Did you know that some expensive and unforeseen dental procedures can cost anywhere from $1,500 to $3,000 per tooth?
Many dental patients have trouble getting the necessary care with expensive unforeseen dental procedures. Whether someone needs their wisdom tooth extracted or a tooth implant, they might not have the money to pay for it. Dental financing is often available, but patients with poor credit struggle to get approved. That is where loans and payment plans for patients with bad credit become necessary.
You may also get such patients and have to turn them away often. But some third-party providers can help you offer risk-free dental patient financing options to your patients. They can receive a second chance by getting approved for a loan or payment plan while you get to boost your practice’s revenue.
How Often Is Dental Financing Necessary?
Dental financing is becoming increasingly necessary for various patient procedures requiring copays and out-of-pocket expenses.
Insurance policies change their coverage continuously and how much they charge for the same packages. It is becoming more evident that patients are paying out-of-pocket for specific dental procedures. For example, if you have teeth requiring more frequent care and cleanings, insurance usually only covers one or maybe two cleanings.
When this is the case for your patients, they will need to pay out-of-pocket to receive the necessary care. Sometimes, people might see that they have a copay, but they will need a financing option if they cannot afford it. Dental patient financing becomes necessary in such a situation so patients can get the help they need for their care.
Situations like this are becoming more common, especially as some people’s teeth need more attention than others. Some people do not receive dental coverage in their medical insurance packages, forcing them to pay for anything they get done. If this is the case, they have no choice but to seek financial assistance else struggle to pay for what they need. Even worse, many patients skip necessary care because they have no way to pay for the procedure.
If you are wondering whether dental financing is necessary for patients, the answer is a definite yes. Dental financing is becoming more critical in situations like this that will continue to prove essential for future patients. Dental patient financing is necessary if you get many patients with bad credit. You can partner with lenders to offer more payment options to the patients. When you give your patients more payment options, you allow them to get the necessary help and access complete care.
No credit check dental financing is necessary for many patients and is valid for your practice and those you serve.
Dental Financing Options
There are many different options available that work for each patient differently. Loans and payment plans offer desirable features that help your patients get the money they need to cover any dental procedure.
The most common choice many patients will decide when they need money is to take out a loan.
Loans are the easiest to find because multiple lenders offer medical lending options to patients. Many dental procedures require people to come up with money quickly so they can pay fast, which is why loans are necessary. Upon approval, many lenders will release funds fast, so people are ready to pay for anything they need.
While loans are helpful, they often prove difficult for borrowers since they require stringent credit score requirements. If one of your patients does not qualify for a loan, you’ll have to deny them service. That’s a loss for your practice. Even though loans are helpful, they always carry complex terms and conditions, making it stressful for many patients.
Payment plans are another financing option that patients and practices can use instead of loans.
Patient payment plans are distinct from loans because there is no money until the patient fully pays back. With a loan, your practice gets paid upfront while the patient pays the lender back. With payment plans, your patient only gives you a down payment and pays you back over time.
The one issue with payment plans is that your practice will not get all the money upfront. Also, most payment plans require you to sign up with the lender to offer them to patients. However, payment plans often require no credit checks and have much easier requirements for patients to qualify.
Best Options For Dental Financing With Bad Credit
If your patient has poor credit, some lending options are better than others to help them secure financial help.
Most payment plans are the best options for your patients with bad credit scores. Dental financing with bad credit is becoming more common, especially as the economy emerges from the COVID-19 pandemic. Many patients you will work with may not have jobs or good credit scores. That’s why offering payment plans are a good option for them.
Payment plans usually help people with bad credit since some providers make no credit checks. That is a huge upside for your patients with poor credit who need assistance with financing. Instead of getting denied, your patients can get their tooth implant or cleaning and pay for it over time.
Some lenders can help patients get approval with bad credit scores, but it is far less common. Most lenders require credit score requirements since they want to ensure they’ll get their money back. With payment plans, the lender works with your practice, which helps them determine how they can trust the borrower.
However, even if someone gets a loan with bad credit, they will not get the best one for their situation. If someone has a low credit score, the interest rates go up, so the lender does not take as much risk.
That means some patients with bad scores could get approved, but they will have to pay more interest. With many payment plans, the interest rates do not necessarily go up just because someone has poor credit. Hence, they are more accessible to your patients.
Overall, payment plans are one of the best options for your patients to get the financing they need.
Set Up Payment Plans for Patients
If you want to start setting up payment plans for your patients, you can start today using Denefits!
Denefits offers payment solutions for your practice so you can create payment plans and keep track of all the payments your office receives. With Denefits, every patient gets approval for financing because there are no credit checks. That means every patient that walks through your door will receive help. It also enables you to turn those lost revenue opportunities into new patients.
When using Denefits, the software can also take over your practice’s accounts receivable and billing department. This feature can help you worry less and have confidence that you will get all your money back from your financed patients.
You can help serve more patients and get them favorable payment terms when signing up with Denefits.
Download the Denefits mobile app or check out the website to sign up and start financing your patients.