Offering patients a seamless path to dental financing choices is a strategic must for dental providers in 2024. More patients than ever before are exploring financing options as demand for elective treatments rises. To meet this demand, dental providers must offer diverse financing solutions that cater to a broad spectrum of patient needs. With an embedded lending platform, you can easily provide your patients with seamless access to multiple lenders to offer the best dental financing for patients.
An embedding lending platform simplifies the financing process, enabling dental practices to offer multiple financing options. The platform integrates directly into a dental service’s existing systems, allowing patients to apply for dental financing options without leaving the dentist’s office, website, or call center. In doing so, dental providers can enhance customer loyalty by ensuring a favorable financing experience with approval rates of up to 85% for their patients.
Navigating dental financing: opportunities and pitfalls
Lenders categorize borrowers based on their credit scores. ‘Prime’ are those with excellent credit, ‘near-prime’ those with good but not perfect credit, and ‘subprime’ those with poor credit histories. To meet the needs of patients across this spectrum of credit, dental providers must incorporate multiple lenders into their financing offerings. This is a process fraught with challenges if handled independently, as:
- Lender integrations are complex, time-consuming, and require significant resources.
- Day-to-day management of each lender is complex and time-consuming.
- Dependency on single lenders becomes risky if terms change or if a financing provider ceases operations.
- Patients may need to complete several applications before being approved, each with its own distinct set of requirements.
- Staff must navigate and understand the systems of multiple lenders, each with its own processes.
The only way to counter such challenges is through a platform-first approach to point-of-sale financing. This will free dental practices up to focus on their core operations and patient care while providing an exceptional dental financing experience for their patients with higher approval rates and better conversion.
Enhance dental financing with platform-first approach
Streamlining access to personalized financing solutions is a game changer. By providing patients with a flexible and choice-driven financing experience, dental practices can dramatically enhance the patients’ purchasing experience and deliver high approval rates. As a result, dental practices observe a notable rise in the average transaction value, leading to an overall boost in sales, stronger patient relationships, and a competitive edge in the healthcare marketplace. An embedded lending platform:
- Facilitates a seamless connection between dental practices, multiple lenders, and patients covering the entire credit spectrum on a single platform.
- Simplifies the application process and enhances the patient’s experience wherever they are receiving service: in-clinic, through a call center, or online.
- Results in high approval rates of up to 85% that in turn boost conversions.
- Manages all financing activities efficiently, from a single application to instant approvals to post-sale management including disputes, reconciliations, and customized reporting.
- Provides data and analytics to optimize the financing offer and create personalized relationships with patients.
Integrating an embedded lending platform into the patient care journey is the most effective way to meet these needs, providing a seamless financing experience for patients and clinics. Dental practices that integrate an embedded lending platform significantly improve the patient experience. Patients enjoy quicker service, with immediate access to a range of dental financing options tailored to their individual needs and financial situations, all without the need for multiple applications. This hassle-free approach to dental financing helps patients feel more at ease and valued, fostering a sense of loyalty and satisfaction with their dental care provider.
Why ChargeAfter is the platform of choice for dental practices
ChargeAfter’s embedded lending platform enables dental practices to seamlessly integrate financing into the patient journey, whether online, in clinics, or via call centers. The platform connects dental practices with a network of lenders that cater to a full range of patient credit profiles. Lenders on the platform offer a diverse range of financing products, including installment plans and revolving credit, to cater to various patient needs and preferences.
By simply filling out a quick application, patients are matched with the best financing options through a waterfall financing approach, where if a patient isn’t approved by the first lender due to their credit score, their application automatically ‘falls’ to the next lender in line until the best match is found. This process ensures that patients receive tailored dental financing solutions within seconds based on their individual credit needs and preferences. It is easy for dental practices to manage, supporting the entire financing process in a single platform enabling quick and easy refunds, reconciliations, dispute management, reporting, and lender optimization.
In 2024, personalizing patient financing will become not just an option but a necessity for dental practices aiming to distinguish themselves in a competitive landscape. As we navigate through a year of innovation and patient-centered care, offering tailored dental financing solutions will emerge as a key strategy to make patients smile wider than ever before.
References: Article in groupdentistrynow.com