Dental Tribune U.S. Edition

GNYDM BOOTH NO. 436 Examining patient financing: Good for your patients. Good for your practice. Industry News DENTAL TRIBUNE | November 201116A We hear about it a lot these days — dental practices getting squeezed by lower consumer spending. The result is less treatment acceptance and lower revenues — and no prac- tice is immune. Economists have even coined a phrase for this belt- tightening and credit crunching: “the new normal.” But, any dentist will tell you, patients electing not to get the treat- ments they need because of financial concerns is far from what they’d like to see as “normal.” Luckily, there are some innovative payment options out there for dentists who want to help their patients, keep money coming into their practice and avoid becom- ing debt collectors themselves. An Inside look: Outside patient financing We asked the experts at Henry Schein Financial Services to provide some insight into outside patient financing, as well as their partnership with the Citi® Health Card. As always, they were more than happy to oblige. Here are a few of our favorite tips for what to look for in a patient financing pro- gram. Your outside financing part- ner should be as flexible as you. You always have your eye on individual solutions for your patients — from the routine to the cutting- edge. And we all know “one-size- fits-all” rarely fits anyone. So you should expect the same kind of flex- ibility from your financing partner. Look for a payment option like the Citi Health Card that offers several no interest plans, as well as budget plans and regular revolving options. The more options your financing partner can provide, the more likely you’ll find the one that works best for your practice and your patients. A good partner lets you focus on your patients, instead of whether you’ll get paid. Almost nothing is as frustrating — or as productiv- ity draining — as out-of-control accounts receivable. And who wants the hassle of tracking down past due payments? Keep your focus on care, and let a third party handle the pay- ment process. Just make sure they offer fast payments in two to three days. You shouldn’t be held hostage to high merchant fees. One of the main benefits of patient financing is cash flow management. But be careful. A lot of partners will make you pay a big price for this convenience on the back end. Keep a close eye on the merchant fee rate for each financing option you select. To help ensure a provider gets a good price, Henry Schein recommends they use the Citi Health Card for patient financ- ing. The Citi Health Card has the lowest no-interest and budget plan MDR’s in the dental industry and providers can save up to 41 percent compared with other products.* See Table 1 for example provider sav- ings on merchant fees when using the Citi Health Card versus a major national competitor’s patient financ- ing program. Peace-of-mind matters — to you and your patients. No one wants to wonder how they’re going to afford a procedure they need. That’s why the best financing partners provide your practice with all the materials your patients need to understand their financing options right from the start. And they also provide reli- able support to your staff so they can answer any patient questions. That way, your patients know exactly how they can pay, and you know exactly when you’ll get paid. Taking the payment out of the relationship lets everyone focus on care. You have enough equipment in your AD g DT page 19A Table 1: Example of savings on merchant fees.