How Does It Work?
Advantages for you:
- Increase treatment uptake - paying for treatment in affordable monthly instalments makes it easier for patients to agree to the treatment they want, or need.
- Improves cash flow - unlock your cash flow by getting paid right at the start of the treatment, significantly reducing your exposure to bad debt.
- Increase your range of treatments - introduce services you may not have been able to before, helping to increase turnover from your current patient base and attract new patients.
- Secures immediate business - by removing the up-front payment for the full cost of treatment, patients can quickly move forward with the treatment they want.
Advantages for your patients:
- Makes treatment instantly affordable - by spreading the cost, patients can have the treatment they want, when they want it, on a repayment plan to suit them.
- Greater choice of treatments - treatments are made more affordable so the patient can access a wider range of options, choosing the one perfect for them.
- Payment terms to suit them - with a range of credit and payment options available, your patient can choose the one best suited to their circumstances.
Overview and How It Works
- Web based management system which automates, tracks, reports and simplifies Patient Finance for Dental Treatments 24/7
- Loan Applications are made by the patient online, decisions are instant with loan agreement signed using electronic signature
- Automated email system informs practice immediately a loan is approved enabling the practice to request immediate payment on line
- Marketing material, online video staff training, Patient calculators for your website
- No paper forms for your staff to complete means reduced costs and as you get paid when treatment starts, your cashflow gets a boost as well.
- Treatment Values from £250.00
- Interest Bearing Finance at 9.9% APR Representative also available
Easy Practice Portal
- Everything contained centrally on our Practice Portal.
- Designed to give autonomy, convenience and speed of access for processing applications and practice resources
- Patient friendly treatment cost and repayment calculator.
- Everything you need in one place.
- Launch Web based Application System from Portal.
Web Based Application System
- Simple Practice Interface
- Various and Comprehensive Search Criteria
- Centralised Reporting, Control and Management for Multiple Practices of Data and Security
- Real time Information on Status, Payment and decision of applications
- Loan Application sent to patient by email in 30 seconds
- Easy reconciliation with Practice Bank Account
- Mobile Friendly Loan Application for Patients
Comprehensive Training Support
- Short, Informative, Online Videos Demonstrate and Instruct Practice Staff
- Learn at your Convenience
- Training Included at No Cost
- Demonstrations and Training using Screen Sharing Technology.
- Videos linked to FAQs section in Portal
Extensive Marketing and Promotional Support
- Instant Patient Awareness of your Practice Promoting Finance
- A1 and A2 Reception Framed Posters
- Informative and Professionally Branded Patient Posters and Leaflets
- Click on one of the images opposite to view a full pdf of the poster and brochure
- Create, Order and Purchase Bespoke Promotional Leaflets Online using Professional Templates
Work Out Your Monthly Payments
- Compliant with CCA Regulations
- Drive Patient Enquiries from your Web Site
- Go ahead and try our Online Calculator in our demonstration website opposite
- Easy to use, Works out Treatment Cost from Patients Budget
- Associated Wording for your Practice Site Available
Your patient is emailed a loan application for their treatment plan to apply online, the loan can be approved in just a few seconds and then signed online, using Electronic signature.
As soon as treatment starts, simply request payment from us, which is made directly into your account in just a few days.
There are no set up fees or any processing fees with Finance 4 Patients and it’s a straightforward application form.
The only cost to you is the Subsidy Fee* which is deducted from the amount we pay you when treatment starts.
Subsidy Fee * If your patient took up a treatment loan of £1,000 over 10 months Interest Free Finance, they would make 10 payments of £100 totalling £1,000.
The subsidy fee is the amount we deduct from our payment to you, to allow the patient to take up their loan without paying Interest (you pay the loan Interest on behalf of the patient), in the above example we would pay your practice £916.50.
You are not tied to provide a minimum monthly volume, or minimum term, around 95% of all our customers are recommended to us through referrals.
Settlement for fulfilled agreements is paid daily by BACS, directly from our partner bank to your nominated account. Just log in and click request payment when treatment starts, funds are sent to you electronically within a few days.
When you request payment from us, this also triggers the first payment due from your patient, which will be one month after the date on which you request payment.
Every single transaction is logged on the system and the payment to you is visible and accessible 24/7 whenever you need to check this. Everything is updated in real time, so that you can check payments made to you and any subsidy cost paid.
We want to make everything simple, fast and convenient for you, our business with you is completely transparent and you can check your financial reports and service levels anytime, day or night online 24/7.
The online reporting function allows you to access every treatment loan offered. You can check exactly what stage it is at and/or when you received payment, how much you have been paid and details of the subsidy cost to you on each loan processed.
This is available in real time and the reports allow you to obtain this information by individual Practice and individual practitioner.
This information can also be exported to an Excel spreadsheet for further analysis and planning.
Access to this part of the system is protected and can only be accessed by those nominated individuals who have approval to obtain these reports.
We have included a number of different search functions so the information can be produced using a combination of the search functions you need including date range, practice location & practitioner.
Finance 4 Patients will provide full and in depth training, from an initial introduction to a comprehensive understanding of our Finance Processing System. Our customer support team delivers a hands on and personal approach to training and building relationships with your staff, which enables good communications between Finance 4 Patients and your Practice. The Video Training Suite within our practice Portal provides a reference library for your staff. We also provide Patient Leaflets and A1 or A2 Posters that can be branded to your practice. Our support is continuous and only a phone call or email away.
If just one of your patients decides they would have preferred to spread the cost of finance and it hasn’t been offered to them, they may not take up their treatment plan with you.
Offering a payment plan to your patient reduces the risk of price being the most important factor in the patient’s decision, monthly payments make it easier for patients to equate the treatment cost with their monthly income and affordability.
Many patients will also spend more on their treatment plan if offered the option to pay monthly than full payment in advance.
Using your own cash flow can be restricting if you have other plans to grow the Practice.
Practices who do this can find they become too involved in administering and recording patient payments and in some cases have to chase up slow or late payments, which can be costly and time consuming.
Finance 4 Patients pays the full treatment amount in full, (less the subsidy charge) when treatment starts and you are not exposing your practice to slow payment or bad debt.
If the patient doesn’t make the repayments to us we don’t ask you to refund our payment to you or ask you to stop treatment.
No, you can’t do this.
The total amount paid by your patient can’t be any more than the cost of the treatment advertised or given to the patient, if the patient was to pay cash.
If you were to add the subsidy cost to the treatment amount then it wouldn’t be Interest Free Finance and you would be operating outside of the laws governing advertising of Interest Free Finance.
Your prices must be the same for a cash purchase or Interest Free Finance purchase.
If you are looking to use Patient Finance to grow your business, we provide a great range of services and support to help you.
Our loan processing software means that the Practice staff have no paperwork at all to fill in or send and can complete the entire process in just a couple of minute from offer to payment.
Not all Dental professionals want to become sales people, so our range of marketing materials can help you communicate your sales messages online and in your practice reception or waiting area.
In addition to free marketing material for your website and branded leaflets and posters, we help with website content, provide patient educational videos and a great patient repayment calculator with your Practice branding included.
We are constantly developing ways of making life easier, faster and more convenient, to make the Patient journey and the Practice journey a hassle free zone.
Patient Leads: We even send patients who are looking to spread the cost of their treatment to your Practice.
All Finance 4 Patients registered Practices are included in our Practice Locator software, so when a patient gets in touch with us looking for a local Practice offering finance for their dental treatment, we send them your contact details.
Making 0% Finance offers more visible in your practice and on your website or social media feeds will generate more awareness and interest for you.
You can download any of the free website marketing material from the Portal to which we give our registered Practices access.
In there you will find 0% Finance treatment specific banners for Implants, Orthodontics, Crowns, Dentures, Veneers and Whitening.
You can download a video to play in Practice or on your website, which explains how easy and fast it is to apply for a dental treatment loan online, in complete privacy.
If you wish, we’ll even build a calculator with your Practice branding to allow patients browsing your website to work out their monthly payment or the amount they can afford to spend with you if they enter a monthly payment they can afford and of course, we do this for you completely free of charge.
You can follow us on Twitter and we’ll follow you back too.
The most important thing is to make sure your patients care informed by you or your staff, that you offer finance. Are you promoting finance in your Practice as strongly as you are your other products?
You can book a no obligation free online demonstration of our system and we will show you how the system works and give you some samples and ideas of the marketing support we provide to help increase treatment uptakes.
Do your staff know how much the monthly payment is approximately for each treatment over 12 months 0% Finance for example.
Many patients won’t ask for finance, they will expect you to inform them of all the options you provide so it’s important that the patient doesn’t leave the practice without knowing you can offer a payment plan for treatment.
Practices that do the most business via finance promote it to their customers using Social Media, their website and most importantly speaking to them about it when they are in the dentist’s chair or with the treatment coordinator.
Security is an important concern for both the Patient and the Practice during any online transaction. In reality an online transaction is often more secure than a transaction in a shop or conducted over the telephone, as the information transmitted online is highly encrypted. The Shawbrook Bank Finance gateway uses proven techniques to ensure the security and integrity of sensitive data. The public web servers are certified by a leading Certificate Authority, ensuring that both the patient and the practice can have confidence that nobody can impersonate Shawbrook Bank Finance to obtain confidential information. Data storage on the systems and the communication between servers is regularly audited to the highest standards to ensure a secure transaction environment. This includes regular third-party testing for vulnerabilities and reviews of application security and access control procedures.
In most cases Practices are up and running in just a couple of weeks and we’ll train you how to get the very best out of your Finance 4 Patients facility.
Finance has a proven track record of increasing the average sales price of a transaction throughout high ticket retail in the UK. By increasing the size of the sale you can fund the subsidy and still increase your profits. When you start to chat to your patient about paying for their treatment monthly, they begin to think about some of the other treatments they can add for just a few extra pounds per month. Having an invisible filling might work out at an extra £5 or £6 per month and even Teeth Whitening can be added for around £20 per month.