Deciding on annual versus monthly billing can be one of the biggest challenges of do-it yourself membership programs. Annual plans seem to present the easiest option in terms of origination and maintenance, but monthly plans hold many advantages that may be worth the extra effort. Let’s take a look at […]
If you’ve been reading the blog so far, the potential benefits of membership programs – increased loyalty, steady revenue stream, and consistent care for patients – should be clear. However, a key factor in launching a successful program is communicating the value of the membership to the customer. We can throw […]
This week, we’re shifting the focus to membership programs, a powerful tool for maintaining loyalty and creating a steady stream of business. Membership programs provide an easy mechanism to bundle a suite of products and services together that meet the basic, and in some cases, advanced, needs of customers. They […]
It’s time to confront a hard and uncomfortable truth: extending credit comes with risk. Even with best practices employed across the board, every payment plan carries the risk of a loss. The more your practice relaxes approval standards to accept more business, the larger the risk.
We have doctors in our […]
As we discussed last week, optimizing returns on in-house financing starts with managing risk. And managing risk starts with evaluating patient profiles to minimize default rates. Our last post suggested a uniform system running credit and bank checks as well as other procedures for each candidate, with minimum requirements for […]
Today’s blog continues our series on maximizing the effectiveness of in-house financing, by controlling factors influencing your returns.
As we discussed last week, a proactive approach pays dividends in terms of preventing soft defaults from turning into hard defaults. This week we’ll examine how a practice can employ smart origination […]
Today begins our new series of blog posts examining the various steps of successfully offering payment plans, and how to maximize the effectiveness of your in-house financing program. To begin, we’ll look at various factors that effect your total return on the payment plans you offer. How you can make […]
Many Ophthalmologists enjoy a steady baseline of business, as the majority of services offered (cataracts surgery, canaloplasty, etc.) are essential, vision saving endeavors, and are often covered by private insurance, Medicare or Medicaid. However, other procedures or upgrades offered by Ophthalmologists, such as Lasik Surgeries and lens upgrades can benefit from
With the plethora of discount online suppliers of glasses and contacts, many Optometrists see customer loyalty as a growing challenge to their business. It has become common practice for patients to patronize an Optometrist for an eye-exam, and then take the prescription to whichever online retailer offers the best deal […]
As we mentioned previously, in-house financing can be a powerful tool for Cosmetic Surgeons, allowing them to take control of their patient financing and increase revenue, while saving payments to third party financiers. While down payments on these financing plans are often dictated by the hard costs involved (surgery center, anesthesiologist, […]