519: Sameer Bhasin, CareCredit - at ADA SmileCon - a podcast by ACT Dental

from 2023-01-02T03:00

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Sameer Bhasin, CareCredit - at ADA SmileCon

Episode #519 with Sameer Bhasin

You don't know what your patients can or can't afford. So, why not give them options and let them decide for themselves? To help you do that, Kirk Behrendt brings back Sameer Bhasin, vice president of strategic alliances at CareCredit, to dispel some of the myths and misconceptions about patient financing. CareCredit benefits everyone! To learn more and become a CareCredit provider, listen to Episode 519 of The Best Practices Show!

Episode Resources:


Main Takeaways:

CareCredit is for everyone, not just a certain demographic.

Understand the benefits of CareCredit for your patients.

Your treatment acceptance is not as high as you think.

Patient financing is not just about making money.

Don't assume what your patient may want.

Understand the 80/20 rule.  

Quotes:

“If I were to ask 100 offices, ‘What is a good patient financing percentage in your practice? What dollar amount would it be?’ I would probably get numbers from $10,000 a year in patient financing to $1 million. Nobody knows. Nobody knows what that is. So, 80/20 — or what I call the other side, 10/20 — is an easier metric to think about. So, what does that mean? 10% of your patients should be applying.” (3:26—3:54)

“It doesn't matter whether you are a specialist who only sees 10 patients a day, and it doesn't matter if you're a GP that sees 30 patients a day. 10% of your patients should be applying [for financing] because that's a good spot. That's a spot where you will find, a lot of the times, when patients say, ‘Let me think about it. Let me call you back. I need to talk to my spouse.’ So, these are the patients who may or may not have insurance benefits, may or may not have credit cards. They are saying no. Or, ‘Let me think about it,’ is a nicer way of saying no to treatment right now. So, 10% of your patients should be applying.” (3:57—4:28)

“The moment you start to hit that 10%, you start to see that your overall production goes up. Your overall collection goes up. And a good number for a good patient financing part of your practice should be 20% of your overall over-the-counter collection should come from third-party financing. That's a good, healthy number. The assumption is, ‘Oh, we want 50% of your business, 100% of your patients.’ No. 15% to 20% is a good, healthy number. That shows that you are utilizing patient financing in your practice as part of your process, not as a product, not as an afterthought. And that's the place you want to be.”...

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