How 0% financing options can increase profit margins in your dental practice?
Did you know that 40% of Americans refused a recommended treatment in the last 12 months due to affordability? That is the unfortunate reality.
While those individuals with a high credit score may still find it relatively easier to gain access to financing, those with subprime credit scores find it almost impossible to secure an affordable dental loan.
As a dental practice, ensuring the ease of dental financing and insurance is critical to getting more patients to seek the treatment they need and deserve, which in turn makes good business and financial sense. But dental patient financing companies often come with many additional overhead costs like enrollment fees or financing fees which takes away a substantial portion – potentially hundreds of dollars – with every patient who gets financed.
As a brand focused on creating the best aligner solution in the market, we are committed to improving the payment experience for patients and clients and better your financial performance. Our affordable financing plans mean you can treat every patient regardless of their credit score.
FXPay’s hassle-free approval process takes only a few minutes from soft credit check to approval. OrthoFX approves 100% of your patients regardless of credit score, and more importantly, at an absolute $0 financing fee to your dental practice for up to a certain amount per location*.
Compare our rate with the market trend and you will know why we stand out. Most financing charges range around 14-22% of the total financed amount, depending on the patient’s credit score. Add to this the insurance processing fees of 5% as charged by specialty billing services for claim processing, it is certain to hit your practice’s profit.
We not only offer the best clear aligner technology complete with AI-driven remote monitoring service, but we also take care of all the financial nitty-gritties to ensure the treatment takes place smoothly. So that you can focus on providing patient care and not worry about the finances.
We at OrthoFX believe that budget should never come in between your services, patients, and their
overall dental well-being. Thus, we have created a seamless integration between doctors, patients, and financing to help each stakeholder extract the maximum benefits out of the treatment.
The benefits of 0% financing
Patient financing is a critical aspect of your business. But, as a dental practice, you are often the one who pays the cost of patient financing services with fees and interest rates. And while this may not seem like a significant expense at that point, with time, it becomes substantial. A dental practice that finances at least 3-to 4 patients every month can potentially save thousands of dollars every year as a result. Our financing options come at 0$ cost to you in most and a marginal fee in some cases and leads to a significant increase in dental practice profit margin. In most patient financing options and third-party loans, the additional fees hurt the business profit by taking away a substantial portion instead of helping the business grow. The 0% dental financing option reduces overheads by taking away the burden of financing fees of the dentist, thus adding to your dental profit margins. Easy loan approvals mean more patients, and with 0% financing costs, dentists see about a 30% average increase in their practice revenue and profit margins. This allows the doctor to focus on his core work and new patient acquisition rather than dental practice profit margins. Not only that, the FXPay financing options come with several additional benefits, including.- 100% Approval: We approve all of our patients regardless of their credit score.
- 0% APR Plans: We provide affordable payment plans to your patients, including zero-interest loans when paid back fully within 24 months.
- Instant Application: Our loan approval process can be completed as fast as 2 mins, allowing practices to do same-day case starts.
- Cover Related Dental Procedures: We finance associated dental procedures for aligner therapy.**
