What to Do Now That ChaseHealthAdvance Is Calling It Quits if you are an independent dentist ?
You’ve probably heard by now ChaseHealth will wind down its dental financing product. That means nearly 50% of the private patient financing pool is set to go POOF!
Needless to say, it is not a positive dental economic sign when the biggest consumer bank in the country is 86ing a product that ties to our industry. What gives????
It’s very likely that they’ve looked down the road for the next 5 years at the core demographic that has used their product (very middle class customer) and see the very disturbing writing on the wall related to the same trends I’ve been discussing since 2008. The middle class dental patient is on a Sinking Economic Ship and the independent dentist is going to be in trouble unless he has an ethical selling system in place to deal with such.
Whether you use Chase’s product or not there is a very serious take home message to the announcement. The letters of the same writing on the wall they see apply to your practice too!
Here’s what high-performing practices have already been doing to
counter “shrinkage” in 3rd party financing as independent dentist.
Over the past 6 years, the two common traits of successful practices working without these products has been to promote and find patients who need much more than basic services and because of deep dental disabilities are more motivated to pay, regardless of 3rd party financing.
Additionally, these practices tie all promotional efforts to a systematic, step-wise, process to qualify and, only after such qualification, move to apply the McAnally Selling System to patients and commit overhead time developing intensive treatment plans.
If you are significantly tied to this financing product, you will be going through withdrawals soon so get ready. The hourglass to adjust your business model has far less sand in it so you had better getting going with Plan B and have Plan C ready.
Even if you aren’t a user of the product, the demographic change they are adapting to arrives at your practice’s door step soon enough. This withdrawal of the financing product in some ways is a “wake-up call” providing an early warning so you have more time to adapt to the changing realities as an independent dentist.
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