More than 500 dental practices are adopting patient financing tools each month.
There’s a need for such an offering because millions of Americans are forced to choose between paying out-of-pocket or declining essential care when facing dental expenses that are often unexpected, Sunbit Vice President of Dental Jay Letwat said in the release.
“Even patients with private dental insurance face coverage caps, which all but guarantee that any significant treatment will require a hefty out-of-pocket cost as well,” Letwat said.
Technology can give these patients more payment options. For example, Sunbit offers both a no-fee credit card and a point-of-sale (POS) payment option, according to the press release.
Sunbit technology offers access to financing with payment plan options ranging from six months to 72 months and reports that 85% of patients who apply using its technology are approved. Well-qualified patients at participating practices can get no-interest payment plans, the release said.
As of November, dental is the company’s fastest-growing market, per the release.
“When Independence DSO partners with dental offices, one of the first things we recommend is Sunbit’s patient financing solution,” Independence Dental Services Chief Operating Officer John Geary said in the release. “The ‘why’ is pretty simple. It helps our partner practices serve more patients and generates incremental production for offices.”
PYMNTS research has found that buy now, pay later (BNPL) applications in the healthcare space are shaping up to be one of the most effective treatments for the high cost of healthcare.
These options fill affordability gaps across a range of expensive treatments, whether it be dentistry or other medical necessities, according to “Connected Wellness: The Next Prescription For Healthcare Providers — Digital Wallets,” a PYMNTS and CareCredit collaboration.