125. Why You Should Offer In-Office Payment Plans

Let’s continue this conversation about financing. The fact of the matter is that financing makes comprehensive dentistry possible for a lot of people. And there’s a lot to consider here. Are you hesitant to offer comprehensive dentistry out of fear that the patient can’t afford it? That’s the mindset that needs to be shifted, because financing is something that helps patients as long as it is consumer driven. This episode is all about offering in-office payment plans. It doesn’t all have to be third party financing options. Regardless of what systems you have in place and the demographic you serve, in-office financing can be a huge benefit to patients and the practice. We wouldn’t be where we are without it. Aubrey joins this conversation again for round 2 of our financing discussion and gives you a lot of things to consider as you dip your toe into this option. Show Notes: [02:25] - Look at the amount that was financed in the previous year. [04:04] - Without in-office financing, some patients would have walked away. [05:48] - A lot of people will choose in-office to avoid the credit hit. [06:35] - Aubrey shares the in-office payment plans we offer. [08:01] - There are rules that patients follow when using in-office financing. [09:58] - There are also some unrealistic increments to consider. [13:37] - How many patients are you offering comprehensive dentistry on? [16:08] - When someone is asking how they can afford something, they want it. [19:33] - What moves the needle is moving from single tooth dentistry to quadrant. [21:16] - Sometimes it is better to push third party payment options. [22:27] - What happens when a payment defaults? Aubrey says it is rare. [25:40] - The rules of down payments mitigates a lot of potential problems. [28:26] - The period of growth you are in with your practice impacts the way you offer payment options. [31:20] - Once you get to a specific point, you have passive income. [34:08] - Test the waters first and see how it works. 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 www.drsullysullivan.com c. (615)574-8208 w. (615)373-1012    Visit Us On Social Media [email protected]  @Millennialdentist on Facebook @MillennialDDS on Twitter Dr. Sully…@Millennialdentist on Instagram Dr. Peyman…@drpeyray on Instagram Dr. Sully’s website and blog