The Future of Payments in Dental Care Webinar with Tyro

We hope you enjoy The Future of Payments in Dental Care Webinar presented by Adrian Perillo and Jon Davey from Tyro.

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Growing your practice with Buy Now Pay Later payment options

We, as consumers, have long had the ability to purchase goods and services in instalments. Whether buying Christmas gifts at Kmart on lay-by or bringing home that latest television set on a store-card, most of us have been exposed to instalment-based purchases at one time or the other. However, recent years have seen a massive change in this landscape; enter electronic instalment payment arrangements commonly known as Buy Now Pay Later(BNPL). Although the Australian consumer market was initially sceptical of BNPL schemes, the exponential growth of this sector in recent years has firmly indicated that it is here to stay.

How can you make use of this new technology to grow your practice? The answer lies in understanding the potential benefits BNPL can add to your practice growth strategy. This article looks at five main benefits to help you make the most of this new business tool.

1. Attract new patients

Having a BNPL option in your payment method portfolio increases the chances of attracting new patients. Patients who did not consider going to the dentist in fear of a large lump sum of out-of-pocket fee can now reassess their options. Anew patient is likely to choose your practice over your competitors because you have flexible payment options.

2. Reduce Debtors

Traditionally, patients who could not afford the full payment on the day agreed to pay later, thus causing practice staff to follow up on those debts with reminders and phone calls. Even if a patient entered an instalment plan arrangement with the practice, it meant the practice was carrying the debt until the instalment plan was complete. BNPL allows you to receive the payment upfront meaning that the burden of carrying patient debts is no longer yours.

3. Increase Treatment Plan Acceptance

Incomplete treatments are often an unrealised potential gold mine that every practice sits on. No matter how good your patient education systems and treatment presentation methods, treatment plan acceptance ultimately comes down to affordability. Offering BNPL options to patients takes the immediate affordability factor off the table, allowing them to make informed decisions wholly based on the clinical merits of the treatment.

4. Increase Average Treatment Value

With the immediate affordability factor removed from the equation, patients can now decide on the best course of treatment for their dental needs with your guidance. A patient who would have previously opted for an extraction due to their bank balance may now consider a root canal and a crown that they will pay off with flexible payment options. As dental services providers, you can now confidently bring all available treatment options to the patient’s attention and recommend the most suitable course.

5. Increase cash flow

All the benefits combined above means your cashflow will dramatically improve. Thanks to the concept of time value of money, the funds deposited into your account today will be worth much more than the same amount of funds paid to you sometime in the future. Less debt will also mean you will be able to reduce your administration overheads following up debtors.

With the above benefits in mind, you should now be able to select the best BNPL provider for you and grow your practice while increasing your cashflow. As with any business activity, your instinct and discretion are your best tools in guiding you when choosing which patients to offer BNPL payment options.

Want to offer interest-free payment options to your patients?  Click here to find out more about National Dental Plan.

About the Author

Sean Perera joined Centaur Software in 2021 as the Product Manager for Dental4Windows and brings with him 17 years of dental technology experience in both small business and enterprise dental arenas. He holds a Bachelor of Applied Science from RMIT University and a Master of Business Administration from Swinburne University.

Sean is a passionate data analyst who loves everything data. Outside work, Sean spends all his time doting on his little daughter Amelia.

Attract New Patients with Buy Now, Pay Later

Access a potential 2.1 million new patients with pre-approved National Dental Plan funding

The new COVID era has changed how many spend their money, giving a rise of patients looking to buy now and pay later.  The financial uncertainty of recent months has seen consumers move away from spending cash and using credit and opting for interest-free payment options across all retail sectors.  In dental, it has seen an increase in Treatment Plan conversions by up to 40%.

National Dental Plan (NDP) is powered by Humm and with 2.1 million patients already having an existing Humm wallet, this opens your practice to patients that may not have considered your practice previously.

Join 3,000 dentists who already enjoy the benefits of National Dental Plan

With one of the highest approval rates for patients and available funding for up to $12,000, NDP is fast becoming the leading buy now pay later option for patients.

In July, practices with NDP treated 3 extra patients with the average treatment plan costing patients $4,500.  That’s a potential of $13,500 in extra revenue by adding NDP at your practice!

The flexibility of NDP allows practices to offer an interest-free payment plan at all stages of patient treatment.  Patients can apply for funding at the beginning, middle or end of their treatment to cover the debt that is remaining from their treatment.

Treatments that are funded by NDP can be paid into your account on a daily basis, increasing your practices cash flow.

To help your patients get the treatment they need faster, NDP is waiving its normal 20% deposit and is offering 0% Deposit until 30 September 2020.

That means, once a patient is approved, you can provide treatment immediately – knowing you’ll be paid upfront. Your patient gets the treatment they need and they pay no deposit on their NDP payment plan.

Click here to sign up to National Dental Plan now

Learn More

How Buy Now Pay Later Can Help Convert Treatment Plans Into Revenue and Attract New Patients Webinar

Watch special guest presenter, Rebecca James, CEO of Flexigroup, for the How Buy Now Pay Later Can Help Convert Treatment Plans Into Revenue and Attract New Clients Webinar.

As we all get used to living in a new COVID era, the way we spend our money has changed as well.

With the easing of lockdown restrictions throughout Australia have taken place, using buy now, pay later services have increased to levels previously unseen within the dental community.

Throughout the course of this webinar, Rebecca James will discuss how having a buy now, pay later service can increase your practice growth, supply the practice with upfront cash flow and the possibility of reducing patient debt within your books.

Watch the Recording Now