One of the biggest barriers to treatment plan acceptance is money. This is especially true in 2020 when the economy had a little hiccup due to something called COVID-19.
But even though we are in the midst of a once in a lifetime pandemic, one thing hasn’t changed and that is that our patients still have dental issues that need to be addressed. It’s just that now more than ever, we must be sensitive to the added pressures that some of our patients may experience in the form of finances.
Nowadays there is a proliferation of dental financing companies that promise high patient approval rates for financing only for you (and the patient) to find out there are so many strings attached to this offer that you’re no better off than the little goat herd in the Sound of Music.
Well Ally Bank is hoping to change all that! I recently had a chance to chat with Phillip Hartlage of Ally Bank about their patient financing programs geared towards healthcare professionals.
Who is Ally Bank? They’re only one of the largest banks in the US with over $180 billion in assets. No worries about a fly by night boiler room operation here! Formerly known as GMAC, Ally Bank has been around for over 100 years and is one of the largest car finance companies in the US. They are using their lending know how and economies of scale to bring a new (and better) experience to patient financing.
With some of the bigger names in the patient financing business, there are so many different games and gimmicks going on that it’s easy for the patient to get gobsmacked right when they least expect it. An example is the “no interest” financing for a set number of months. Sounds good, right? Yes, it does unless you are unable to pay your balance by that time. What happens then? Your patient is charged interest for the entire finance period! While your practice is not part of the financial transaction, the fact that your office promoted it can leave a bad taste in the patient’s nicely prophied mouth!
It’s all about the overall patient experience, right?
Ally Bank offers different features that help your staff get your patients the financing they want for the dental treatment they need. They offer programs such as the no interest promos to a merchant discount fee program for longer financing periods.
Got patients who may be worried they won’t be approved in your office? No problem there. Ally Bank offers a prequalification process where a soft credit check is performed. It helps reduce the anxiety for the patient and the awkwardness your staff has to go through when they have to tell the patient he/she was declined.
Not only that but Ally Bank offers financing up to $40k! Don’t let big cases go untreated because of finances. With Ally, you’ve got a lending partner that can help increase case acceptance on big cases.
But as Phillip mentioned during our chat, Ally can provide the financing but it is up to your staff to get excited about the financing programs your office offers. Don’t be shy about it! If the patient doesn’t know that there is an option to finance dental treatment, then they are more likely to quietly take that treatment plan you gave them, walk out the door, and stuff it in their glove compartment because it’s not something they can afford to fork over $5k, $10k, or $20k any time soon.
Ally Bank has a top notch training and marketing department that can help your staff promote patient financing. There is no fee to join and you only pay a fee when there is a transaction. So what do you have to lose? Unleash the power of patient financing and watch your case acceptance rate skyrocket!
Check the entire chat with Phillip here and then don’t forget to sign up here ->lending.ally.com/enroll/DMI
- As we hit enrollment markers, your rates will get even better because the Nifty Group will be treated as a DSO.
- No hidden charges, FREE enrollment. Only pay a fee per transaction
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