Dentaltown May 2022 - 31

your conversion rate and tips for how to
offer the payment option more successfully.
This shouldn't just be a clinical check-in;
the goal is to establish a relationship that
is a win-win for all, and the vendor should
be invested in your particular practice, in
your particular situation, and customize the
way they work and support you accordingly.
Some vendors we looked at offered very
routine support, while the vendor we chose
really reflected back the needs and goals
of the business.
Get the word out. Patients won't know
about BNPL options if you don't tell them.
So look to embed BNPL into every channel
of communication with patients: check-in
(pamphlets, placards and verbal communication),
in-chair (many practices use an
iPad to explain BNPL and sign patients up
at the point of treatment), practice website
(such as under a " Patient Resources " tab),
follow-up emails, social media channels and
prequalification links, among others. Seek
advice from the BNPL partner on this, too,
because it has seen what works for other
practices. Also, find out what marketing
materials your BNPL provides.
Make it an all-play. It's important that
everyone in the practice understands the
BNPL options and can talk to patients
about these. For example, some patients
would rather talk to an office manager
they've known for years than a treatment
coordinator they just met. So look to provide
at least basic training on BNPL for everyone,
with the provider's help.
Prioritize the patient's best interests.
In the end, it has to be about what's best for
the patient, just like every other aspect of your
practice. Remember, low case acceptance is
usually about fear and financial instability.
Aim to offer patients a fair, affordable
financing option that will help them feel
more comfortable about getting the dental
care they truly need.
Measuring BNPL success
Of course, you have to take a systematic
approach to understanding whether BNPL
is working for your practice and patients.
Here are key metrics to assess:
* Conversion. What percent of all
patients who are offered BNPL
take advantage of this option?
What's the change in conversion
rate of patients facing larger charges
(e.g., fillings, crowns) once BNPL
is introduced?
* Revenue growth. What's the
incremental production increase
after BNPL is introduced, on a
monthly/annual basis?
* Default. What's the default rate
of BNPL customers? (This is more
for the BNPL provider, but important
to know.)
* Satisfaction. How satisfied are
patients with the BNPL service?
Since May 2021, our Smile Studio
practices have offered BNPL technology
via Sunbit, and have learned a lot in the
process. We estimate that it increased our
revenue by more than $88,000 in less than
seven months. As such, we hope this article
encourages you to consider BNPL options
if you aren't already, or to optimize what
you may have in place. n
dentaltown.com \\ MAY 2022 31
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Dentaltown May 2022

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