In the competitive field of dentistry, all-on-X implant procedures can be life-changing treatments for many patients, but the high cost of these procedures can be a significant barrier, limiting the number of full-arch cases performed. Partnering with a reliable large-dollar patient lender can make all the difference for both patients and your practice. If your goal is to help more patients through your all-on-X services-without sacrificing profits through lower fees-consider leveraging large-dollar patient financing for increased case acceptance.
Outlined below are some key attributes to look for in a reliable large-dollar patient financing company.
High-dollar loan limits
A dual-arch dental implant procedure can cost a patient as much as $60,000. Most people are unable to pay cash for a five-figure dental procedure, but this doesn't mean they cannot afford your full-arch fees. What most of your full -arch implant candidates require is a lender who will finance the cost of their treatment and offer repayment terms that will make the procedure affordable.
A reliable large-dollar patient lending partner will have a well-established track record for extending credit limits more than your dual-arch implant fees. Knowing how frequently a lender exceeds the $20,000 threshold will help you determine if they can serve your business as a bona fide large-dollar lending partner. "When it comes to performing exceedingly high numbers of all-on-X cases, each month, it's been my experience that these practices make a concerted effort, within their treatment consultations, to encourage large-dollar financing," said Lana Shoultz, VP, Integrated Marketing, BioHorizons.
Generous repayment terms
Assuming your office is effective at convincing patients that full-arch implant dentistry is in their best interest, the procedure must still be affordable. This requires generous repayment terms. For example, a $25,000 all-on-X procedure with repayment terms of 10 years at 10.99% will allow your patient to establish a monthly note of roughly $343. In this case, the cost of an all-on-X procedure can be presented as costing "less than $350 per month." A lender who can offer 10 years or more payment terms will give you the best opportunity to close more all-on-X cases.
"If a patient's cost of treatment looks more like a car payment than a house payment, they're much more likely to move forward," said Dave Roehr, founder and CEO of Proceed Finance. "We found that conversion rates were more than five times higher when the monthly payment was under $500 versus over $1,000. Long terms, along with high loan limits and competitive interest rates create a formula to achieve this."
Wide-ranging interest rates
A valuable large-dollar treatment lender will approve patient loans that represent both high and marginal credit scores. In the current environment, interest rates between 3.99% and 18.99% are considered a solid range. Patients with prime and super prime credit will earn the most favorable interest rates and have more financing options available to cover their fees and accept your proposed treatment plan. However, patients with less favorable credit may see higher rates.
No-recourse loans
A no-recourse loan is a type of loan where the lender agrees not to pursue the provider to recover funds previously awarded should the borrower default on the loan. Choosing to work with a lender whose loans are no-recourse means you cannot be held responsible for any portion of a patient's loan, should it go into default.
Unfortunately, a percentage of all-on-X patients will default on their loan, so in these situations, you can focus solely on treating your patients rather than worrying about assuming their debt if they default.
Rapid disbursement of funds
Cash flow is crucial for running a successful business. Once the patient accepts your all-on-X treatment plan and pays the fee through patient financing, the funds should hit your account without delay. A valuable large dollar patient finance partner will deposit funds into your bank account within 1-2 business days, allowing you to begin treatment without postponement due to disbursement of funds.
"Soft-hit" credit checks
Many creditworthy individuals understand that merely applying for credit through a traditional hard credit inquiry can lower their credit score. For this reason, many patients will refuse to apply. The value of a "soft-hit" is that it will not affect the applicant's credit score. A good large dollar patient finance partner will promote its ability to prequalify loans using a soft-hit to the patient's credit. This offers more patients the confidence to apply for a loan without adversely affecting their credit score. Even if your patient is approved for only a portion of the total proposed all-on-X fee, this may represent the difference in funding that your patient requires to accept your treatment plan.
Increase practice value
When a dental practice systematically incorporates large dollar patient lending into its daily routine, it positions the business to close more large cases, help more people, and increase the practice's value for an eventual transition. "It's common for private equity firms to pay 3X a practice's collections and earnings before interest, taxes, depreciation, and amortization (EBITDA)," said Roehr. "But if you aspire to 5X your EBITDA, demonstrating consistent collections through patient financing will certainly support your efforts."
Conclusion
Partnering with the right large dollar lending company is a strategic decision that can boost your all-on-X practice's growth. By offering accessible treatment financing options, you empower more patients to pursue life-changing full-arch implant procedures while creating a steady pipeline of revenue for your business. Investing time in selecting a large-dollar lending partner with the right attributes-flexible repayment terms, high loan limits, competitive and fair rates, strong service, and rapid disbursement of funds-can set your practice apart. Leverage large-dollar lenders to assist in helping your patients to accept your life-changing full-arch implant procedure and grow your business in the process.
