Boosting Patient Acquisition: How Installment Payments Can Attract More Patients

Boosting Patient Acquisition: How Installment Payments Can Attract More Patients

Last updated July 2024

Introduction to Patient Acquisition Challenges

Dental care is a crucial aspect to maintaining our overall health and happiness—but for many people, barriers such as large bills and long financing applications may prevent them from getting the treatment or procedures they need. 

Installment payments can be a great way to overcome patient acquisition challenges, offering people a flexible solution that allows them to pay for dental services through a budget-friendly and straightforward plan. 

Read on to learn more about how you can leverage Splitit’s installment payment solution to grow your dental practice in a way that makes sense for your business operations and your patients. 

Overview of Installment Payment Solutions

Installment payments can be easily integrated into your business operations, allowing you to help your patients get the treatment and services they need without having to pay the full cost upfront.

With Splitit’s card-attached installment platform, customers can use their existing credit card to fund their payment plan. They don’t need to undergo a credit check or take out an additional line of financing— the full purchase amount is placed as a temporary hold on their card and they are only charged for one installment each month or every two weeks, depending on the repayment schedule you choose to offer. There are no hidden fees, penalties, or additional interest charges—everything they need to fund a budget-friendly repayment plan exists within the terms of their existing credit card. 

Impact on Patient Decision-Making:

There are many factors that affect a patient’s ability and willingness to pay for healthcare services, but installment payments can help to break down some common barriers that may prevent people from getting the dental treatment they need.

Removing the uncertainty: Depending on their insurance provider, patients may not have clarity about the total cost of their treatment and the financial burden they’ll take on, which can deter them from seeking out treatment in the first place. With an installment payment plan, they can get a good understanding of the total projected cost and what regular payments look like over the course of their repayment calendar. 

Allowing for better affordability: Depending on insurance coverage and personal circumstances, patients may not be willing or able to pay upfront for a procedure or treatment. With installment payments, it’s much easier for patients to budget and plan their finances around a flexible repayment calendar, so they can move forward with the dental treatment they need while also remaining financially healthy and secure. 

Offering a trustworthy solution: There are many medical financing options that have hidden fees, strict terms, and potential penalties, which can trigger trepidation among patients. A straightforward and transparent installment payment plan serves as a trustworthy financing solution, allowing patients to move forward with clarity.  

Instalment Payment Implementation Tips

When adding an installment payment solution to your business, it’s important to find a platform that aligns with your operations and integrates seamlessly to your customer experience. With Splitit, you can give your patients a flexible repayment option that lives as a holistic part of your overall brand:

White-label solution: With Splitit, card-attached installment payments become an organic part of your business, which means there’s no third-party branding, long applications, or other confusing elements that your customers have to consider. 

Easy implementation: Splitit is compatible with all major ecommerce platforms and payment processors, which means it’s quick and easy to add our plugin to your checkout. Our team is here to help with integration and troubleshooting at every step of the way. 

Omni-Channel capabilities: With Splitit, you have control over where and how you structure your card-attached installment offering, with the option to add it to an online or in-person experience or to your remote sales channels. You can also choose what repayment schedules to offer, allowing you to find the right balance for your patients and your business. 

Regulatory and Financial Considerations:

When offering an installment plan for medical procedures, it’s important to ensure you’re compliant with healthcare financing laws and regulations. This means setting out clear and transparent terms and giving your patients the time and resources they need to review and understand their repayment plan. 

With Splitit, there’s no need for customers to sign up for third-party financing or undergo a credit check, as their plan is funded by their existing credit card. This simplifies the approval process and makes it easier to comply with healthcare regulations and give your customers a trustworthy solution.

We adhere to the latest regulations and highest standards of security, so both you and your patients can rest assured that your finances are secure and protected. 

Installment payment solutions allow you to give your customers the flexibility they’re looking for, so they can move forward with the dental procedures that they want and need in a way that fits their budget and lifestyle. 

With Splitit, you can provide a simple and frictionless customer experience, gaining all the benefits of offering flexible repayment plans without the complicated and time-consuming demand of navigating third-party financing or medical loans. 

Get in touch with our team to learn more about how Splitit can help you grow your practice. 

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