CATEGORY 106 AUSTRALASIAN DENTIST The economic climate is changing and demand for flexible payment options like hummare increasing as customers deal with greater lifestyle expenses. More and more Australians are choosing products and services that offer manageable payment options and in the past 12 to 18 months are we starting to see its potential within the dental industry. The pressure on a patient to make a snap decision on expensive procedures is immense, and depending on their financial position, providing the facility for a patient to break down their treatments into manageablepayments canbe thedifference between them accepting treatment or not. With flexible finance options the question of affordability gets tucked away, and patients can then look to maximise their treatment options, as the payments will be spread over time. This may mean a lower cost but more drastic treatment like an extraction, could be upgraded to a root canal and a crown, keeping the patient’s smile and bank balance intact. In many ways the craft of dentistry will always be required to treat pain, maintain a patient’s oral health status and to provide treatments that restore a desired image for those that have a reasonable level of disposable income during any economic situation. Of course, no industry can be fully sheltered from recessionary pressures, however knowing your practice, its capabilities and its patient demographic database will assist greatly in navigating a pathway that keeps everything moving forward. Your practice should take the time to understand what motivates a patient to obtain a particular service and their ability to pay for the same. Marketing is a key activity to continue to promote and reinforce your practice’s core strengths and By using a service like humm, it means the dental practice gets paid upfront. Money in the practice now can mean more staff, the latest dental equipment, and greater cashflow for business growth. humm already supports more than 2,000 dental practices across Australia and New Zealand, providing payment plans for treatments up to $30,000. There is a 26% lift in recall when humm is integrated into a quote practices saw 94% of patient applications approved on the spot, and an ATV of $4,398. As we look down the barrel of some financially difficult months ahead, for both our patients and our practices, there are steps you can take to cushion the blow: u Have available and transparently advertise payment plans u Discuss payment plans as part of the treatment plan u Proactively provide a payment plan quote in addition to a cash quote u Offering finance as part of the treatment plan means that patients are not only the benefits to oral health outcomes and overall wellness. Neglect can lead to more drastic consequences. Covid has taught us all to adapt during challenging periods. Treatments should remain accessible for patients and supported by flexible finance plans if required. Team based stability is a great mechanism for providing patient comfort and lessening anxiety during any timeframe. Developing effective retention and loyalty strategies underpins service continuity. Continuous education and training also enables additional skillsets to be developed to complement general dentistry which provides resilience against fiscal seasonality. A strong and supportive internal culture creates bonds that will provided a health solution, but also a justifiable financial option. It removes low level discounting that impacts the practice, but is not noticeable to the customer. Used correctly, humm can help you not only increase treatment plan acceptance, particularly those of a higher value, and ensure patients come back for treatment sooner and more often. For more information on humm: www.shophumm.com/au/join-humm or call 1300 300 737. Payment plan approved applicants only; fees, terms, conditions, minimum amounts, and exclusions apply. Payment plan provided by humm BNPL Pty Limited (ABN 28 129 228 986) a subsidiary of humm group limited. encourage a lack of movement. Practical considerations should also potentially include paying down debt, harvesting cash reserves and negotiating more favourable trading terms with key suppliers. Recessions cast doubt on many aspects of life and discretionary spending on dental services will become a key consideration for many patients. Taking the time to listen, educate and provide the highest quality of treatments and care possible will make a patient feel that they have had an experience that has not only been beneficial but has also contributed to an improved health outcome. Become or continue to be the trusted advisor to your patients and their loyalty will provide insulation against periods of uncertainty. When interest rates are high – interest free sounds even more attractive Tips for a dental practice to remain recession proof By Joy Nowland – Area Manager – Humm Group By Dr Peter Hughes Dr Peter Hughes SPECIAL FEATURE
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