Eliminating The Biggest Barrier To Complete Dentistry

Cincinnati Ohio Dentist: Thomas K. Hedge D.D.S., F.A.C.E.
The Profitable Dentist
September 1999

Complete dentistry involves doing a thorough examination and presenting ideal dentistry to a patient, regardless of cost. What would you want done in your mouth if cost and time were no object?

Why shouldn't patients receive the same treatment plan that you would want and be allowed to choose what dentistry and under what timetable it is performed? The answer is that they should receive these choices. How many of us actually do this? I would suggest that most of us diagnose a desire and ability to pay for ideal treatment.

Every retailer that sells large ticket items, such as a complete treatment plan, emphasizes monthly payments, not the purchase price. Look at the automobile section of the newspaper. The large print is reserved for the monthly payment, not the purchase price. Why not have a placard in your reception area advertising veneers for $107 per month with no down payment.

This is $4000 over 48 months at 11.99% interest. This is better than credit card rates and a reasonable payment.I'm sure you are wondering how you can offer this deal. Dental Fee Plan is the answer. Dental Fee Plan has been available in orthodontics for years. One third of orthodontists use this plan. The introduction to dentistry has been recent. DFP is available for loans of $1500 or more.

DFP provides great support materials and training. Our local representative brought lunch in and gave a lunchtime lecture to our entire staff. It is critical to have your staff understand and believe in this program to be able to offer its benefits. DFP provides laminated payment tables with amount to be financed, time of loan, interest rates, and monthly payments. There are no credit applications for the patient to complete and return to your office. They call a toll free telephone number to apply for the loan. This can be done in your office or in the privacy of their home.

Payments are made to the doctor by DFP by check or direct deposit minus a 7.5% administrative charge. This payment is sent within 24 hours of receipt of the patient's signed form indicating treatment completed. This payment is without future recourse to the practice. If the patient does have trouble making payments, DFP will treat your patients with courtesy and respect.

We also use American General, which is better for financing of six months or less. There is a short credit application the patient must complete and return to your office. This application is then forwarded to American General by fax. This program involves the practice receiving 94% of the fee in a day or two of receipt of patient's signed contract. The patient has six months to pay off the balance with no interest. If the patient doesn't pay the entire balance, the interest rate at month seven is very high. This plan works well for balances from $300 to $1500.

DFP and American General plans dovetail nicely to make quality dentistry affordable for a wide range of patients. There is no penalty to the patient for early pay off with either plan. There is also no contract or sign up fee for the doctor.

It is truly amazing how patients begin to ask for cosmetic and complete dentistry when they realize that they can make payments over time. With dental office overhead increasing over the past two decades, we have been taught to maintain tight financial policies and not to carry patient debt. Dental payment plans allow us to get the best of both worlds by extending credit through a third party.

Let's be even more profitable dentists and get our patients some financing.