Practices that use patient finance companies spend around $15,000 to $30,000 per year on "discount fees." Moreover, dental practices that run recurring card payments through in-house or practice management software-driven payment plans also lose thousands of dollars per year in merchant fees. Fortunately, there is a much better alternative: DOCPAY.
Unlike most traditional third-party financing companies, DOCPAY offers patient payment plans where the patient pays no interest, and the practice pays no fees - which almost sounds too good to be true. So, how does their payment plan work?
When you use a traditional third-party financing company, you get your money upfront. However, you're also paying a higher percentage to fund the loan for your practice or patients - sometimes up to 15%.
DOCPAY's payment plan is different; it debits the patient's bank account monthly and charges them a small fee per transaction.
Suppose the patient is paying $200 a month. DOCPAY will charge the patient $203: you get the full $200, and DOCPAY keeps the $3 for managing the payment plan.
In other words: you're getting paid every month - not unlike charging a patient's credit card - but you're not paying any fee.
DOCPAY's payment plans have proven tremendously successful; the average failure rate of their payment plans is a little less than 1%. I'd say collecting 99% of payments is a pretty good number!
If you want to find out more, tune in to this week's episode of 'The Raving Patients Podcast'!
Ron Barnett, CEO of DOCPAY, joins me to discuss the 3 often overlooked benefits of offering interest-free payment plans to your patients.
You'll also learn how DOCPAY provides a reliable way to get paid, why it's a fantastic choice for patients, and how it can help you keep all that hard-earned money in your pocket - instead of the pockets of finance companies and card processors.
Learn proven dental marketing strategies and online reputation management techniques at: https://www.drlentau.com
Learn more about DOCPAY and get a special offer at: https://docpay.com/ravingpatients
This podcast is sponsored by Cloud Dentistry, the largest dental talent marketplace. Find out more at: http://www.clouddentistry.com/Len
