What role does patient financing play in helping patients receive the type of treatment they’re looking for?

Below, we’ve compiled the key points discussed in the Jameson Files Episode 144. To enjoy the full episode you can watch on YouTube or listen to our podcast on iTunes, Google Play, or Spotify.

Jameson Files Episode 144 —How Patient Financing Meets the Needs of Your Patients

Carrie Webber:

Sameer is the Vice President of Alliances for Care Credit, what we believe to be the premier patient financing program in the dental profession and in other professions outside of dentistry. You’ve been in the arena for many years, Sameer, so today I want to talk about the need for patient financing from the perspective of your patients. We often think about how this serves me as the doctor, but I would like for all of us in the dental realm to think about what role does patient financing play in helping patients receive the type of treatment they’re looking for? 

So Sameer, to begin, could you share with us a brief life history of CareCredit?

Sameer Baseen:

Absolutely. First of all, thank you for having me. This is a topic that I feel very passionate about, and I think you started out by stating it from a patient’s perspective, right? Keeping the patient as the center point has always been CareCredit’s goal, and now we have been serving the profession for 35 years. Everything that we do literally always first asks what is best for the patient. And of course, what’s best for our doctors and their teams too.

Talking about money is not everybody’s comfort zone, and we understand that. So having the tools and resources always evolving according to the needs of the day serves our patients by helping them get the dentistry they want rather than having to put their health as secondary.

Demand for Patient Financing is Growing

Carrie Webber:

Right. So thinking of it from the patient perspective, I know that CareCredit and Synchrony do a great deal of continuous study. You really try to keep your finger on the pulse of consumer behavior—what patients are looking for, what are their obstacles to care, what seems to be the need. So for you, what is the demand for patient financing from the consumer standpoint that you all are seeing today in dentistry?

Sameer Baseen:

The demand has not been any different except that it has actually grown. More patients are more aware of their oral health and how it impacts their overall health. So they’re more educated and asking for those options. Of course, when the economy is not doing well, patients don’t want to use their cash. They still want and believe in the treatment that’s being offered. But I think the biggest obstacle is our assumption that money, time and fear are always the reasons patients don’t accept treatment. 

I would actually put the value of dentistry in there. Are we educating the patients enough that they understand why this is important for them before we ever talk about money and time and fear? 

So if you see that demand has increased, what is the real obstacle? If we are only focusing on if the patient gets approved for it, that means we have missed the mark somewhere. If the patient feels like they need to go have a conversation at home and discuss with somebody else, or they want to think about it, what did they want to think about?

In our profession, the value of dentistry has always been around an idea that if it’s not broken, bleeding or hurting, it’s not urgent. And I feel that when we look at where the profession is, where the markets are, where the consumers are, demand has been constantly increasing. But remember, one of the things I always say is people don’t buy cars; they buy car payments. They don’t buy houses; they buy mortgage payments. And in some cases the dental investment needed could be just as big as a car. It’s just that when it comes to that kind of dollar amount, people are used to having an option presented to them immediately.

Patients Expect a Financing Option

Carrie Webber:

Yes. That’s a great point. Would you agree that there’s a likelihood that patients are coming in expecting that there will be a monthly payment option presented to them because we have come to expect that in any major investment that we make? 

Sameer Baseen:

Correct.

Carrie Webber:

So while we as dental practices may be avoiding it or saving it in the back pocket for a last resort, that puts an emphasis on bringing that to the forefront with every other option that you have available because it could be a patient of all levels of financial capabilities that may be interested in taking care of their dentistry in that way. When I interviewed Dr. Mark Hyman on the podcast, we talked about how when we assume for our patients, we’re doing such a disservice for them. I agree with you also on the value piece. ADA surveys often show that with all the different reasons, in addition to cost, time, and fear, that need shows up. I always think that means perceived need. If they’re not coming to the dentist because of a lack of need, then that is a blaring sign that there is no value in the care. There is no value in the treatment. At Jameson we always teach the four pillars of a patient practice partnership, and they are trust, need, urgency and value. The value has to be in place before the financial conversations take place. 

Sameer Baseen:

Absolutely.

Lack of Communicating About Financing Delays Treatment

Carrie Webber:

So you are saying that you see the need; patients are seeking it out. Whether the practices are talking about it as an option to them could be left to be determined. Are the patients looking for it themselves? Are they finding Care Credit without the dental practice’s help?

Sameer Baseen:

There’s a little bit of both. When a patient comes into your practice, you go over the treatment that they need, and then we tell them that their benefits don’t really cover anything. We tell them that it is urgent. We tell them that we are expecting them to pay 3, 4, 5, 7,000 up front. I, as a patient, am thinking that it’s not hurting, it’s not bleeding, and it’s not broken. With holidays coming, do I really want to spend that?  If it’s not the holidays, it’s probably spring break. If it’s not the spring break, it’s the summer break. If it’s not summer break, it’s back to school. And then we are back to holidays. There will always be a reason. When we see Care Credit, credit card, or any kind of patient financing offered, it is offered as a product versus part of their process. It’s always an afterthought. It’s always when the patient says, “Well let me think about it. I’ll call you back.”

Carrie Webber:

We say, “Hey, there’s one more thing. Here, take this brochure. Just take this brochure while you go home to think about it and not call me back.”

Sameer Baseen:

That’s exactly it. To a patient it’s obviously not that important because otherwise you would have presented it up front.

Carrie Webber:

Yes.

Sameer Baseen:

Every treatment that you talked about, even some of the things that you mentioned that we can wait for 3, 4, 5 months, you discussed it up front. Money was obviously not as important, otherwise you would have gone over every option that I have. I think that one of the myths is that we want everybody to apply for patient financing. 

Carrie Webber:

Yes.

Sameer Baseen:

What we want is for the patients to finally say yes, whether it’s by check, or credit card, or cash, or patient financing. The challenge that I have seen over the years is that we will not talk about it until the patient actually brings it up. Let’s think about it. How many times will a patient actually come out and say, “Do you have any patient financing?” It becomes uncomfortable. If it’s uncomfortable for you as a team member to have a conversation about money, it’s uncomfortable for the patient to also ask for that.

Carrie Webber:

Yes.

Sameer Baseen:

So if you are keeping it as a dirty secret, then that’s where it stays. If you look at your diagnosed and unscheduled report, it will give you a blaring report of where and how we can address that.

Myths Concerning Patient Financing

Carrie Webber:

Let’s go there. Let’s debunk the myths– Myth Busters: Patient Financing Edition. Number one is a good patient financing company does not want you to use patient financing on every single patient. They want you to use it as the tool to help the patients that are looking for patient financing as their solution. 

Sameer Baseen: 

Exactly. 

Carrie Webber:

What are some of the other myths that you hear?

Sameer Baseen:

One of them is that all our patients pay cash, or that patient financing is only for large cases, or people who have money, or people who don’t have money.  It’s like the extreme ends. Patient financing is an option, just like anything else. Think about your personal life. Have you ever financed? It has nothing to do with whether you can afford it or not as far as the product or service that you’re about to buy. It is about giving the option. It’s not that it’s only for certain demographics. I had one doctor tell me the reason rich people stay rich is because they use somebody’s else’s money. That’s one way to look at it. It has nothing to do with if the product is only for a certain demographic. It’s for everyone. That’s why I said product, process. Have that conversation. If I was to ask you if implants are for only certain demographics, you’re going to say, “No”.

Carrie Webber:

Right.

Sameer Baseen:

It’s the standard of care. It’s a great option, and I would offer it to you. It doesn’t matter what your credit score is. It’s the same thing. It’s the same service, so think of it from that aspect. So it’s another myth that everybody pays cash. Another one that we hear is that you don’t approve anybody.

Carrie Webber:

Oh, yes.  I’ve heard that one. 

Sameer Baseen:

I actually even had someone tell me that you approve more people toward the end of the month. Now that’s a new one for me because we are definitely not selling cars. It has nothing to do with the time of the month when we approve more patients. Here’s one of my beliefs. Perception is reality. If my perception is that I was really trying to help a patient get approved, and she did not get approved for patient financing, then nobody gets approved.

Carrie Webber:

That’s right.

Sameer Baseen:

Because the one person that I wanted to help does not get approved, that perception sticks. Then it becomes like the myth that everybody pays cash. That’s not necessarily the case. Thankfully we are in a profession where we measure. There’s hypotheses and there’s theories, and then we actually need data. We need data to see what is successful and what’s not. And I highly recommend to everyone whether you are utilizing Care Credit patient financing or somebody else, go back and take a look at how many applications were submitted. That is a good barometer. 

Resources to Help Implement Care Credit

Carrie Webber:

Can I step in on that? Just like with anything that a practice brings in– whether a resource, a tool, a software, a new piece of technology– the learning curve is the determining factor of how much the team  is going to maximize that tool. Let’s address the mindset of, “I tried it once. They got denied and I’m never trying this again. It doesn’t work. They’re too stringent.” Have you run any rewards? A coach that I worked with once used to tell me that you need to inspect what you expect. Financing is a system in your practice,and when left unchecked, you can’t see improvement. It’s such a key piece to the patient’s relationship with you and to their ability to complete treatment, and I know that Care Credit has resources.

Sameer Baseen:

Yes, we do.

Carrie Webber:

And I mean, incredible resources to not only help team members get more comfortable with how to talk about patient financing and how to overcome concerns or objections about patient financing– the verbal skills and all that. But also, how they can do their own due diligence and inspect what they expect– what the opportunities are in their practice, how much effort they’ve done, even tools to utilize in the patient conversation. So can we just talk about that for a minute? Do you think practices know these things are there? 

Sameer Baseen:

No, in fact, it’s just like anything else. It’s part of that communication. The assumption is that if I bring a product or a service in, then everything is fine. I’m going to bring that CEREC machine, then everybody’s going to do same day crown. No, it doesn’t happen. Somebody still has to have a conversation around it. So to your point, we do have a lot of resources and it depends on where you are in your practice. 

Are you needing help with conversation? Then there’s tools like payment options forms. It’s simple. It’s very nicely done. It’s very professional. It does not have treatment. It has the numbers that patients want to know. How much is it going to cost? Is there any kind of a courtesy adjustment on cash and are there payments? It helps to have it up front and have that conversation so that you’re not going back and forth on what can you afford or how much can you afford. So there is that if you’re looking to make the conversation easier for my team. 

We have tools and resources focusing on aligners, or implant cases, or cosmetic cases. There are tools where you can know beforehand if the patient will get approved by Care Credit on their patient financing or not without running their credit check. It’s called Quick Screen, or it’s called Batch Quick Screen. These will help you prepare for your day, prepare to have that conversation, prepare to create that sense of urgency and that value.

Carrie Webber:

Yes.

Sameer Baseen:

So there is that. Then there are reports that are available. We have come up with QR code, which we’ve been doing for years now.  To take some of the burden off of the teams and the team members who have to take the time to do the application, we have a QR code where the patient scans. They can check whether they will qualify or not without running their credit. Then they can do the application right there, and you can do the transaction the same day.  You don’t even have to wait for three days anymore. So there is that. 

You talked about the verbal, skills and resources. One of the things that I’m very proud of, and this is where I’ve cherished our relationship, is that we work with experts in the profession like yourself. You have been gracious in providing the knowledge and the resources to help the teams. It has nothing to do with Care Credit. It has to do with running your practice better, improving your skills, improving the patient experience, improving how the teams handle. It’s all complimentary to them. It’s available to them. 

Last, but not the least one, it would be remiss if I didn’t mention that the biggest resource they have at their fingertips is a rep that is assigned to them whose job and only job is to find out a way to help you have that conversation– about patient financing, any objections that you’re hearing, any concerns that you may have, best practices that are happening.  It’s not about doing more Care Credit. It has to do with helping more patients. Are we fulfilling the reason you brought us into your practice?

Carrie Webber:

Yes, if your Care Credit rep is calling your practice and you’re shutting them down as a gatekeeper, they’re not trying to sell you something. You already have Care Credit. The goal of your Care Credit representatives is to help you maximize this tool and make the most of this resource that you have, so please take the call. Have the meeting. Have a conversation because these are people that are trained to know the answers to the questions you may have and to help you overcome the obstacles you may be facing. They’re not afraid of your questions. They want to know what your objections and concerns might be, so that you can use the tool more effectively and successfully in your practice.

Sameer Baseen:

That is what has gotten us to the point where we are at because the voice of the customer, the voice of our doctors and the team members is very important. The only way we’re going to hear is through our reps. This is what I’m hearing in the field when I go and speak with our teams and the doctors. Doctors feel that they are best suited to be in the operatory. That’s where they belong. And yes, you definitely do, but as a business owner, as a CEO of your practice, you still need to know what’s going on in practice. So twice a year, if you say, “Hey Sameer, I’m going to give you 30 minutes. Can you give me my practice analysis? Give me a temperature check where we are at, what are we doing well, what can we change? And here are my objections.”

Carrie Webber:

Yes. 

Sameer Baseen:

The rest of the time your team–  you’ve hired great team members, hopefully that you trust– but have a champion, have somebody accountable. But ultimately it’ll start from the leadership. It would have to start from you as the practice owner.

How to Learn More About Care Credit

Carrie Webber:

Where can your practices go to easily find the majority of these resources? Where can we direct them to?

Sameer Baseen:

So the easiest place would be for them to contact their rep. That would be the best place to start because I want to make sure that the tool or the resources fit the need you have. We have tools around marketing, cancellations, no-shows, patient conversation, applications. We don’t want to load you up with everything. Let’s figure out what it is that you actually need right now, and then build upon it. So the reps would be the best way. The best way to contact them is to go to carecredit.com/partnerportal/contactus. Just fill out the brief information, and we will have your rep contact you.

Carrie Webber:

Some of the takeaways are to not let the myths deter you from maximizing this resource for your patients. The patients are speaking for themselves. They’re seeking out the solution for themselves, so make this an open and available solution. You already have it in your practice. And if you happen to not have patient financing in your practice, some things to think about are that the companies you’re researching have longevity, that they have been around more than six months, that you can count on them to be there to support your patients, that they are following rules and regulations, that they are following their own standard of care from the financing side of things, and that you have access and resources and people that can help support you and maximize the tool in your practice. Anything else you would add to that list of what to be looking for?

Sameer Baseen:

I would personally ask a question to myself– because it is somebody that I’m bringing to add on to my practice that is an extension of my brand– are you comfortable with that extension? Are you comfortable saying if I bring in this company I have no issues that my patients will be taken care of, my teams will be taken care of. But also, having it and using it are two very different things. I’m sure a lot of the people and the offices and the audience listening already have Care Credit, though. I think we’re good.

Carrie Webber:

We already have it. I don’t need to hear this.

Sameer Baseen:

It’s like me saying I have a gym membership.

Carrie Webber:

Having it and using it are two very different things.  I want to leave this with the question to all of you listeners. If you have even the smallest percentage, 5% of your patients, that have not proceeded with treatment, and if you knew for sure that this kind of tool, patient financing, is the key they’re looking for, then what’s stopping you from seeking out the resources that these patient financing companies like Care Credit have to help your patients get the treatment they want or need? Great customer service answers the question, “How easy do you make it for your patients to get what they want or need?” And I believe Care Credit goes above and beyond to help their clients, their customers, their partners, their practices. They try to make it as easy as possible for you to use their resources, so reach out and see what are you doing well and what can we be doing better to maximize this tool you more than likely already have in your practice. 

Sameer, thank you so much for being with me today. And make sure you go to carecredit.com/partnerportal if you are already engaged with Care Credit. And if you’re not, it’s time to do some homework, and that might be your assignment. So thank you to all of you that are listening. Thanks again to Sameer. 

Sameer Baseen:

My pleasure. Thank you.

Carrie Webber:

Be well everyone, and we’ll see you next time. 

Carrie Webber:

Thank you for joining us on this episode of the Jameson Files. Visit us online. You can subscribe to this podcast on iTunes, Google Play, or Spotify. See you next time.