Quality Dental care can be expensive, and a lot of patients may struggle to afford necessary treatments without accessible financing options. According to the American Dental Association (ADA), 59% of adults cited cost as a reason for delaying their dental care in 2022. Additionally, the National Association of Dental Plans (NADP) reports that around 74 million Americans do not have dental insurance, resulting in many of them postponing or forgoing dental care. Patient financing helps bridge this gap by providing a manageable way to pay for treatments.
Providing timely and useful financing options will also improve the case acceptance rate of patients who are already in the dental office. In general, practices offering patient financing see a 15-30% increase in treatment acceptance rates. Furthermore, with financing, there is a higher probability that patients may accept comprehensive treatment plans rather than opting for minimal care. This can obviously lead to better long-term outcomes for patients and higher revenue for practices.
CareStack offers built-in integration with leading third-party financing platforms to improve case acceptance rates and cater to uninsured patients. Our integration with Sunbit, a leading patient financing platform helps dental offices to offer the best financing options to their patients. The 2-way integration also helps doctors and practices to get paid faster and brings more predictability to the cash flows at your dental office.
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Financing helps patients afford necessary treatments, resulting in higher case acceptance rates. With reduced upfront costs, patients are more likely to proceed with recommended procedures.
With available financing, patients generally choose more comprehensive treatment plans rather than just taking the least expensive option.
Patient financing programs like Sunbit have options to pay the dental office upfront, even though the patient pays over time. This ensures steady cash flow for the practice.
Offering financing options can improve patient satisfaction, as it shows the practice’s commitment to making care affordable for patients. Satisfied patients are more likely to return for future services and refer more patients to the practice.
Financing reduces the financial burden on patients by spreading the cost of treatment over time, resulting in a more positive experience.
Practices that provide flexible payment options will attract patients who might otherwise choose a lower quality of care at another practice. Also, financing options can make dental care accessible to a broader demographic, including more uninsured and underinsured patients.
With patient financing using Sunbit, the practice often receives payment upfront from Sunbit, reducing the risk of non-payment or bad debt.
Financing simplifies the billing process, reducing the need for following up on unpaid invoices, thus reducing the time and effort on collections.
Financing provides patients with various payment options, such as no-interest or low-interest plans. This allows them to choose a plan that fits their budget.
CareStack's all-in-one platform contains many additional related features, including: