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THINKING BUSINESS
a blog by Chris Barrow

Patient Finance - red alert - you might have to change your tune



I heard yesterday from two separate sources that Medenta are "temporarily" pausing in signing up new dental clients who want to provide finance for patients.


Reasons appear to be around the sheer volume of new deals in the current marketplace and some concerns from lenders that, as furlough draws to a close, there could be problems servicing debt in the general population.


In all fairness, I haven't connected yet with Medenta to hear a fuller explanation and this post may prompt a response - what I do know is that they are a very sensible and ethical company and are most likely to be doing what's best in the interests of their clients.


It does, however, pose a question for those who have been offering patient finance as part of their overall package of benefits to patients:


"How will I adapt my marketing approach and patient communication if patient finance becomes a scarce commodity in future months?"


May I suggest that the sooner you discuss your answer to this question with your marketing/TCO and clinical teams, the better?


It hails a return to "values-based selling" and I'm sure will keep my friend Ashley Latter busy in adapting his communication skills training to cope with this possible change in the landscape.


It just so happens I'm having breakfast with Ashley tomorrow - watch this space.


Red alert people.

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Hi CB, I recently signed up with Medenta as their rates were much more favourable than the incumbent. We do very little finance since the larger treatments with numerous visits allows the patient to 'pay as you go' always taking a deposit to ensure the lab fee is covered. Works for us! Lindsey Wordley

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