A payment plan is a monthly payment agreement that reduces the cost of treatment. Many practices offer in-house or external financing options for patients.
Offering these options helps make dental treatments more affordable to a broader demographic of clients. The plans also allow individuals to receive treatment sooner rather than later without waiting until they have saved enough money to cover the cost upfront.
Financial Freedom
While a payment plan can help ease the cost of treatments, it does come with interest charges. Whether this is an issue or not will depend on the terms and conditions of your lender. The best way to learn more about payment plans for dental care is to ask your dentist what certain procedures cost and then do your research online to find a lender who will loan that amount and offer a payment that fits your budget.
It’s also worth remembering that there are ways to reduce the need for costly dental work, such as brushing and flossing regularly, wearing a night guard if you’re a teeth grinder, or eating a diet low in sugary, acidic foods. This may reduce the need for extensive dental care in the future.
Peace of Mind
Dental care is expensive. So much so that half of Americans say they have put off or skipped a health or dental visit in the past year because of the cost.
The good news is that there are many options for paying for dental work, including payment plans. These are similar to healthcare credit cards in that they offer a set amount of time (usually 6 to 18 months) when the balance is paid off without interest charges.
There are dental savings plans for those who want to avoid paying the upfront costs. These are similar to membership plans offering dental services and equipment discounts.
The beauty of these dental plans is that they can be integrated into existing healthcare insurance or even used as a standalone product. As a result, they can help people cover the gaps left by traditional dental insurance and other forms of financing. They can also provide peace of mind to those who worry they won’t be able to afford necessary dental work.
Convenience
Dental payment plans are affordable for many patients, allowing them access to the care they need without paying upfront. It can also help them budget and keep track of their expenses by having a monthly automatic deduction from their bank account.
Unlike traditional insurance, dental payment plans allow you to use any dentist. They also offer various payment options, including monthly payments and interest-free periods. It is essential to review all terms and conditions of a dental payment plan before signing up, as some have high interest rates or require a credit check.
Dental offices implementing their patient financing plans must comply with consumer finance regulations, which can be complex. Having an attorney with experience in consumer finance regulations is a good idea to review all documentation and information regarding the practice’s financing program. This can help ensure the plan complies with state and federal laws and regulations. This is particularly true for plans that involve lending money to patients.
Flexibility
A dental payment plan allows patients to break down the cost of treatment into manageable monthly payments. The process also helps them avoid accumulating debt as they pay off their balances. These are essential factors for patients who must budget and manage their financial responsibilities.
This flexibility also helps attract and retain patients who might otherwise opt out of dental treatment due to high costs. Unlike most medical insurance plans, which require that patients cover most of their out-of-pocket expenses, dental payment plans do not impose such requirements.
This way, your practice can provide a flexible payment option tailored to each patient’s needs. Some dental payment plans even offer a downpayment option, which allows patients to start paying toward their hard costs immediately.
They then continue to make payments until the downpayment goal is met, allowing them to get started on their dental treatment without having to come up with large sums of money upfront. This makes for a more convenient and rewarding patient experience as they can work toward their goals at a pace that suits their budgets.
Peace of Mind
Americans spend an incredible $40 billion annually on peace-of-mind products ranging from health and dental insurance to warranties and protection plans. Offering your patients the option of paying for their restorative or cosmetic treatment over time can give them similar confidence regarding their oral health.
A dental payment plan is an annual membership program that resembles those used by wholesale clubs or grocery stores. Still, instead of offering bargains on steaks and TVs, it offers discounted prices on routine and emergency dentistry services. These types of plans offer a more flexible network of dentists to choose from than traditional dental insurance, but they also usually come with higher premiums.
In-house financing is another payment plan that allows patients to make a down payment on their treatment upfront and then pay off the balance over a specific period. This can make expensive treatments more affordable for your patient and increase your revenue stream.
