Implementing Orthodontic Financing in Your Practice
Time Investment helps make it simple to orthodontic financing into your practice. If you are looking to grow your orthodontic practice with a third-party financing option, Time Investment has been helping businesses grow for over 40 years. Our guide will describe the demand for orthodontic financing, your financing options, and the benefits of partnering with Time Investment for your practice financing needs.
Why Orthodontic Offices Seek Financing Options
In 2018, the American Dental Association reported an average fee of $5,000 to $6,000 for braces. The cost of Invisalign tends to be a little higher than traditional braces. The type of braces and the length of treatment can affect the cost. The terms, conditions, and coverage of orthodontic treatments depend on the specific dental insurance plan. Many do not cover the entire cost of treatment for children and few cover any of the cost for adults.
By utilizing dependent financing options, patients can start treatment immediately.
What is Orthodontic Patient Financing?
Orthodontic financing is a process by which a patient seeking orthodontic care can access a line of credit or a loan to cover the costs of their treatments. Orthodontic and dental financing both cover oral health services and can be used interchangeably. Patient financing reduces the patient’s upfront cost by allowing them to pay in monthly installments over a period of time. Third party financing companies focus on patient experience and flexible repayment terms.
While plans are customized by the office, covered services may include
- Cover braces
- Traditional braces
- Metal braces
In a busy orthodontic practice, patient financing can seem like an additional burden. It takes staff time to explain options and complete the approval process. With the administrative burden of healthcare, the idea of more paperwork and more staff time seems overwhelming. Time Investment makes orthodontic financing simple, convenient, and quick for providers and their patients.
Is There a Demand In Your Practice for Orthodontic Financing?
Without a doubt, there is a patient demand for orthodontic financing. Orthodontic costs can be expensive and if a patient is without dental insurance coverage or HSA benefits, financing may be the only option for payment. By allowing your patients to pay monthly, you reduce the upfront financial burden on families and they are able to pursue needed treatments immediately.
Types of Patient Financing Options
Typical patient financing options include credit cards, in-house financing, and third-party financing. By learning more about the benefits of each option, you may determine the best option for your orthodontics practice.
Traditional third-party financing refers to a patient’s use of a credit card to cover treatment costs. The dental practice receives the funds after the bank has processed the transaction. Funds are typically available within 48 hours. Disadvantages to this solution are the high processing fees charged to you by the bank for processing and some of your patients may not want or may not have credit cards.
Orthodontic Financing Within the Practice
Due to challenges with traditional third-party financing, practices may institute in-house payment plans to help their patients. The orthodontic practice decides the parameters around the services and the associated costs. The primary disadvantage is the practice assumes all of the risk of future non-payment and has the administrative burden to bear. The practice has to spend valuable staff hours on overseeing the program and collecting the fees. If a patient is unable to pay, collection costs can be staggering and the process frustrating to staff.
Dependent Third-Party Financing
When compared to the previous two finance methods, a dependent third-party financing method is best for most orthodontists. The practice partners with a third-party lender to negotiate the terms and conditions surrounding the services offered.
Third-party financing option allows more flexibility for the practice and a patient-centered approach to dental and orthodontic service repayments. Your practice will capture more patients when payment options are tailored to their financial profile. Time Investment allows you to compete with online orthodontic companies for price conscious patients.
Time Investment has been partnering with healthcare businesses to help increase practice profitability and administratively manage their patient’s payments. We would like to discuss a tailored program for your practice If you feel this would be beneficial for your patients.
Orthodontic Financing for Patients
Outside of an orthodontic practice, other financing options can be more risky. Your patients can expect elevated, non-negotiable interest rates. Secured loans may require an asset as collateral to be seized if monthly payments are not met. Repayment terms are not as flexible or ideal. Your patients will delay needed orthodontic care if their financial situation is not ideal.
Time Investment provides a solution for immediate care, but future re-payments by patients. By utilizing a financing option, patients can purchase the high-quality services, and care they need and deserve. Orthodontic offices should strongly consider patient financing as it improves customer satisfaction of your patients in the practice and your immediate practice profitability.
Benefits of Using Third-Party Patient Financing
By implementing third-party orthodontic financing in your practice, more of your patients will be able to afford the recommended orthodontic treatments. Additional benefits of patient financing include:
Accounts Receivable- You avoid the risk of neglecting to collect on services for patients who fail to pay. You can offer necessary orthodontic treatments without managing patient payments.
- Increase in Referrals- Patient referral is primarily by word of mouth. As you retain more patients, they are more likely to refer others for services and financing options.
- Practice Differentiation- Set your practice apart from your competition as most orthodontic practices do not offer financing options.
- Patient Retention- Patients must be captured at the time of service or you are likely to lose them to competition. Approval with Time Investment is instant and may be processed prior to their appointment.
- Practice Profitability- As your practice volume grows, your practice profitability will increase.
- Instant Payment- Your practice receives instant payment to improve your cash flow.
Why Time Investment for Orthodontic Financing?
Time Investment is a family-owned loan business located in Wisconsin. We have been increasing the profit of our business partners for over 40 years. As our client, you will receive exceptional customer service, integrity and excellence in all business practices, and a modern system with features designed to grow your practice’s profitability.
We have partnered with orthodontists to create financial solutions to meet the individual needs of their patients. In fact, Time Investment has financed over $775 million in loans across 250K unique businesses.
A tailored solution is available for each of your patients depending upon their finances. We make the loan approval process easy, quick, and efficient. In addition, our approval rates are much higher than other lending agencies, and credit approval is instantaneous.
We make partnering with Time Investment easy and profitable for your business.
A partnership with Time Investment will increase patient satisfaction and, in turn, the profitability of your practice. Complete our contact form for more information on the implementation of financing options in your orthodontic practice.