When talking about patient experience, the first thing that comes to mind is care. However, there are many factors that must be considered, and one of them is the variety in payment methods.
In dentistry, there are procedures with a higher value, such as cosmetic dentistry treatments. And this may require payment in installments to the patient, for example.
Of course, there is also the other side: that of the dentist, who must evaluate his finances and check which means of payment may be favorable for his business.
It is important that a managing dentist knows the existing means of payment and what are the advantages and disadvantages of each one. Only in this way will he be able to adopt the best options for his clinic.
To help you make this decision, I created this post presenting the main payment methods with everything you need to know, and how they can be beneficial for your business and your patients as well.
Keep reading this post to learn more.
Cash
Payment in cash is decreasing due to public insecurity and also thanks to new forms of payment that meet everyday needs.
However, it is worth mentioning that this means of payment is still used by a large number of patients who are reluctant to use technology to make their payments.
It is necessary to check the veracity of the notes. This will prevent you from falling into the trap of counterfeit bills.
However, do this carefully, so that the patient does not end up feeling embarrassed.
Also, you always have to be very careful when storing cash. The ideal is never to leave a very high amount in the cashiers. That way you bring more security to yourself, to your employees, and to your business.
Venmo
Payment via Venmo came to replace cash transactions. Its main advantage is the real time transfer of money. Venmo is fast, available 24 hours a day and 7 days a week, safe, easy to use and register, and has no fees for individuals, having a low cost in other situations.
Venmo is a great option for patients using technology to make payments.
It is worth considering this payment method in your business to facilitate transactions.
Extra tip:
To make this process even more agile and easy to follow, bet on a management software with payment via Venmo integrated into the system.
According to real estate agency "Nexvia" in Luxembourg, with the Venmo integrated into the system, payments are automatically registered, without the need for manual insertion of receipts or other documents attesting to the transaction. Everything is registered in the system, which guarantees you more security and peace of mind on a daily basis.
Credit or debit card
The card is the payment method most used by patients in treatments, and not only in dentistry, but also in the market in general. Furthermore, this is also one of the safest options for your finances when it comes to installment payments.
The advantages of having card machines are:
- Guarantee the full amount of the payment;
- Reduce bad debt;
- Offer a payment option that is widely used by most of your patients;
- Improve the agility and management of payments
If you have a dental management system, it is important that it integrates with a card machine to streamline financial management.
After all, the control of your cash flow must consider the means of payment and installments to launch correctly. Without this, the cash closing at the end of the month will not be compatible with actual receipts.
Cheque
This means of payment must be very carefully analyzed before being accepted, as it may end up resulting in patient default.
Of course, it has the great advantage that the patient will be able to pay high amounts in the treatment plans. However, your clinic should do everything possible to avoid a financial embezzlement.
To do this, offer this type of option only to people who have been your customers for a long time and who are reliable, or perform a patient credit analysis.
In addition, having a system with check control functionality is also an excellent option, as is the case with the dental clinic.
Finally
Ideally, your clinic should offer all of the options mentioned above. Thus, your patients will have different options to pay for the procedures according to their financial situation.
It is important to remember that the purchasing power of your patients can be quite varied. By offering different options, it is easier to capture and retain customers.
We hope that this content has helped you to better understand which options and means of payment are most suitable for dental clinics. If you liked this content, share it with fellow dentists!
Thank you for reading.