How to Simplify Your Patient Financing Offer with A Single Application to Multiple Lenders

 Sponsored Content

With an embedded lending platform, you can easily provide
your patients with seamless access to multiple lenders 

Patient financing has become an increasingly important strategic element of a DSO’s offer.

As more patients seek elective procedures and post-pandemic delayed care, while feeling the pinch in their wallets, over 80% of patients now rely on financing to help cover their treatment costs. This challenges DSOs to handle the burden of managing multiple financing offers that meet the needs of patients across the credit spectrum and in different locations.

There is an easier way to take care of your patients’ financing needs. In this article, we break down how you can seamlessly offer multiple lending options from the providers of your choice, through a standard application, and handle post-care management, including disputes, reconciliations, and reports. This way you can focus your time and energy on providing a first class dental service, while letting a platform take care of your patient financing offer. 

Providing Multiple Financing Options – Opportunities and Challenges

Consumers increasingly expect a choice of payment options at the moment of purchase. Lenders typically specialize in a specific lending product, and type of customer for example prime, near-prime, or subprime, and geography.  This means that to meet the needs of all patients, DSOs need to integrate more than one lender into their offer.  However, this presents significant challenges:

  1. Integrating lenders is a complicated and time-consuming process. Integrating multiple lenders even more so. 
  2. Practices face the headache of managing reconciliations, disputes, refunds, and other post-care processes for each individual lender.
  3. DSOs are left without alternatives if a lender adjusts their terms or goes out of business.
  4. Patients are required to make multiple applications, each with its own requirements, which is frustrating and can also affect credit scores. 
  5. Practitioners, receptionists and financing staff have to learn how to use multiple lenders’ systems – everyone with its own processes. 

Once these challenges are overcome, and patients have quick and easy access to personalized financing that offers them flexibility and choice, DSOs benefit from improved approval rates, increased average order value, and more sales. 

What DSOs Need From a Multi-Lender Financing Platform

DSOs require a consumer financing solution that frees them up to focus on the day-to-day running of their business and provide patients with the best possible care. Their main concerns for a financing solution are that it:

  1. Offers a seamless and smooth experience that connects dentists, lenders, and patients.
  2. Includes a simple prequalification process that gives patients peace of mind and provides an excellent customer experience.
  3. Generates high approval rates, resulting in higher conversion. 
  4. Supports all lending activity, including reconciliation, disputes, customized reports, and communication with lenders.
  5. Is risk-free and eliminates balance sheets.

The most efficient way to overcome these challenges is through a multi-lender point-of-sale (POS) platform embedded within the patient’s journey that offers a seamless financing experience for both the patient and the clinic.

Why ChargeAfter is the Leading Platform for DSOs

ChargeAfter is the only platform that connects DSOs, lenders, and patients seamlessly embedding financing into the customer journey, online, in clinics, and through call centers. ChargeAfter’s network of over 30 lenders covers the entire patient credit spectrum from prime to subprime.

Patients simply need to complete a quick application and the platform will search for the best financing offer/s using a ‘waterfall’ method starting with prime lenders that offer the best terms, followed by near-prime, then subprime loans, or a marketplace approach where patients have even more choice. Within seconds, patients are offered the best financing option/s based on their unique credit needs and preferences. 

The platform offers the easiest and most efficient solution for DSOs too. It is quick to integrate and easy to use as it enables end-to-end management of the entire financing process, including running special offers and post-sales management. Its built-in power BI offers true visibility and insights that enable DSOs to optimize their financing offers. 

DSO Benefits of ChargeAfter

  1. Quick and easy integration 
  2. Immediate access to multiple lenders, covering the entire credit spectrum
  3. An omnichannel financing experience, embedded into the customer journey
  4. Easy to manage – can settle and manage refunds, reconciliations and disputes, explore client transactions, create reports, and optimize lenders.
  5. Customizable with white label option available

Provide your patients with an exceptional financing
experience and improve your conversion rates