26 Jun 2024  •  Blog, Customer Service  •  5min read

Making patient finance easy

Why use patient finance? If you ask Gill Cramb, Practice Manager at Portlethen Dental Care then she’ll tell you it’s because it makes life easier for everyone.

Long-time Medenta customer, Gill, has seen the popularity of cosmetic treatments grow over recent years. With requests for composite bonding showing a marked increase among young women and men aged between 20 and 30. As Gill herself says, this type of treatment can prove quite expensive. “It’s nearly £300 per tooth for the composite bonding,” she explains. “Then there’s a smile design, the wax ups, and then the mouth guard after it’s been done. Some patients opt for tooth whitening as well. So, in all it can be about £3,000.”

However, being able to offer patient finance allows people to overcome the cost versus affordability dilemma. By spreading the cost over a number of months interest free, patients need only worry about being able to afford the monthly fee, rather than the total cost of the treatment. This brings ‘expensive’ treatment plans, such as composite bonding or dental implants, within the reach of patients who may previously have been unable to afford them.

An asset to the practice

Having been involved with offering personal finance for a few years now Gill feels that it is an asset to the practice. “It gives patients a lot more flexibility and freedom because they can spread the costs,” she says. “Probably the 12- and 18-months terms are the most popular because they’re interest free. We have a subsidy to pay, but the money’s guaranteed and once we’ve got the money, we’ve got the money. So, if there are any problems with the payments, that’s not our headache. And I think that’s part of paying the subsidies is the fact that the money is guaranteed.”

For some patients, paying for a treatment plan via patient finance is not about affordability, it just makes good sense not to use their own capital when they can take up interest free credit. “There are a lot of patients who want implants, and a treatment plan could be £5,000, £6,000, or it could even be tens of thousands of pounds,” Gill says. “It just depends on how complex the case is. And some people do have the money, but they still like to get finance because the offer of interest free. Basically, it is a no brainer. People might have savings, but they think ‘if it’s interest free, why would I not do that?’ They love it, basically.”

Despite the obvious benefits to patients, being able to offer patient finance can also be a boon to the practice as well. It can be a great marketing tool for practices offering cosmetic dentistry as it can be a selling point for some patients. Gill’s experience corroborates this. “We advertise it on our website and patients do mention it sometimes on the phone,” she says. “I think the majority of Portlethen knows that we can offer this as the population is about 8,000, maybe 10,000 people. So, word gets around very quickly. I think it’s a well-known fact now: yes, your treatment might cost a lot of money if you’re looking for that Hollywood smile, but the option’s there for you for finance and people love it.”

Wholehearted recommendation

Having dealt with Medenta for a number of years now, Gill would have no hesitation in recommending the company to others. “The system is really easy to use. It’s fantastic,” she says. “I got training right at the beginning from Shelley (Clegg) and she’s basically been there since day one. If I’ve had any issues, then I can get in contact with her. Luckily, I’ve not really needed to, maybe the odd phone call here and there to the head office team, but they’re all great. They’re all really friendly and if they don’t know then they’ll get back to you and it’s quite a quick turnaround as well. So can’t fault them at all.”

And what would her advice be to a patient considering their options? “I’d recommend it wholeheartedly because it’s interest free. It genuinely is a no brainer,” she enthuses. “If you’ve got some savings, but you don’t particularly want to use them, why would you not want to still get this fantastic treatment and then spread the costs and not pay anything extra? It’s an opportunity that to me, you’d be daft not to take.”

If you’re interested in learning how Medenta can help you to improve your patient experience, give us a call on: 01691 684175, or visit: www.medenta.com

Medenta Finance Limited, authorised and regulated by the Financial Conduct Authority No: 715523. Registered in Scotland, No: SC276679. Registered address: 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ. Tel: 01691 684175. Medenta act as a credit broker, not the lender and will introduce to V12 Retail Finance Limited for which they will receive a commission. The amount of commission will vary depending on the product chosen and amount borrowed.

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