The Academy of Dental Certified Public Accountants (ADCPA), (
http://www.adcpa.org/) recently announced the completion of an independent analysis of the financial impact of the CareCredit patient financing program on U.S. dental practices.
The study’s key finding was that practices using CareCredit’s Patient Financing Program experienced, on average, a 25.3% increase in gross annual production, representing $151,800 in incremental revenue in the typical practice. This compared with an average increase of only 4.1% for practices without a financing program. Additionally, CareCredit practices experienced a 37.7% decrease in Accounts Receivable Aging, compared with a 3.8% decrease in practices without a financing program.
Study results were compiled by analyzing the financial reports from a cross section of practices nationwide that offer the CareCredit program and practices that did not offer a patient financing program. The ADCPA used data provided directly from the practice management software of sampled practices. Four report areas analyzed were Treatment Plan Statistic Analysis, Production Summary by Category, Payment Summary and Accounts Receivable Trends.
“We are committed to providing the tools and training to help practices enrolled in CareCredit succeed and to experience the positive results the ADCPA study has shown,” stated Michael Testa, president, CareCredit. “It’s encouraging that the study also
indicated ‘100% of the participants felt CareCredit met or exceeded their expectations’ and ‘98% would most likely recommend the program to other practices’. This is a testimony to how easy the program is to use and to the level of practices’ satisfaction with our customer service, support and training programs.”
The ADCPA is a national association of accounting firms that specialize in meeting the unique needs of the dental practice. A complete copy of the study and findings may be viewed at www.carecreditworks.com.
CareCredit is currently at work in more than 45,000 practices in North America and is used by over 3.5 million patients. CareCredit continues its commitment to provide an easy to use, simple program that makes it easier for patients to get treatment. CareCredit is exclusively selected for their members by most state and national associations, including ADA Member AdvantageSM*, AGD, AAOMS, and AAP and is also recommended by leading practice management consultants. For more information call CareCredit at 800-300-3046, ext 4519 (new enrollment) or 800-859-9975 (currently enrolled practices.)