Orthotown July/August 2019 - 8

embrace progress

Millennials, Memberships
and Monthly Payments
by Dan Grob, DDS, MS, editorial director, Orthotown magazine

If you're like many American families-especially millennials-monthly subscriptions
are a regular part of your budget. Millennials are used to seeing services and even products
presented to them in terms of monthly payments. My son has memberships in a monthly
razor club and a wine delivery service. There are even a dozen subscription services
available for socks, and it's rare to go through a car wash without being offered
a monthly membership fee good for unlimited washes. Another popular
service popping up are tanning salons on college campuses, which allow
students to stay bronze during the entire year.
Monthly payments have become a staple of the modern
budget-so much so that several years ago, I became somewhat
alarmed when told that having your FICO score at your fingertips
was becoming a necessity. That's right: Knowing your ability
to make payments is almost as essential as your Social Security
number or level of education. And of course, the service that
provides your FICO score ... is charging a monthly fee to keep
you up to date!

Recognize the trend before it ends
We don't need to just be subscribers to monthly-fee models;
we should also provide them. Yes, cost still plays a part in what we
as consumers purchase, but the way they purchase goods is certainly
different. The monthly-payment phenomenon affects the way we present
treatment plans, render care, and even maintain or recall visits. Cosmetic
dentists present a treatment plan, render the care over a period of weeks or
months, and get paid. Many utilize a third-party billing company to allow patients
to pay over time.
One only needs to have attended this year's AAO annual meeting to realize how
many services are bundled or added onto your existing software services-data storage,
SEO maximization, IT services, and other marketing initiatives-for an additional monthly
fee. If one isn't careful, many of the things that we take for granted or would like to add
to our business will also add outrageous monthly fees.
Microsoft stock is now the most valuable on the planet. Stock analysts attribute the
recent pop in the business valuation to its decision to embrace subscription services (via
the cloud) for their software products, instead of one-time purchases. Adobe is in the same
valuation and business category.

8

JULY/AUGUST 2019 // orthotown.com


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Orthotown July/August 2019

Table of Contents for the Digital Edition of Orthotown July/August 2019

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