Why Be Your Own Bank?
Third-party financing companies, such as CareCredit, often charge high fees ranging from 10% to 20%. Dr. Zak advocates for managing payment plans internally as long as the default rate remains low. This approach benefits the practice by retaining more revenue and helps patients avoid credit checks and cumbersome application processes, fostering higher trust levels.
Establishing Trust with Your Patient Base
Before implementing in-house payment plans, it's crucial to have an established patient base known and trusted by your practice. Extending payment plans to patients without a proven history is not advisable. Ensure that these patients are reliable, attend their appointments, and have a history of paying their bills on time. Over the past eight years, Dr. Zak’s practice has maintained a default rate of just 0.5%, demonstrating the sustainability of this approach.
Key Benefits of In-House Payment Plans:
Enhancing Patient Confidence and Practice Growth
By implementing these strategies, practices can create a financially accessible and trusting environment for patients, ensuring they receive the care they need without the burden of high-interest third-party financing. This approach can potentially increase case acceptance rates and foster stronger patient relationships.
Dr. Zak’s experience in dentistry uniquely positions him to understand the challenges faced by dental practices. Apex Payment Solutions, offers tools to optimize payment processing, boost case acceptance, and improve collection rates.
Ready to implement these strategies in your practice? Contact us today to learn how we can help you create in-office payment plans that work for you and your patients. Together, we can ensure that financial barriers never stand in the way of quality care.
Visit our website at Apex Payment Solutions or call us at (800)-270-7164 to get started!