Getting your patients access to reasonable financing options is vital to let your practice succeed in this tough economy. With the rapid improvement in dental technologies and treatments, the prices of various dental procedures have also been rising.
These may be fair as per your quality of treatments. However, many don’t visit dentists because they cannot afford the treatment. Moreover, many health insurance providers still don’t cover dental treatments, and corporations don’t always provide their employees with an excellent dental plan.
In such a situation, your best hope for getting more patients to visit your practice and boost your success is to team up with a dental finance company. Such a partnership will look fabulous in your dental marketing campaigns and save you from the hassle of dealing with a patient who can’t afford treatment and does not have insurance.
What are the Benefits of Providing Dental Financing Options to Your Patients?
It can be pretty stressful to find new ways of boosting your conversions in today’s challenging economy. If you find your practice feeling a little empty, perhaps it could be due to high treatment prices. However, this doesn’t mean that reducing your prices is your only option, as dental financing can let your patients pay for the treatment in smaller instalments.
It Boosts Your Patient Numbers
As your patients learn that they can finance their treatment by spreading it over several months, the treatment will become more affordable. This will also increase the number of new patients visiting your practice as word spreads about your affordable treatments.
It Allows Practices to Increase the Value of Treatments
Spreading out the payment won’t bring a loss to you as the interest of the financing plan is paid by the patient. Moreover, it will allow you to increase the price of some treatments since patients will still find them more affordable than before.
It Maximises Your Cash Flow
Your cash flow is also not affected by the financing agreement as the financing company pays your practice the total price of treatment as soon as it’s agreed upon. The patient can then pay back the dental finance provider in instalments.
It Boosts Patient Loyalty
Not only will having a dental financing option for your patients save you from losing them to your competitors, but it will also deepen your bond. As your connection won’t end with the treatment, it becomes more likely for your patient to continue visiting your practice for future requirements.
Features and Attributes to Look for in a Dental Financing Company
Different financing companies are likely to offer you different benefits and incentives. However, there are some aspects you should always look for.
- Reliability
- Various Options
- Ease of Application
The Best Dental Finance Companies of 2021
Chrysalis
Chrysalis is a dental finance company that offers a variety of payment options to patients. They are currently partnered with 3000 clinics across the UK and have an easy-to-use application for their system. They also have fast credit approval and pay practices within 48 hours of the treatment.
| Reliable | Yes |
| Various Payment Options | Yes |
| Cards Support | Yes |
| Support | Phone, Email |
- More Self-Pay Patients
Chrysalis offers both interest-free and low-interest payment options to patients to ensure that they can pay for treatments without depending on the NHS.
- Fast Payments
They offer an integrated credit approval process that provides your patients confirmations within seconds, allowing the treatment to begin without unnecessary delays.
- Easy-to-Use Application
Chrysalis also has an all-in-one platform for filling applications and getting approval. It requires minimal data input and works with e-signatures for a completely paper-free process.
- Practice Growth Support
They also include dental marketing material and support to help your practice grow and provide a mutually beneficial partnership to both of you.
Finance 4 Patients
Finance 4 Patients allows practices to offer affordable monthly payment plans for even the most expensive treatments. In addition, they offer great support, which is always available to answer your queries and those of your patients. The company also has an intuitive dashboard that allows easy usage for applications and more.
| Reliable | Yes |
| Various Payment Options | Yes |
| Cards Support | Yes |
| Support | Chat, Email, Phone |
- Unified Platform
Finance 4 Patients has an excellent platform that is easy to use and can be accessed on any device. In addition, it allows one-minute application creation, which can then be filled by the patient on their device.
- Excellent Support
They offer superior support for both patients and partnering practices, along with an array of complementary services for practices such as KPI monitoring and real-time application monitoring.
- Innovative Finance Products
Finance 4 Patients also offers some of the best financing options from their lenders – Klarna and Split it. This includes offering various plans which can be spread across as per the needs of the patient.
Tabeo
Tabeo offers an inclusive platform to grow your dental business with financing options. They do everything from processing card transactions to improving the patient’s experience with their intuitive website and app.
| Reliable | Yes |
| Various Payment Options | Yes |
| Cards Support | Yes |
| Support | Chat, Phone, Self-Help |
- Affordable
Tabeo offers some of the most affordable, interest-free payment plans for dental treatments. This will allow your patients to afford expensive treatments like braces without a second thought.
- Quick
Most of Tabeo’s credit decisions are made within seconds, and the application takes only 2 minutes to fill.
- Flexible
They have multiple lending partners and options, so even patients who get rejected by one of their partners can try again and get the financing they need.
- Online Application
They offer an easy-to-use online platform that your patients can also access from their devices.
Dental Finance
Dental Finance has been in the business of providing affordable payment options to dental patients for over 18 years now. They offer interest-free and low-interest payment options and have a combined financial legacy of 100 years.
| Reliable | Yes |
| Various Payment Options | Yes |
| Cards Support | Yes |
| Support | On-Site Support and Training |
- On-Site Training
Dental Finance offers on-site training to assist your team in learning how to deal with the financing options and present them to your patients.
- Financial Conduct Authority Authorisation Assistance
If you require assistance in maintaining your financial conduct authority authorisation, they are here to help.
- Marketing Assistance
Dental Finance also includes marketing resources to assist your practice in expanding outreach and attracting more new patients.
- Application Processing
The company will handle all application processing and leave you and your staff free to take care of your patients instead
Denplan
Denplan is one of the most popular dental financing companies in the UK. Their premier service Denplan Plus includes everything you need to ensure smoother payment plans for your patients and savings and rewards for your practice.
| Reliable | Yes |
| Various Payment Options | Yes |
| Cards Support | Yes |
| Support | Phone, Email |
- Compliance
Denplan allows embracing compliance with either free compliance health support or a free Denplan Excel membership.
- No Hidden Fees
Denplan does not have any hidden costs or patient joining fees, allowing you to bring your loyal patients onboard without costing them a single penny.
- Affordable Admin Costs
Denplan also has some of the lowest practice admin fees and allows you to deliver more accessible payment options to your patients while maintaining a profitable business.
- Practice Performance Boosters
Denplan is here to bring out the best in your team with performance analysis, resources, and rewards for incentives.
Pick the Dental Finance Company Which Matches Your Needs
Being the practice owner, your decision regarding the best dental finance company for your practice will impact the future of your business. Therefore, it is essential to choose one that offers the services you need while providing you with the best possible deal you can get.
If your chosen dental practice company does not assist you in dental marketing with unique resources, we are here to cover that for you. Head45Dental is a digital marketing agency specialising in Dental SEO, dental web design, branding, and PPC services for dentists and orthodontists.