I have now been involved in dentistry for more than four decades and I cannot remember a time when people in the UK paid so much attention to their teeth as they do now. On the doorstep during the run up to the general election, dentistry was one of the top four subjects voters quizzed prospective MPs about, which shows how high interest in dentistry has become.
There are a number of factors contributing to this upturn in interest in the state of our teeth – the popularity of social media, the so-called ‘Zoom boom’ and the scarcity of NHS dentists, to name a few. However, whatever the reasons, the result has been an increase in the popularity of cosmetic and restorative treatments.
According to a report by TechSci Research in 2023 the UK cosmetic dentistry market was worth $283.19m and was forecast to achieve a compound annual growth rate of 4.75 per cent through to 2029. Figures which should be encouraging to dentists offering cosmetic and elective treatments.
Finance acceptable as a way to pay
This interest in the appearance of our smiles means not only do patients want whiter, straighter teeth but they want them now! Saving up and getting the treatment later is not something they are prepared to do. Paying for things in instalments is becoming the norm. Many online retailers offer the option to spread the cost of purchases over a number of months as a matter of course these days.
So, this is where patient finance comes in. By offering zero per cent fi nance, patients can have the treatment they want now and spread the cost over a number of months. This has the effect of making treatments available to a wider range of patients as it effectively makes them more affordable. Rather than having to worry about the overall cost of treatments, as long as they can meet the monthly payments, then it becomes something they can afford.
Patient finance switches the conversation from one relating to overall cost of the treatment plan to affordability of the monthly payments. As long as the monthly fee is within their budget then the cost of the treatment becomes almost irrelevant. Another benefit of this switch in emphasis can mean that patients may also be able to afford more extensive (and expensive) treatment plans than they may have at first considered.
Improved cashflow
However, the benefits to the practice of offering patient finance do not simply relate to improved treatment uptake. Unlike with pay-as-you go patients where the practice will be drip-fed payments for the treatment, the full amount of the approved fi nance is paid to the practice right at the start of the treatment. This helps with practice cashflow meaning the cost of lab work etc can be covered by the fi nance rather than the practice paying for them while waiting for payments from the patient.
Having patient finance in practice also helps to reduce the workload of practice admin staff too. Checking bank statements and chasing late payments can take up a great deal of time which admin staff could be using to work on the needs of the business. By working with a company such as Medenta, the practice no longer has the headache of dealing with late payers as the onus is on the finance company to deal with this, not the practice.
Making it known that you offer patient finance can also help with marketing your practice. Including a reference to this on your website and on leaflets and posters in the practice can help entice patients to think about the sorts of treatments they might want as well as the ones they may need. Many patients actively look for practices that offer finance for treatments. I have been told by some practices that some new patients will ask during their first phone call whether finance is available. Some may even make their choice of practice based on the availability of finance too.
For most patients, applying for patient finance is quick and easy. For example at Medenta the system used allows patients to apply in the comfort of their own home, if they’d rather not do so in the practice. This also means there is no need for practice staff, who, let’s face it, may be relative strangers, to ask questions about their financial status. This helps to maintain their privacy. And should you have any queries, then, unlike some other providers, we have a friendly UK-based team. A quick phone call to them will usually be sufficient to get things sorted.
So, if you’re looking for ways to help more patients say ‘yes’ to treatment plans, then you may want to consider offering patient fi nance. It works for lots of practices, and it may work for you!