Having conversations with patients about dental financing options is likely one of the most significant challenges your team faces every day. With dental care expenditures continuously rising, scheduling treatments with cost-conscious payments can be challenging. 

In this guide, let’s look at how to discuss dental financing options in a manner that:

• Encourages patients to accept expensive treatments
• Decreases the number of account referrals to collections
• Increases the number of patient referrals

Consider the guidelines below to address cost objectives and increase your case acceptance rate. 

Be Confident About Your Pricing

Dental financing conversations are often uncomfortable, especially when dental team members themselves believe no grounds exist for high treatment fees.

When a patient calls you out on the pricing of a treatment you recommend, it can be easy to second-guess your fees. However, when considering the expenses you incur to run your office and provide treatments, it becomes easier to stand behind your fee structure.

Once you start tracking expenses, such as wages, rent, laboratory fees, insurance, and dental supplies, you and your team can confidently discuss treatment costs with patients.

Demonstrate Treatment Value

Prospective patients often object to a dental procedure’s cost because they don’t understand how a specific treatment will benefit them.

Patients might understand what fillings, veneers, or crowns are, but do they realize what positive impact these treatments will have on their well-being, appearance, or quality of life?

For example, a patient may understand that a crown prevents further tooth decay. However, do they know that this dental treatment will restore their facial appearance and make it easier for them to talk and chew?

Discussing the patient’s problems and the solutions you can offer allows you to demonstrate the treatment’s value and frame the treatment as an investment.

When To Have the Cost Conversation

If you run a fee-for-service dental practice, you should have the cost conversation during the first phone call with the patient. Having this conversation during the initial contact is crucial because the patient will need to make a payment when they arrive for their appointment.

On the other hand, suppose your practice implements a traditional reimbursement system, which involves an insurance payout after processing the patient’s claim. In this case, your objective should be to onboard the patient. After verifying the patient’s benefits, your team can discuss available financing options.

Once the patient understands the value of the treatment and decides to continue with the procedure, they need to understand which financing option is best for them. This step is crucial, whether the patient is solely responsible for the entire payment or the gap between the cost and insurance payout.

Tell the patient the amount due after applying for their benefits, then ask them how they would like to pay. In some cases, patients pay immediately with a credit or debit card. However, if the patient wants to learn more about their options, you can offer a payment plan that requires weekly or monthly payments.

Alternatively, the patient can consider dental loans. Patients can use these unsecured personal loans to pay for their dental treatments. If your practice partners with a specific credit provider, you can recommend it as a financing option. In this case, you may need to explain the applicable financing terms, such as the prepayment penalties, unemployment protection, and fees.

Who Is Responsible for Discussing Financing Options With Patients?

Each team member should be comfortable discussing dental financing options with patients, including the dentist, front office staff, and financial coordinator.

Ensure that all your team members understand the expenses surrounding dental treatments. You and your staff should be able to present treatment and payment plans confidently while emphasizing the treatment’s value for the patient.

Contact Us at Dental Intelligence

If you want to provide your patients with stress-free financing options, consider the fully integrated patient financing program by Dental Intelligence and Wisetack. These financing options integrate fully with your treatment plans and provide your team members with instant answers to questions patients typically ask. This solution also provides your patients with pay-as-you-go dental financing options, saving valuable time and money.

Schedule a demo today to learn how to provide dental financing for patients.