5 steps to efficient financing [VIDEO]

As part of our new Morning Huddle e-newsletter, DPR partnered with notable practice management consultants to provide quick video tips to get your team talking.

Here, Kathleen O'Donnell of Jameson Consulting offers advice on how to effectively handle the issue of financing.

By carefully developing an excellent financial system in your practice and by learning how to maximize the options, you take the lid off your practice productivity.

Most doctors will agree that they have more dentistry sitting in their charts waiting to be done than they have ever done in their practicing lives. This does not mean that the doctor and team have done something wrong or that they are inadequate.  It means that people have walked out the door not receiving treatment because of some problem, some barrier, some objection: like money!

If you are interested in preserving your fee-for-service practice, finding effective ways for a patient to handle the issue of financing can make all the difference in the world. A “gem” that can have a positive impact on a practice is to find ways to make the financing of your dentistry comfortable. That’s a gem of fantastic value.

Visit the Jameson Community for an exclusive article on Financial Arrangements: The Final Close.

The American Dental Association consistently tells us there main reasons people do not seek dental treatment. While the order sometimes varies, fear of cost is regularly near the top.

Certainly, all of us in dentistry must pay close attention to other barriers like “no perceived need or lack of dental education”. If a person doesn’t see the need or the benefit of treatment, they will not proceed. However, no matter how well you present your recommendations or how much a person wants to proceed, if they can’t afford it, a major barrier presents itself. 

The good news is that financial options and opportunities exist that can meet the financial needs of most of your patients while letting the practice stay out of the banking business. Patients who need financial assistance have access to these programs. The doctor can practice more profitably and with less stress. Patients obtain the type of care they need while feeling comfortable paying for it.

In order for a practice to thrive, patients must be able to say “yes” to the treatment. The development and integration of a workable financial system can make a 10-30% positive difference in the productivity of a practice. Here are a few steps to developing an effective financial system:

Step One:
Have a written financial policy and stick to it.

Step Two:
Decide, as a team, what financial options you are going to make available. 

Step Three:
Financial arrangements must be made before treatment is provided. 

Step Four:
Designate a specific person on the team to administer financial arrangements. 

Step Five:
Do your best to create a time and a place for private consultation, both clinical and financial.

There are options available that can handle and overcome the very real and very major issue of cost. The opportunity lies within your reach to make financing comfortable for your patients and make this a great week!