Did you know that there has been a 30% increase in healthcare costs across the last five years in the USA? Despite an emergency or need for treatment, many patients are unable to avail of dental treatment for themselves due to the high expenses incurred. That is the unfortunate reality.
While those individuals with a high credit score may still find it relatively easier to gain access to financing: a large percentage of about 33% of the American population fall under the subprime borrower category, and those with subprime credit scores find it almost impossible to secure an affordable dental loan.
While patient financing companies help overcome the hurdle of high treatment costs. One of the major challenges we at Smile Select Dental faced was bearing the huge amount of additional overhead costs charged by dental patient financing companies like enrollment fees, monthly fees, or financing fees, which range from 14-22% of the total loan amount, depending on the patient’s credit score. Add to this the insurance processing fees of 5% as charged by speciality billing services for claim processing. With over 10 locations across California, we cater to multiple prime and subprime patients, and this took away a substantial portion - potentially hundreds of dollars - with every patient who got financed.
As a dental practice, we realized that ensuring the ease of dental financing and insurance is critical to getting more patients to seek the treatment they need and deserve, making good business and financial sense. That is when we partnered with OrthoFX, a brand that aligned with our idea of providing the best possible treatment to patients irrespective of their credit scores. OrthoFX helped improve the payment experience for our patients while at the same time helping us cut down on the financing fee by a significant portion. We could further use the time, money, and effort saved to invest in our practice to offer the best possible services to our clients.
Their FXPay’s hassle-free approval process takes only a few minutes from soft credit check to approval. They approve 100% of our patients regardless of credit score, and more importantly, at absolute $0 financing fee to our dental practice for upto a certain amount per location*. We saw clear results in our financial performance and sales increased significantly. With an affordable financing plan, we are now able to offer the best services and care for every patient regardless of their credit score.
OrthoFX also takes care of all the financial nitty-gritties to ensure smooth treatment. So we can now focus on providing the best patient care and not worry about the finances. We now operate in seamless integration between doctors, patients, and financing that helps each stakeholder extract the maximum benefits out of the treatment.
The benefits of 0% financing for our business
Patient financing is a critical aspect of your business. But, as a dental practice, we are often the one who pay the cost of patient financing services with fees and interest rates. This becomes a major drawback in business with time. A dental practice that finances at least 3-4 patients every month can potentially save thousands of dollars every year as a result.
OrthoFX’s financing options came at a marginal cost as compared to other industry margins and led to a significant increase in dental practice profit margin for our business. In most patient financing options and third-party loans, the additional fees hurt our business profit by taking away a substantial portion instead of helping the business grow. The 0% dental financing option helps reduce overheads by taking away the burden of a huge financing fee of the dentist, thus adding to our dental profit margins.
Easy loan approvals mean more patients, and with 0 financing costs, we were able to see about a 30% average increase in our practice revenue and profit margins. This allows us to focus on our core work rather than new patient acquisition.
Not only that, the FXPay financing options come with several additional benefits, including.
- 100% Approval: All our patients are approved regardless of their credit score
- 0% APR Plans: We get affordable payment plans for our patients, including zero-interest loans when paid back fully within 24 months
Instant Application: Patients’ loan approval process can be completed as fast as 2 mins, allowing practices to do same-day case starts
