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 […]
As we discussed last week, in-house financing can be a powerful tool to help dentists and various other medical practices generate wealth and grow their business at a dramatic rate. The same tools have also been utilized to great effect in a variety of industries, and while the needs of the […]
As we made clear in our earlier posts on dental patient financing and veterinary wellness plans, the most apparent advantage of in-house financing is the ability to expand your business by reaching out to consumers who may have trouble affording your services. This system has helped thousands of dentists, […]
Our nation’s current financial climate presents a challenge for small businesses in any field. The credit crisis has affected a substantial portion of the country’s consumer base; 37% of the country has a credit score of 650 or lower, and approval rates on loans are frequently tightening.
A lack of access […]