September 3, 2013

Membership – Annual versus Monthly plans

By | 2017-01-18T17:22:18+00:00 8:10 am|Comments Off on Membership – Annual versus Monthly plans

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 […]

August 26, 2013

Training Staff to Communicate Value

By | 2017-01-18T17:27:11+00:00 8:12 am|Comments Off on Training Staff to Communicate Value

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 […]

August 19, 2013

The Power of Membership

By | 2016-10-29T16:36:43+00:00 8:14 am|Comments Off on The Power of Membership

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 […]

August 12, 2013

Managing Risk, with an Eye on Reward

By | 2016-10-29T16:36:43+00:00 11:16 pm|Comments Off on Managing Risk, with an Eye on Reward

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 […]

August 5, 2013

Managing Risk: Individual Based Credit Assessment

By | 2015-06-08T18:10:37+00:00 11:18 pm|Comments Off on Managing Risk: Individual Based Credit Assessment

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 […]

July 29, 2013

Managing Risks: Origination Workflow

By | 2017-01-18T17:30:51+00:00 8:20 am|Comments Off on Managing Risks: Origination Workflow

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 […]

July 22, 2013

Maximizing Returns and Handling Missed Payments

By | 2016-10-29T16:36:43+00:00 8:23 am|Comments Off on Maximizing Returns and Handling Missed Payments

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 […]

February 26, 2013

Creating a Steady Cash Flow in a World of Hard Costs

By | 2017-01-18T17:45:09+00:00 8:40 am|Comments Off on Creating a Steady Cash Flow in a World of Hard Costs

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 […]

January 25, 2013

Managing Hard Costs and Mitigating Risks in Small Business In-House Financing

By | 2017-01-18T17:51:03+00:00 8:41 am|Comments Off on Managing Hard Costs and Mitigating Risks in Small Business In-House Financing

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, […]

January 22, 2013

In-House Financing: Building a Bridge Between You and the Consumer

By | 2017-01-18T17:52:51+00:00 8:42 am|Comments Off on In-House Financing: Building a Bridge Between You and the Consumer

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 […]