Many dentists have the same burning question. “How do I get my patients to pay for treatment?”
The answer is simple: give them options. Here are five steps to implement a strong payment policy at your practice.
Step 1: Set up payment options. Significantly increase your revenue by making it easy for your patients to afford lifesaving care.
Payment options include:
- Prepayment. A surprisingly large portion of patients prefers to pay dental expenses upfront. Offer a 5% discount for patients who pay in full before you deliver care.
- Date of Service. Offer your patients the option to pay in full for care on the date of service.
- Third-party Financing. Arrange with a third party financing company to give your patients budget friendly payment options.
Step 2: Hire a financial specialist. Your specialty is dentistry, not accounting. Hire a team member who connects well with people. Put him or her in charge of coordinating payment options with patients.
Step 3: Tell patients about the process. When your patient checks in for an appointment, have your receptionist briefly outline the process for his or her dental appointment including examination, treatment plan, and financing options.
Step 4: Present treatment plan. After completing the examination, set up a recommended treatment plan. Explain the diagnosis to your patients and how treatment will improve their lives. Once you’ve discussed the specifics of the treatment plan, have your patients meet with your financial specialist to find payment options that best fit in their individual lifestyles.
Step 5: Get out of your own way. Once you’ve trained your staff and put this simple system in place, step back and get out of your own way. Let your staff carry out their roles and address payment options so you can make the best use of your talents and time in making healthy mouths.
In my practice, these five steps have dramatically increased the acceptance of treatment plans and revenues. Before I began offering payment options, many of my patients never acted on their treatment plans. They were afraid to pursue care because they didn’t know how to pay for it. Now upward of 80% of our patients opt to prepay treatment plans.
Help your patients get the care they need by giving payment options. It will boost your bottom line and help your patients live a longer, healthier life.
I’d love to hear from you. What’s your biggest concern about collecting payment from your patients?