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In this episode of the GrowOrtho podcast, Dr. Brice Gilliam—one of America’s top young dentists and the owner of Elevation Orthodontics—shared some invaluable financial advice for orthodontic practices. He tackled big questions like handling down payments and collections without losing the value of your services. 

Making Treatments Affordable Without Undervaluing Your Services

Let’s face it: making orthodontic treatment affordable while maintaining its perceived value is a juggling act. Dr. Gilliam offered some smart strategies to navigate this tricky balance.

  1. Team Up with Third-Party Lenders

Consider partnering with financing companies like CareCredit. They pay you upfront, and patients pay them back over time. If a patient defaults, it’s the lender’s problem, not yours. This setup keeps your cash flow steady and reduces the hassle of chasing payments, all while keeping patients satisfied.

  1. Use ACH Payments Over Credit Cards

Dr. Gilliam suggests requiring patients to set up ACH (Automated Clearing House) payments. Unlike credit cards, which can be easily paused or canceled, ACH payments come straight from a patient’s bank account and are more reliable. It simplifies things for everyone and adds a layer of financial security for your practice.

  1. Break Up Down Payments

If upfront costs are scaring patients away, offer to split the down payment into smaller installments. It’s a win-win: patients feel less financial strain, and you maintain your practice’s financial health.

Balancing Accessibility With Profitability

While making treatments accessible is crucial, Dr. Gilliam warns against strategies that might hurt your bottom line—like zero-down payment plans that aren’t carefully thought out. Instead, focus on:

  • Reducing Entry Barriers: Offer flexible payment options without eliminating down payments entirely.
  • Keeping Up Your Value: Don’t position your practice as the cheapest option. Highlight the quality and expertise you bring to the table.

As Dr. Gilliam puts it, “You can race to the bottom, but the problem with racing to the bottom is—what if you win?”

Add More Value Instead Of Slashing Prices

Competing on price alone is tough, especially against big corporations that can afford to offer lower prices. Dr. Gilliam’s advice? Add extra value to your treatments instead of cutting prices. Here are some ideas:

  • Retainer Programs: Include extended retainer care in your treatment plans.
  • Teeth Whitening Add-Ons: Offer cosmetic services like teeth whitening to enhance your packages.

These extras help justify your pricing and give patients more bang for their buck.

Use Discounts Wisely

 Discounts can be a double-edged sword. If overused, they can make your services seem less valuable. Dr. Gilliam recommends:

  • Limiting Discount Periods: Offer discounts during specific times to create urgency.
  • Being Selective: Reserve discounts for patients who truly need financial help.
  • Encouraging Referrals: Give small gifts or discounts to patients who bring in friends or family.

Empower Your Treatment Coordinator

Your Treatment Coordinator (TC) is key in guiding patients through financial options. Dr. Gilliam emphasizes giving your TC the freedom to build relationships and make decisions that help patients say “yes.” In his practice, the TC handles everything from the first call to the financial details, ensuring a smooth experience.

By trusting your TC to offer personalized financial solutions, you can boost case acceptance and strengthen patient relationships.

Setting the Right Expectations from the First Call

When new patients ask about costs, it’s important to be clear but flexible. Dr. Gilliam’s team uses a range-based approach:

  • Highlight Flexibility: Mention options like low down payments and monthly plans.
  • Promote Financing: Let them know about 0% interest financing if they qualify.
  • Reassure Them: Show that you’re willing to work with them to make treatment affordable without cutting corners on quality.

This way, patients feel confident and informed from the get-go.

Building Trust And Strong Systems

Great financial strategies need solid systems behind them. Dr. Gilliam stresses the importance of building trust with both your staff and patients. By setting up clear processes and training your team well, you ensure consistency and efficiency.

For example, having a defined way to handle financial discussions can reduce stress for everyone involved.

Key Takeaways for Your Practice

  1. Be Flexible: Offer various payment options to lower barriers for patients.
  2. Focus on Value: Compete on quality and service, not just price.
  3. Use Discounts Strategically: Offer them sparingly to drive specific behaviors, like referrals.
  4. Trust Your Team: Empower your TC to guide patients effectively through financial decisions.
  5. Build Solid Systems: Strong processes make financial dealings smoother and more patient-friendly.

Dr. Gilliam’s insights are a goldmine for any orthodontist looking to fine-tune their financial approach. By adopting these strategies, you can boost patient satisfaction, enhance your profitability, and reinforce your reputation for offering top-notch services.