One of the biggest strains on cash flow for dental practices comes from unpaid patient invoices and waiting on insurance providers to approve reimbursement. In order to remedy (and prevent) this scenario, as well as building up a loyal patient base, many dental practices in the Colorado Springs area are offering patient financing.
How Dental Patient Financing Works
Dental financing offers patients the ability to spread out the overall cost of their dental bills across manageable monthly payments, rather than paying the entire bill in full. When dental practices in Colorado Springs partner with a consumer financing services, a simple process is put in place. As patients apply for dental financing, a call is made to the company providing the financing services, to relay the necessary info. The financing company then runs a fast credit check to figure out how much financing is available for the patients, and how much the monthly payments will be. The entire process takes minutes, and financing can be set up while patients are in the waiting room.
Improved Cash Flow And Loyal Patients
Patients prioritize dental bills differently from other life expenses. Unfortunately, that leads to a strain on cash flow for dental practices, and collection services going after patients with delinquent accounts. Dental financing eliminates both. With manageable payments, dental practices see a steady and healthy cash flow. On the other side of the coin, patients can afford the dental work they need, and will recommend practices to friends for having budget-friendly financing programs. This form of passive marketing can increase revenue and foster business growth for dental practices in the Colorado Springs area.
Dental patient financing allows Colorado practices to offer incentives to get people to sign up. Practices will be able to take hold of the creative marketing side of things by offering incentives such as “same as cash for the first six months” or “no money down” to get patients in the financing program. Not only is this a great form of advertising, but once approved for financing, their payments are no longer variable – thereby bolstering cash flow and revenue.
Patient Financing In Colorado Springs, CO
For dental practices looking to take advantage of all the benefits of patient financing, call WN Financial Solutions at 719-445-8211. We offer the best consumer financing in Colorado Springs and surrounding areas, as well as other working capital solutions for the healthcare industry.