These days, paying for things in instalments is part of everyday life. Whether we’re buying clothing, appliances or furniture, we’re used to being offered the chance to spread the cost over months (or sometimes years). However, although many dental practices now offer patient finance, there are still some misconceptions surrounding it that may be preventing some people from either taking it up or talking about it.
Here, Medenta Business Development Manager (BDM), Andy Thomas, busts some of those myths.
Myth 1: “Finance Is only for expensive cosmetic treatments”
While many patients choose to use a finance option to cover the cost of their smile makeovers there are other types of dental procedures that can take advantage of patient finance.
These include dental implants, orthodontics, restorative work, preventive treatment plans and even general dental care. Finance helps spread the cost of lots of different types of treatments for patients which can, in some cases, open up the possibility of being able to access care that they previously thought inaccessible. That’s why it’s important that teams avoid assuming that patients will only want finance for high-value treatments.
Myth 2: “Patients will tell us if they need finance”
As a nation, we are uncomfortable talking about our finances. The patient who will come straight out and say that they cannot afford a course of treatment without finance is a rare beast. However, if the subject of finance becomes a natural part of your conversations about treatment plans, then that can help remove some of the discomfort around talking money. By normalising the subject of finance, you give patients licence to speak more comfortably about how they might pay for their treatment.
There are still patients who are unaware that they might be able to use finance to spread the cost of their treatment. By introducing the subject of finance during every treatment plan presentation, you make sure that your patients are equipped with all the information they need to make informed choices about how they pay for their care.
Myth 3: “Offering finance encourages patients to take on debt”
Finance is a tool to help people budget, not an encouragement to overspend. Whether or not finance is appropriate will depend upon patients‘ own individual circumstances and their ability to afford the monthly payments, which is a decision they make for themselves.
For those who can afford it, finance offers the ability to access treatment sooner rather than later as there’s no longer a need to ‘save up for it’. This quicker access may have the potential to prevent minor issues becoming larger and more costly problems later.
As a team it’s important to ensure conversations focus on patient choice, affordability, and informed consent.
Myth 4: “Finance is complicated and creates extra work for the practice”
These days, finance systems are straightforward and efficient. While applications can still be done in the practice with the patient, they can also be given a link to carry out the application in the comfort of their own home at a time that suits them. This type of digital system adds very little to the administrative burden of the practice team.
Most systems are easy to use and require very little training input for the team. Information about payments etc is also usually online giving a clear oversight of their loan income at the touch of a button.
Online support is also available from providers for queries. While for some providers the only form of support they offer is online, for those who prefer to speak to a person, there are some, such as Medenta, that offer telephone access to a support team to help with any queries as well as field-based BDMs.
Myth 5: “Finance guarantees higher treatment acceptance”
Finance can help remove some financial barriers to treatment acceptance, but it is not a guaranteed solution. When considering whether to take up a treatment plan, patients still need to take into account clinical need, timing, their personal priorities and their confidence in the treatment recommendations. If these factors don’t stack up for the patient, then patient finance will not make a difference.
Finance is an additional service you can offer patients. However, it should complement, not replace, clear communication with your patients.
For best results teams should:
- Discuss costs clearly and early
- Present all available payment options
- Use simple, jargon-free language
- Ensure team members are trained in and understand the finance process
- Encourage patients to ask questions.
Following these guidelines should result in greater trust, an improved patient experience and better-informed treatment decisions.
There’s little doubt that these myths about patient finance are prevalent and may be preventing some patients from accessing care. Offering finance is not about ‘selling treatment’, although it can pave the way for greater uptake from certain patients. It’s an option that may help them access treatment sooner or allow them to consider more expensive treatment plans than they had originally envisaged, depending on their circumstances.
Talking openly about finance and educating patients about their options is the only way to dispel these myths and help some patients to gain access to the treatments they want and/or need.