Patient financing is an important consideration for consumers in deciding whether to proceed with elective procedures. We are finding that patients are more hesitant to spend on elective treatments as their own financial belts are tightening. If your practice doesn’t currently offer financing options, it’s worth considering for several reasons.  Whether the treatment costs $100 or $10,000, patients vary widely in their ability and preference to pay upfront. Many would prefer to pay over time, allowing them to move forward with the procedure today but pay for the procedure over time. 

Clearly communicating all available payment options to your patients can make a meaningful difference in your treatment acceptance rate, and, ultimately, the growth of your practice.  If you already provide third-party financing or payment plans, ensure these options are regularly advertised to prospective patients, or communicated with your existing patients as you’re discussing their treatment plans. We find that many practices miss out on opportunities simply because they fail to inform patients about the financing options the practice already has in place. Maybe the team hasn’t been fully trained on the various financing options that the practice has, or your patient care coordinator is shy about discussing the payment plan options with patients.  Discussing financing options effectively and empathetically can significantly improve conversion rates and increase revenue. Additionally, tracking your consultation conversion rate can provide valuable insights into your clients’ needs, helping you tailor your approach and maximize success. If your practice struggles to convert consultations into treatments, it may be time to reassess your payment plan options and how they are communicated.

If your practice doesn’t offer the payment options a potential client desires, they may choose a competitor who does. Consider adding a financing option to your practice, and then training your team to really understand what payment options would be available to patients.  Bridging this gap with flexible payment plans that work for both your practice and your clients demonstrates your commitment to meeting patients where they are. This effort builds trust, strengthens relationships, and encourages repeat business.  

If you have questions about patient financing, tracking key performance indicators (KPIs), or understanding practice financials, email us at hello@mavenfp.com or schedule a free financial assessment with one of our professionals.

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