hey this is dr amanda with street smile solutions straight smile solutions.com and today we're going
to be talking about orthodontic financing and what some of the options are for your practice
um best practices etc and it's totally fine to create your own in-house financing but
i see a lot of doctors getting frustrated with that we all know we have third party
financing like compassionate or care credit but often those involve a credit check and a lot
of i mean shoot i've even failed those before so a lot of people don't want to do a credit check
they don't want to pull their credit it you know it affects your credit um and it's really tough
i mean the average american often doesn't pass those i mean it's it's kind of crazy but hey
i've failed them before i mean shoot if you have student loans and everything else it happens you
might be really great at paying your bills but you know maybe you're a little overextended but you
regularly pay your bills and you don't default so what to do and then that brings it back to
in-office financing and that's a lot of work for your team it's it's frustrating it's stressful so
obviously the third party financing a lot of them are nice because you get your money up front but
they take a huge haircut off the top of it like huge and the patients often don't get accepted
patients don't want to do it they're burnt out on those so this is another option i don't work with
this company i'm not directly affiliated with this company they just happen i happen to know
some of the team members they're awesome people um they were doing this for other industries and
we had talked a little bit about why not ortho you know so i was nudging them a little bit and
super excited that they did come up with an ortho plan so um this is basically how it works and
to be honest i don't know anything more besides what this um flyer says so if you're interested
in getting to know them you should contact them or if you want a direct introduction i'm glad to give
it to the team members that i know they're really awesome you can email me and i will introduce you
but basically um it gives you as the doctor a payment guarantee you will definitely
get your money no matter what but you don't get it all in one lump sum at the beginning okay
also all applicants are approved okay and there's zero impact to your clients credit so they can
basically handle everyone there's nobody that is not approved okay that was a double antenna
but yeah you get this idea so um you can basically have this be the in-house financing if you want to
or you can do in-house financing with half down or something like very secure where you get at
least half your money up front and then you know the rest um you can pay over time but for someone
who's looking for a full payment plan you can punt this to something like verity so what's the catch
right so basically you're gonna everyone's gonna get approved um up to four thousand dollars okay
so if your treatment plans are six seven maybe not the best idea but a lot of doctors are charging
around four right now so you know if that's about where your price point is for your ortho
then this is perfect for you no credit check 100 approval patient pays low monthly payments okay
10 of the fee is included in the monthly payment so the the fee instead of you taking the huge
haircut does go to the patients so they're going to pay 10 extra on that four thousand dollars and
it's it's broken up into the monthly payments okay so the plan is not guaranteed until the patient
um actually pays for at least the first 10 percent so once the patient has made the first
few payments then the plan is guaranteed so that's a little bit of the risk there
but um that's basically how it works so i mean maybe you don't want to do it for something like
invisalign where you have a huge um you know lab fee but maybe you want to do it for something like
white label aligners or braces that might be a good idea so here's the fine here's some examples
your patient needs ortho um the product costs 4 800 they decide on a 24 month term 4 000 of the
4 800 is guaranteed so you can still charge 4 800 you're just gonna build the patient a down payment
of 800 or the patient's going to pay you 800 and then the other 4 000 is guaranteed by verity um
patient's going to pay an additional 10 and it's included over time patient makes 24 payments of 22
220 per month and the reason why i like this is they can spread it out a lot of times when you do
24 monthly payments in your office and the liner treatment is only eight months the patients want
to stop paying now these payments are guaranteed you don't have to nudge them bother them you
don't have to worry about trying to extend your treatment so you can still get your payments
it's going to be guaranteed once they've paid that 10 it's guaranteed um you will get regular
monthly payments less the 5 discount rate okay so yes the patient pays so the patient pays
a 10 extra and then you also so you guys kind of split you guys split the fees you also get a five
percent discount okay so basically verity sounds like it's getting they're getting
for the guarantee the 100 guarantee they're getting 15 5 from you and 10 from the patient
you will receive 4560 of the 4 800 plan the 340 difference is the 5 discount rate
um oh actually so you're getting paid more if i'm getting this right okay i get it
your patient pays the additional payment plan fee of 480 for the convenience okay so i guess
you're getting some of that but it's not guaranteed until after that part is paid
okay so basically that's it so anyways that's verity i think it's a great idea it's it's
just about perfect and i love that everyone's guaranteed but you do have to contract with them
um and i don't know if you're able to offer other payment plans once you contact them so that's a
good question for them all right thanks so much hopefully that was helpful take care