Five Tips for Productive Affordability Conversations
Enabling productive affordability conversations with your patients is key to your practice’s success. Here’s a look at our top five tips to help make those conversations happen:
1. Speak your patients’ language
Patients are not fluent in your practice vernacular nor are they fluent in payment options. The most successful practices can speak in simple terms about their treatments and their payment options. Providing clarity helps patients feel confident and makes it less likely that they will seek second opinions elsewhere.
2. Take the time to do it right
The appropriate point in the process to have a payment conversation with your patients depends on your procedure and your office. But no matter when it happens, make sure you spend sufficient time talking about payment with each patient. Practices that fail to invest this time are more likely to see patients walk away -- or to face challenges later in the process as patients struggle to figure out payment themselves.
3. Walk through your entire payment process
How many invoices will the patient receive and from whom? Will invoices come via mail or email? Will patients receive payment confirmation? What happens after an insurance claim is processed? Providing clear answers to these basic questions will help prevent patients from feeling overwhelmed by the payment process.
4. Present payment options
Many patients do not have the financial means to pay fully out of pocket for their care, so presenting payment options up front is an important way to improve case conversion. Dental CRM, Treatment 24-7, found that presenting multiple payment options to patients helped improve case acceptance by 17%.
5. Take the pressure off
Patients do not like feeling as if they are being “sold” a treatment plan, so make sure that you do not put that sales pressure on them. One way to take the pressure off in the moment is to make it easy for them to complete the transaction on their own timeline -- over the phone or on the internet.
FeatherPay is a payment platform that accelerates revenue and lowers operational costs for healthcare companies, while delivering a great experience for patients. FeatherPay consolidates all the different ways your practice enables payments into a single experience for patients and administrators.
Companies that use FeatherPay have seen 5-20% increase in their revenues as well as improvements in operational metrics such as patient satisfaction and sales rep performance.