The COVID-19 pandemic has changed how consumers are spending their money. In these uncertain times, people are shifting away from paying cash, instead seeking more convenient and affordable buy now, pay later options.
Now, this method of payment has become a common expectation among all consumers, with orthodontic and dental patients proving to be no exception.
According to the Australian Financial Review, buy now, pay later options take away the ‘pain of paying’, and ‘adopts the psychological advantage that has made credit cards a lucrative part of banking business models in previous generations’, with added advantages.
Buy now, pay later options have greater appeal to the millennial generation and ‘taps into an emerging consumer desire to have a frictionless experience’.
Adoption of buy now, pay later by orthodontic and dental practices
For orthodontic and dental practices, a common challenge is how to connect more patients with more treatment. Patients faced with expensive treatment plans will often delay or even go without treatment if they don’t have the funds to pay upfront.
With a payment plan option, practices can proactively work towards increasing patient retention, while helping patients get the treatment they need, overcoming the obstacle of upfront payments.
In turn, it will help drive a reliable revenue stream and increase patient loyalty for the practice. A win for patients and your practice.
As buy now, pay later options are onboarded in more practices, competition is growing, with more practices offering affordable and flexible payment options for their patients. Patients are beginning to shop around, with their purchase decision greatly influenced by the payment plan options available in each clinic.
Payment plans are not a new concept, however they look exceedingly different in 2021. As buy now, pay later options become commonplace in orthodontic and dental practices, it’s now possible for the patient’s payment to be deposited directly into the practices’ account at the beginning of the treatment.
This has a direct effect on the practice’s cash flow and profitability, even with the management fee all buy now, pay later solutions incur.
DentiCare SmileNow gives orthodontic and dental practices the convenience of receiving full payment upfront.
DentiCare SmileNow gives orthodontic and dental practices the convenience of receiving full payment upfront, while simultaneously offering affordable payment plans to give patients access to the treatment they need.
Benefits to your patients
- No deposit required.
- No transaction fees.
- 50% longer terms than other products.
- Weekly or fortnightly payment frequency.
As a SmileNow provider, you’ll receive payment upfront, giving your practice the flexibility to provide real-time commitment to treatment. Patients can access an affordable payment plan for treatment costing up to $2,000, for a maximum term of 12 weeks.
One of the added benefits of SmileNow is that it’s a managed service. Your administration team won’t be burdened with the time consuming job of chasing late payments, SmileNow will manage the payments, accounts, billing and will follow up any missed payments.
If this style of payment plan appeals to you and your practice, SmileNow is easily integrated, so you can start connecting more patients with more treatment. We’ll give you the support you need to get up and running as soon as possible.
If you’d like to know more about DentiCare SmileNow, enquire now or contact our friendly staff on 1300 633 472 with your questions.