The Safety Net You and Your Patients Need: A Resilient Second-Look Financial Solution

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Patients are currently caught in the cross hairs of dealing with a health and economic crisis and carrying an unprecedented amount of debt.  Before the COVID-19 pandemic swept the nation, 30% of the US population were already non-prime credit consumers1. But now, with primary lenders scrambling to mitigate portfolio risk, translating into reduced approval rates for higher-risk borrowers, the result is an increase in the percentage of non-prime credit patients. Patients who had been able to count on first-tier financing in the past are finding treatment acceptance a greater challenge, as are the DSOs and dental professionals trying to serve them.

Traditional credit scores are often the deciding factor in credit decisions, but over-reliance on FICO scores can underestimate credit worthiness, resulting in staggering results—and suboptimal dental treatment.  Patients who have fallen behind on payments due to job loss, health issue, or other financial setback outside their control may experience a reduction in their FICO score.  And many in the Millennial generation steer clear of traditional finance lending opportunities and are relegated to the “thin file”—those who cannot get approved for financing due to having no credit history, rather than a challenged one.

You and your patients are more than just a number. This is where a non-prime financing program can step in, buying deeper than the constrained primary lender. At Genesis Credit®, a patient’s credit score or age isn’t the sole indicator of credit worthiness. With 20 years of experience working in the non-prime space, we analyze a host of variables, beyond the patient’s FICO score or date of birth.  From there, what we do—and what we believe we do better than anyone else—is comb through those variables to develop a customized scoring model designed to provide more patients access to credit. This allows us to absorb more risk and provide options that closely mirror a primary lender’s program.

A non-prime financial program with a prime-like experience boosts revenue dramatically. Genesis Credit takes tremendous pride in ensuring our programs are patient-friendly, removing barriers to entry with a focus on affordability. We offer a no-money-down, revolving line of credit, and APRs closely aligned with the primaries. With our no down payment feature, patients can be assured there are no additional out-of-pocket expense, and our low monthly payments make any treatment plan affordable. For these reasons our partnership practices experience strong patient acceptance and purchase rates. And unlike many installment loan products on the market today, the revolving line of credit provided by Genesis allows the patient to use their established line for preventative care, immediate treatment, and follow-up, allowing you to enjoy a significant average increase in return visits of 18%2. No wonder Genesis Credit is the nation’s leading non-prime, second-look solution, having built a reputation for helping provide optimal treatment to more patients, affordably.

Proven resilience. With almost two decades of experience working in the non-prime space, the Genesis customized decision model is resilient to changing market conditions. We have vast experience understanding our unique slice of the healthcare segment. Our in-house data science and statistical experts are constantly building new risk models, leveraging new data and techniques to react and respond quickly to market needs. Our underwriting execution team is second-to-none, and allows us to reach and respond quickly to market needs, even in this time of crisis.

Why DSOs should make non-prime, second-look patients a priority. Second-look consumers are highly motivated patients. They want the freedom to purchase quality services, both immediately and down the road. Many are eager to accept treatment plans on the spot, but can’t without access to financing. These prospective patients are more likely to leave a physical office or website without making an appointment for treatment.  And if they are able to finance treatment through a competing DSO or practice who does offer a second-look option, that immediate loss becomes a long-term one as well.

Your financial programs can reflect the same quality as your service. By contrast, DSOs and practices with a quality non-prime program like Genesis Credit’s receive the first opportunity to provide patients not only with a dental solution, but a financing solution as well. The end results are incremental revenue via increased treatment acceptance, and improved market share, patient retention and engagement.

You work hard to ensure your practice provides optimal treatment and exceptional service, as these are key to long-term success. The financial solutions you provide your patients can reflect the same high quality without giving up on your financial goals.

Working relentlessly at the intersection of the healthcare industry and the patient, Genesis Credit builds resilient financial solutions that help DSOs and their patients achieve more, regardless of external factors.

At Genesis Credit, you and your patient
are more than just a number.
Believe in second chances.
Partner with us:

Read Genesis Credit’s other article here: How To Increase Treatment Acceptance With A Non-Prime, Second-Look Finance Program

  1. Niodita Gupta, MD, MPH, PhD; Marko Vujicic, PhD: “Main Barriers to Getting Needed Dental Care All Relate to Affordability,” Health Policy Institute ADA American Dental Association Research Brief, © 2019 ADA, November 2019 (Revised)
  2. Genesis Credit private research 2020

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