124. The Benefits of Financial Menus

Financial menus have changed the way we do business. Let’s be real, dentistry is expensive and no matter what type of client you have in the chair, they need to be presented with different options to help make it affordable or at least manageable.  Aubrey, our Director of Operations at Sullivan Dental Partners is back on for this conversation on financial arrangements and financial menus. She helps us understand the difference between the various types of payment options on the financial menus we provide to patients and we talk about why you should be tracking how much you are doing with each type of financial option in your practice. This is one of the key metrics to track closely in 2023. It always comes down to what problems we are trying to solve. In this conversation, the problem is making dentistry affordable and that’s exactly why you need financial arrangements.   Show Notes: [02:21] - The core fundamentals are no secret at 3D. [03:52] - There are a lot of benefits to financial arrangements. [04:51] - What should a financial menu look like? [07:02] - Is it outlined anywhere in your business all the ways a patient can pay? [09:06] - Affordability and price are completely different. [10:18] - Firm financial arrangements help manage your AR. [13:05] - Are you presenting any dentistry outside what you think the patient can afford? [14:45] - There are a ton of options out there for third party financing. [17:23] - Team members also appreciate being able to give patients different options. [20:14] - We need to always be consumer-driven. [22:31] - Aubrey provides some ways you can discuss payment plans with clients. [24:42] - Learn some of the third parties you could use. [26:49] - Have multiple options for the work you prefer to provide. [28:36] - Financial menus should be provided to every patient. As always, thanks so much for listening! If you like the show, we would love for you to review the show on Apple Podcasts as well as spread the word! If you have any questions or want to get in touch, shoot me an email at [email protected].   Links and Resources Richard Sullivan, DDS Partner, Sullivan Dental Partners Co-host/Founder of the Millennial Dentist Podcast http://www.millennialdentist.com www.drsullysullivan.com c. (615)574-8208 w. (615)373-1012    Visit Us On Social Media [email protected]  The Millennial Dentist Website @Millennialdentist on Facebook @MillennialDDS on Twitter Dr. Sully…@Millennialdentist on Instagram Dr. Sully’s website and blog