Other Programs pay the office up front; why should the office be paid over a time period selected by the office and the patient?
- True, credit score-based programs like Care Credit do pay the office up front, but they also take a large percentage of the office’s treatment plan dollars as well. Patient Preferred pays the office 100% of their treatment plan money as we collect the money from their patients. This time period can range from 1 to 72 months and is decided by the office and the patient in the consultation process. The more time the office allows the patient to pay for their treatment, the lower the payment. Patient Preferred can also help the office cover upfront hard costs by allowing the patient to start paying immediately for treatment scheduled in the future (Smile Lay-Away). Patient Preferred collects over a million dollars a year for treatment plans that have not started. Allowing a patient to cover their down payment and treatment cost over time is a powerful incentive for the patient to get the care they need.
What happens to the patient information when using a payment plan?
- Unfortunately, most credit score-based payment plan providers sell patient information to 3rd parties. Patients regularly receive offers for credit cards, car services, mortgages, and other products and services thanks to their information being sold for big dollars by the credit score payment plan providers. Patient Preferred NEVER sells or shares patient information. Patient Preferred securely guards this data to respect the privacy of the patients we serve.
If a patient decides to use a payment plan, it’s not the office’s problem when the patient is poorly served. Why do we care?
- Credit score-based programs are tough on patients when they miss a payment for any reason. Besides charging 20% or more in interest, the credit score programs can ruin a patient’s financial future and oftentimes do. Patient Preferred allows an office to maintain its relationship with its patients. Our program simply administers an agreement made between the doctor and their patients. Patient Preferred’s payment plans can be changed, modified, or expanded by the office for any reason in minutes. The office is always in charge of the payment program. Why should an office hand over their valuable patients to a credit score company and lose all control over how their patients are treated?
Our office offers our own payment plan. Why do we need Patient Preferred?
- Consumer Protection laws are very specific and vary from state to state. Plus, the federal government also has strict rules on consumer loans when it comes to healthcare. An office that offers its own in-house payment plan puts the practice at risk by frequently violating state and federal laws. Even a hand-shake agreement violates these statutes. Patients (Consumers) must be informed, given certain documents, and sign off on ANY payment arrangement, no matter how small. Many healthcare malpractice policies forbid or exclude in-house payment arrangements. Since Patient Preferred allows the office to collect 100% of their treatment plan money, why risk the liabilities, internal manpower costs, and the general hassle of an office running their own internal payment plan?
Why offer any payment plans. We are a fee-for-service office?
- Affordability is the answer. Why should an office invest in gorgeous office space, highly skilled staff, the latest in technology, and a marketing program second to none if their services are not affordable? This year the auto industry will sell over 3 million new cars. Over 90% of them will be financed or leased. The average price of those new cars is north of $35,000.00. Car companies must make these vehicles affordable. Healthcare is no different. Those healthcare providers (including dentists) who understand this scenario will thrive. Those who miss it will not. Flexible patient payment programs make affordability possible. Patient Preferred makes great healthcare affordable.
To Learn More. Contact Ron Rice at 630-302-6248, patientpreferredservices.com
