Here’s How I Helped Grow a Thriving Practice During Tough Economic Times
As a healthcare practice administrator during The Great Recession, I doubled patient conversions by changing one thing — how I presented payment information to patients. It was as simple as that. Right at the end of a consultation, I would let patients know if they were a candidate for a procedure and thoroughly explain what the cost of the investment would be. After that, I would go over all of the payment options that were available to them in detail. Financial conversations can be uncomfortable, so I was transparent and let patients know everything upfront. When I highlighted that we accepted cash and all major credit cards, I made sure to tell every single patient that we also offered financing options. Sometimes people don’t know that you offer financing or they may not feel comfortable asking about it.
By being straightforward, compassionate, and transparent with patients, I either closed the sale right then and there or I was able to answer any remaining questions. I knew how valuable this service was to patients and I was determined to help them see that it was possible to move forward.
It’s important to remember that even during tough economic times, people still want and need treatments and procedures. After they learn that they’re a good candidate for a treatment plan, the number one question on their mind is usually surrounding the cost of everything. Undoubtedly, having a conversation about costs is just as important as a conversation about the risks and benefits of the procedure. There’s no reason to be afraid to lead a discussion that details all of the payment options. Deliver your message with confidence, it’s a message your patients will be thankful to hear.
When a patient knows that a procedure or treatment will improve their quality of life (dental implants, hearing aids, improved eyesight), they will be determined to find a way to make it happen. In my 20 years in healthcare and 12 years in patient financing, I’ve seen practices grow significantly year after year with a solid financing program in place — about 20-50% of business can come from a financing option.
In 2021, I joined Momnt because I saw the incredible opportunity to help patients with large expenses of all kinds. I was impressed by the amazing payment plan options to fit everyone’s purchasing style, and a simple, paperless process for practices. I’m excited and grateful for the opportunity to show practices that by choosing Momnt as a financing partner, both their patients and business will benefit greatly.