In today’s economic climate, the need for dental practices to extend credit to prospective patients is a necessity. With the rising cost of healthcare across the board, most patients just cannot afford to pay for their treatment in one lump sum. So they will look for a dental practice that will extend them credit to pay over time.
Unfortunately, according to a report from the Corporation for Enterprise Development, “56% of consumers have subprime credit scores. Meaning they are unable to take advantage of the best, or even average interest rates if they need to borrow money.” So where does that leave your practice? Do you blindly extend credit on faith, hoping you’ll eventually see your return?
The good news is you don’t have to with our new Patient Credit Score Services.
This innovative service provides you and your staff with the financial data needed for making in-house credit decisions. Powered by TransUnion, you’ll get a synthesized report featuring a FICO score and the healthcare-specific metrics you need to get a more complete picture of your patient’s financial situation, right at the point of service.
Here are the great ways this service is designed to help make better in-house decisions:
- Improve financial counseling with easy to read Decision Messages, which help staff with in-office credit determinations.
- Expedite the registration process and improve revenue recovery through self-reported data that is quickly verified.
- Reduce fraud and identity theft through five standard alert messages, including Red Flags.
- Review the patient’s available credit and TransUnion New Account score, which are compared against pre-set thresholds to help optimize your collections processes.
- Improve your charity care determination process and reduce bad debt by comparing the patient’s Federal Poverty Level (FPL) % estimate, which is compared against financial aid thresholds.
- Makes soft inquiry on a patient’s credit, which will not affect their credit score.
Patient Credit Score Services will help your practice make objective, ability-to-pay decisions and ultimately help you collect on services rendered.
Improve your financial counseling and collection with DentalXChange!