Offering dental finance can make a significant difference to both patient satisfaction and treatment acceptance. Many patients delay or avoid particular treatment due to concerns about the cost. Providing finance options allows them to spread the cost and access necessary care, while also giving your practice a competitive edge.
For UK dentists, understanding how to present and market dental finance effectively is essential. By combining clear communication, compliance with regulations, and patient-friendly messaging, you can increase uptake of dental treatments such as dental implants and other complex procedures.
Understanding the importance of dental finance marketing
The growing demand for flexible payment options
Patients increasingly expect practices to offer flexible finance options. With the rising cost of dental treatments, many are unable to pay the total amount upfront.
Finance options allow patients to pay in monthly instalments, making even more advanced procedures like dental implants or cosmetic treatments, such as composite bonding, accessible.
By marketing dental finance clearly, you provide patients with a means to manage their repayments while ensuring the practice receives payment promptly.
Why finance options influence treatment acceptance
Offering a payment plan can significantly increase patient acceptance of treatment plans. Patients are often more willing to opt for a treatment if they know they can spread the cost over a period, using monthly repayments or other arrangements.
Even if a patient is eligible for finance or a credit agreement, clear explanations about monthly payments and direct debit options help them make informed decisions.
Knowing your audience
Identifying patient demographics and motivations
Different patients have varying financial circumstances. Some may be eligible for finance and prefer monthly payments, while others may wish to use a credit agreement or interest-bearing finance.
Understanding demographics allows your practice to tailor marketing strategies to highlight the benefits that are most relevant.
For example, patients considering dental implants may be motivated by aesthetics, function, or confidence, so the cost of your treatment can be framed in a way that aligns with their priorities.
Addressing common concerns about affordability and trust
Patients often worry about taking on credit subject to a lender immediately or entering a financial arrangement they do not fully understand.
Practices must be transparent about any fees, the total amount repayable, and the usual guarantee. Explaining that your practice is an appointed representative or authorised and regulated by the Financial Conduct Authority gives patients confidence that financial options are trustworthy and compliant with FCA regulations.
Presenting finance options clearly
Simplifying complex financial terms for patients
Dental finance can seem complex to patients unfamiliar with credit, payment plans, or direct debit arrangements.
Explaining finance options in simple terms, including monthly instalments, finance, and credit agreements, helps patients understand the benefits and obligations.
Making sure elements like the total balance, lender obligations, and how to opt in for finance are clearly explained helps make sure patients are comfortable with the agreement before they sign.
Highlighting key benefits without overwhelming details
When you speak with patients, highlight the benefits of finance, like allowing them to spread the cost into smaller monthly payments and complete treatment without delay. Make sure not to confuse patients with complicated terms or too many options at the same time.
Highlighting features such as that you only work with authorised and regulated lenders, conduct only regulated activity, and have access to a credit broking company can reassure patients that all finance arrangements are safe and legitimate.
Integrating finance information into patient journeys
Introducing finance early in treatment discussions
Introducing finance options early in the consultation allows patients to consider all payment options before deciding on a particular treatment.
Discussing the total cost, deposit requirements, and monthly instalments gives patients a clear picture of what they are committing to and can prevent hesitation later in the process.
Reinforcing options at key decision points
Patients may require reminders or feel that they need further explanation about finance options. At stages such as treatment planning or when discussing options like dental implants, reinforce the advantages of spreading the cost.
Using phrases like “monthly payments” or “other arrangements are available” ensures patients know that the practice is flexible and committed to affordable solutions. This also encourages patients to engage with authorised lenders or credit arrangements without delay.
Marketing through multiple channels
Using your dental practice website effectively
Your website is often the first point of contact for patients. Clearly outline finance options, credit subject arrangements, and benefits like monthly instalments or payment plans.
Include information about the finance provider you work with being authorised and regulated, providing access to regulated finance, and highlighting any firm reference number or registration number for verification.
Ensure patients can easily understand the process for applying for finance and arranging repayments.
Leveraging social media and email campaigns for awareness
Social media and email newsletters can help inform patients about finance options and encourage them to discuss treatment sooner.
Posts about spreading the cost of dental implants or a particular treatment, monthly payments, and credit agreements increase engagement.
Ensure that messages comply with FCA guidelines and emphasise that finance is available from approved lenders and that the practice is authorised to provide access to regulated financial services.
Enhancing in-practice communication
Training your team to discuss finance confidently
Staff training is critical to ensure patients feel supported when discussing finance. Receptionists and treatment coordinators should be able to explain monthly repayments, finance, credit broking, and the process to sign a credit agreement.
Knowledge about lender responsibilities, regulated activity, and authorised and regulated status increases patient confidence.
Using printed materials and digital displays in reception areas
Visual materials in the practice, including leaflets and digital displays, help both introduce and reinforce finance options as patients come in and sit to wait for their appointments. Highlighting benefits such as manageable monthly instalments, spreading the cost, and authorised lenders ensures patients understand their choices.
Materials should also provide information about the usual guarantee, total amount repayable, and any fees, so patients are fully informed before they come to discuss arrangements with the dentist.
Staying compliant and building patient trust
Ensuring financial promotions meet FCA guidelines
All financial promotions must comply with the Financial Conduct Authority and be transparent about fees, interest rates, and credit arrangements.
Practices offering dental finance as an appointed representative or through a company authorised and regulated by the FCA must provide firm reference numbers and registration numbers. This ensures patients can check the lender’s status and have confidence in the regulated activity.
Communicating transparency and ethical finance practices
Transparency is key to building patient trust. Clearly explain the process for applying for finance, the lender’s role, the credit agreement, monthly payments, and remaining balance.
Patients should know that, under no circumstances, they are required to take on finance immediately and that opting for a loan or payment plan is entirely their choice.
Providing this information enhances patient satisfaction, encourages timely repayments, and ensures the practice maintains ethical standards.
Let Medicred take care of your dental finance needs!
Let Medicred take care of your dental finance needs! By partnering with us, your clinic can offer a full range of flexible finance options, allowing patients to spread the cost of their treatment and manage monthly repayments easily. This means patients can go ahead with the care they need without worrying about paying the total amount upfront.
When you register your clinic with Medicred, patients get a simple and clear process for arranging finance. We handle all administration, repayments, and communication with the lender, so your team can focus on providing treatment while patients get the support they need.
Medicred also helps your clinic connect with more patients in the UK who are looking for affordable dental solutions. With regulated and secure finance options in place, you can build trust, increase treatment acceptance, and make dental care accessible to a wider range of patients.
FAQs
What is the impact of offering patient finance on my practice’s cash flow and revenue cycle?
Offering patient finance can improve your practice’s cash flow by ensuring you receive payment promptly from the lender, even if patients choose to spread the cost over monthly instalments. This means your practice is not waiting for patients to pay the total amount of their treatment upfront, which helps maintain a steady revenue stream and reduces delays in receiving funds.
It also supports a smoother revenue cycle, as patients are more likely to proceed with treatment when finance options are available. By increasing treatment acceptance, your practice can generate more consistent income while patients manage repayments through approved monthly payments or other arrangements.
Is it better to offer an in-house payment plan or partner with a third-party company?
Offering an in-house payment plan gives your practice full control over repayments and terms, but it also means you are responsible for managing credit, collecting monthly payments, and handling any late or missed repayments. This can take time and administrative effort, and there may be risks if a patient is unable to repay.
Partnering with a third-party company reduces administrative work and ensures repayments are collected efficiently. The lender pays your practice the total amount upfront, while patients manage monthly instalments directly. This can improve cash flow, reduce risk, and make finance simpler for both your team and patients.
Should we set a minimum treatment cost that we will allow to be financed, and why?
Setting a minimum treatment cost for finance can make the process more efficient for your practice. It ensures that the administrative effort and any fees involved in arranging finance are worthwhile compared with the total amount of the treatment. Smaller treatments may not benefit from finance and could create unnecessary paperwork for both staff and patients.
A minimum cost also helps patients understand when finance is suitable. By setting clear guidelines, your practice can offer manageable monthly repayments for larger treatments, while keeping smaller procedures simple to pay for upfront. This approach balances convenience for patients with practical administration for your clinic.
At what point in the patient journey is the best time to introduce the topic of finance?
The best time to introduce finance is early in the patient journey, during the treatment discussion or planning stage. This allows patients to understand all available payment options before deciding on a particular treatment, including dental implants or other more complex procedures. Introducing finance early helps patients consider monthly repayments and the total cost of their treatment without feeling rushed.
Finance can also be mentioned again at key decision points, such as when a treatment plan is confirmed or when a deposit is discussed. This ensures patients are fully aware of payment options and can choose the plan that best suits their needs.
Are there any downsides to offering finance?
One downside of offering finance is the administrative work involved if you manage it in-house. Staff need to handle credit agreements, monthly repayments, and any issues if patients are unable to pay. This can take time and create extra responsibility for your team.
Another potential downside is the cost for patients, as some finance options may include fees or interest, which could make the total amount higher than paying upfront. It is also important to ensure all arrangements are authorised and regulated, so your practice remains compliant and patients understand the terms before agreeing to a payment plan.
Can we offer finance for cosmetic or elective procedures?
Yes, you can offer finance for cosmetic or elective procedures. Many patients may delay or avoid treatments such as teeth whitening, veneers, or dental implants because they cannot pay the total amount upfront, and insurance does not usually cover these types of treatment. Offering a payment plan allows patients to spread the cost into monthly payments, making it easier for them to say yes to treatment and complete it without delay.
It is important to clearly explain all finance options, including the total amount repayable, monthly instalments, and any fees. Using a regulated lender or appointed representative ensures the finance is authorised and regulated, giving patients confidence and helping your practice remain compliant with UK financial regulations.
Are there hidden fees or administrative costs for practices that offer dental finance?
Practices offering dental finance should be aware of potential administrative costs, especially if they manage finance in-house. Staff time may be needed to set up payment plans, process credit agreements, and handle monthly repayments. These costs can add up, particularly for smaller treatments where finance may not be practical.
Using a third-party, regulated lender can reduce these administrative burdens. Most approved lenders handle repayments and credit checks, meaning your practice receives the total amount upfront. There may be fees charged by the lender, but these are usually transparent, so practices can provide clear information to patients without unexpected costs.
Can finance providers handle multiple treatments on a single plan?
Yes, many finance providers can handle multiple treatments on a single plan. This allows patients to spread the cost of several procedures, such as dental implants, fillings, or cosmetic treatments, into one set of monthly repayments. It makes it easier for patients to manage the total cost of their dental care without having to pay for each treatment separately.
When using a regulated lender or appointed representative, the process is simple and transparent. Patients can see the total amount repayable, monthly instalments, and any fees, while your practice receives payment efficiently. This approach helps patients complete multiple treatments without delay.
How do credit checks affect patient finance approval rates?
Credit checks are an important part of the patient finance process because they help lenders see a patient’s ability to repay a loan or payment plan. A patient with a good credit history is more likely to be approved quickly, while those with poor credit may face extra checks or be declined.
Using a regulated lender or appointed representative ensures that credit checks are done fairly and securely. Patients should be told that their credit history may affect approval. Clear information about monthly repayments, total amount repayable, and other arrangements helps patients understand the process and make informed decisions.