the dental practice by attracting and retaining more patients seeking high-quality oral healthcare.
Third-party financing is a valuable option for dental practices to offer their patients, providing a convenient way to bridge the gap between necessary dental treatments and their associated costs. With third-party financing, dental patients can access the care they need without delay, even if they lack dental insurance or immediate funds. This financing solution typically involves partnering with a financial institution that specializes in healthcare financing, allowing patients to set up payment plans tailored to their budget. It’s a win-win situation: patients receive essential dental care while spreading the financial burden over time, and dental practices can expand their client base and boost revenue by accommodating a broader range of individuals.
Hybrid in-house financing is an innovative approach that empowers dental practices to offer patients the best of both worlds in terms of financial flexibility. By blending elements of traditional in-house financing with the resources and expertise of third-party financing providers, dental practices can create a tailored and inclusive financing ecosystem. This approach accommodates patients seeking a direct and personalized relationship with their dentist while also catering to those who prefer the convenience and structure of third-party financing options.
Hybrid financing not only broadens a practice’s patient base but also mitigates financial risks and streamlines administrative processes. With the ability to customize financing solutions and enhance patient trust, dental practices can achieve a competitive edge in their local market while ensuring long-term financial sustainability. Embracing hybrid in-house financing is a strategic move towards delivering comprehensive, accessible, and patient-centered oral healthcare.
Third-party financing options and in-house financing both offer distinct advantages for dental practices, and the choice between them depends on a practice’s specific needs and goals. Here’s a comparison of the benefits of each:
Ultimately, the choice between third-party financing, in-house financing, or combining the two for hybrid in-house financing should align with your dental practice’s objectives, resources, and patient base. Some practices may find value in offering both options to cater to a diverse clientele and maximize patient accessibility to quality dental care.
Offering in-house financing to dental patients can be a strategic decision that benefits both you and your patients. To get started, you should begin by establishing clear financing policies and terms that align with your practice’s financial capabilities. Next, you could consider partnering with a financial institution or creating an internal system for managing payments and credit checks. This might involve hiring or training staff to handle financial transactions and patient inquiries.
Additionally, you should communicate the availability of in-house financing to your patients through various channels, such as your website, brochures, patient communications, and in-office signage. By taking these steps and ensuring transparency and flexibility, you can provide a valuable financing option that enhances patient accessibility to your essential dental care while contributing to the growth and success of your practice.
Zuub’s In-House Financing features paired with the Digital Treatment Plans feature allow practices to have an automated and holistic outreach approach when it comes to communicating, offering, and collecting payments through affordable financing options.
Existing Zuub Customers Interested in Learning More:
If you are an existing Zuub customer and you’re interested in learning more about Zuub’s In-House Financing Feature, reach out to your Customer Service Representative or click here to reach customer support.
Not a Customer and Interested in Learning More about Zuub:
If you are not currently a customer of Zuub but you’re interested in learning more about Zuub’s In-House Financing or other features, click here to schedule your demo.
If you are looking to offer third-party financing to dental patients you can start by identifying reputable healthcare financing providers to partner with. After selecting a suitable partner, you can establish a clear framework for how the financing will work within your practice, including the types of treatments eligible for third-party financing and the terms of repayment.
You can then integrate the third-party financing option into your practice’s administrative processes, ensuring that staff members are trained to assist patients in applying for financing and answering any questions. Similar to In-House Financing, promoting the availability of third-party financing on your website, in marketing materials, and within the office can help raise awareness among new and existing patients.
One 3rd party finance option that Zuub integrates with is Sunbit. Together Zuub and Sunbit offer patients affordable financing, with dental treatment plans that everyone can understand. Not only that but Sunbit will approve financing for patients with lower credit scores than traditional financing options, all while taking on the risk for you, making the Zuub and Sunbit Smile Now, Pay-Over-Time program the go-to 3rd party finance package.
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