By: Dakota Harper

In the competitive world of dental practices, increasing case acceptance rates is crucial for growth and sustainability. One effective yet often overlooked strategy is the consistent offering of financing options to patients. 

Joshua Lingerfelt, founder of Case Conversion Institute, has seen firsthand how this simple adjustment can lead to substantial financial gains for dental practices.

The Stigma Around Financing

Many dental practices hesitate to offer financing, pulling it out only as a last resort when a patient has already expressed numerous objections. By then, the opportunity is often lost. 

According to Joshua, “A lot of times, people have a stigma about offering financing, and they only like to pull it out when it’s a Hail Mary. At that point, they’ve lost the patient.” He firmly believes that this reluctance stems from a pervasive lack of confidence and familiarity with the financing process among dental practitioners.

It’s worth noting that this hesitation undermines the potential for patient retention and hinders the practice’s ability to provide accessible and affordable care. In this sense, a lack of financing options negatively affects both the patient and the provider. 

The Power of Offering Financing to Every Patient

Joshua’s approach is straightforward: offer financing options to every patient, regardless of their initial stance. 

“Even for patients with cash, medical financing is not like buying a car. The rates are very competitive,” he explains. 

This strategy is beneficial for both the patient and the practice. Say a patient needs a set of full arches that costs $60,000. Rather than paying the full amount upfront, they might prefer to finance it at a low interest rate. This makes the expense more manageable and less daunting. 

By proactively presenting these financing options, dental practices can ensure that financial barriers do not deter patients from receiving the necessary care. This approach not only enhances patient accessibility to high-quality dental treatments but also fosters a more inclusive and supportive environment, ultimately leading to greater patient satisfaction and loyalty.

Real-World Success Stories

The impact of this approach is evident in the success stories of Joshua’s clients. 

One notable example is a southern California practice that increased its production from within a few months. This dramatic increase was largely due to a 10% rise in the rate at which they offered financing. The practice, known for its extensive restorative work, benefited immensely from making financing a standard part of their patient discussions. 

“They just weren’t offering it,” Joshua notes. “But once they started, they saw significant financial growth.”

Another client experienced a monthly production increase after implementing Joshua’s strategies, including the consistent offering of financing. The practice saw an uptick in both patient acceptance and overall satisfaction, leading to more frequent and higher-value procedures.

Steps to Implementing Financing Options

Joshua’s training involves more than just suggesting the idea of financing. He provides dental teams with the tools and confidence needed to present these options effectively. His method includes:

• Training on Presentation. Teaching staff how to confidently and smoothly introduce financing options during patient consultations.
• Role-Playing Scenarios. Regular role-playing sessions to help team members practice and refine their approach.
• Continuous Feedback. Monitoring calls and providing feedback to ensure that the financing option is being offered consistently and effectively.

Conclusion

Offering financing options can be a game-changer for dental practices looking to increase their case acceptance rates and revenue. Joshua Lingerfelt’s approach demonstrates that by removing the stigma around financing and making it a regular part of patient discussions, dental practices can see significant financial improvements. 

As Joshua puts it, “Let’s give the patient options.” This strategy not only empowers patients but also positions the practice for sustained growth and success.

For more information on how the Case Conversion Institute can help your dental practice increase revenue through effective sales strategies, visit their website or email info@caseconversioninstitute.com for more information. 

Published by: Nelly Chavez