SPLITIT LTD (Company) Objectives The Risk, Audit and Governance Committee (Committee) has been established by the board of directors (Board) of the Company pursuant to article 47 of the Company’s articles of association. The Committee’s primary objective is, in
“Listening to the needs and concerns of employees and patients and providing a frictionless experience at every touchpoint is so important. I’m so thankful that ToothFairy and Splitit teamed up to help solve this problem and serve our patients better.”
Splitit, ToothFairy and OrthoWorks 一 A Partnership Dedicated to Creating Bigger Smiles for Practices and Patients, Alike
Proper dental and orthodontic care are vital to maintaining overall health, yet their costs remain a formidable barrier. Only 50% of Americans have dental insurance, leaving the rest with potentially prohibitive costs for proper treatment. Those with insurance coverage often find themselves with limited or no orthodontic benefits. With orthodontic treatment fees ranging from $3,700 to $8,000, a payment plan may be the only viable financial option for many patients to get the care they need.
Financial payment plans can help break up payments into more manageable pieces. Still, a down payment is typically required before a treatment plan can begin. Treatment and financial coordinators, who already wear many hats, face stressful and time-consuming tasks verifying insurance benefits and Flexible Spending Accounts (FSAs), arranging co-pays, and managing credit and financing plans for prospective patients.
ToothFairy’s pre-treatment questionnaire, completed by patients before they set foot in the office for the first time, revealed as many as 25% of patients did not have the funds for the down payment required to get started. Although 16% were willing to use their credit cards to pay for treatment, a significant gap remains between those who need treatment versus those who can afford it.
Offering in-house financing poses an entirely different risk, usually forcing a dental practice to assume the burdens of managing loans and delinquent payments. Even when the dental office and patient agree to payment terms, collecting revenue can add another layer of complexity.
The past-due backlog is more than just a hit to the revenue. Practices spend a significant amount of time and resources keeping accounts current and getting payments back on track. Hiring and retaining the employees required to do this work makes the situation even worse.
ToothFairy, a Software-as-a-Service (SaaS) company, has developed a state-of-the-art technology that delivers a competitive advantage by defining, controlling and optimizing new patient consultations. ToothFairy’s suite of software tools disrupts an old workflow routine allowing practices to serve patients better, generate more revenue and prevent lost sale opportunities.
Splitit offers something unique. A buy now, pay later option using the available credit on existing credit cards. Splitit’s simple, frictionless installment payment experience helps make large purchases manageable. With Splitit, there are no applications, no additional loans or financing, and no applications. Patients can still collect all their credit card points and rewards and spread their costs over time.
Splitit partnered with ToothFairy and implemented the system at OrthoWorks, one of the largest and longest-running orthodontic practices in the San Francisco Bay Area. Orthoworks reports about 35% of their accounts receivable were past due over the COVID period. Many patients lost their jobs, and their insurance coverage further complicated the problem.
OrthoWorks has faced three significant hurdles since the pandemic began — increasing overhead costs for its 11 locations, diminishing insurance reimbursements and a decline in foot traffic. But despite the challenges, OrthoWorks has succeeded in increasing sales velocity and delivering a significant impact on revenue thanks to ToothFairy and Splitit.
ToothFairy’s powerful algorithm automatically identifies patients who may benefit from Splitit. It delivers real-time tailored scripting for treatment coordinators to help strengthen the emotional connection. Easy-to-understand infographics helped quickly and effectively educate prospective patients right there at the point of care.
Thanks to ToothFairy, treatment coordinators can offer Splitit as an option for patients who need help managing costs. Splitit allows patients to break up the cost of their treatment plan, including the down payment, into smaller, more manageable payments over 36 months. As most dental financing plans range from 12 to 24 months, this opened up previously unavailable opportunities to patients, with absolutely no risk to the practice.
ToothFairy provided OrthoWorks with the sales aids required to disseminate information regarding Splitit installments across the practice. In effect, Splitit constitutes an extension of a practice’s accounting department – minus the headcount.
The team at OrthoWorks immediately began to see the success of the program. In June 2021, the practice reported 12% of patients selecting Splitit to help them move forward with treatment, well above the rates of other payment options. Splitit has now become the top third-party financing option at OrthoWorks, sprinting past two of their competitors in the industry. And even though foot traffic declined due to the pandemic, OrthoWorks has garnered higher paid-in pull rates and increased revenue.
In short, the combined efforts of ToothFairy and Splitit removed the challenges posed by down-payment and short-term financing for patients. They reduced the risk of carrying the loans in-house.
“Listening to the needs and concerns of employees and patients and providing a frictionless experience at every touchpoint is so important. I’m so thankful that ToothFairy and Splitit teamed up to help solve this problem and serve our patients better,” said OrthoWorks CEO, Dr. David Shen.
“With Splitit, patients can take advantage of interest-free monthly payments that fit their budget and receive their credit card reward points too,” says Paola, a treatment coordinator in the San Bruno, CA OrthoWorks location. “Splitit helps our patients find a more flexible monthly payment that fits their budget.”
The bottom line? Offering Splitit as a financing option helps increase revenue and the likelihood a patient will accept treatment. If you’re ready to see how Splitit can make your patients’ smiles even brighter, let’s schedule a time to talk.
For more information about ToothFairy, contact info@getToothFairy.com and connect with ToothFairy CEO Trude Henderson on LinkedIn.