We are considering offering credit facilities through a Dental Finance Company for our patients. Does anyone have any experience of this, ones to recommend or ones to avoid?
Use Medenta, they are the best on the market for dental finance. If you are considering payment plans like Denplan, I would recommend DPAS for membership schemes.
We offer our patients a 12 month interest free loan facility through Denplan Enhance for treatment plans over £1,000
We use Medenta, the training was excellent and it’s an easy system to use. As they charge a % we increased our patient fees to cover this (we hadn’t actually increased the fees in a few years, so timing was great).
We use and have done so for a number of years Denplan and Braemar, between the two we have a few different options for patients and the practice.
Just worth a mention (you are probably already aware) you need to be registered with the FCA (Financial Conduct Authority) this organisation has replaced the OFT (Office of Fair Trading).
The patients like the facility and we use it probably a dozen time a year.
We use to use two plans. Denplan has a finance scheme and so does Braemar Finance, you must also obtain a license with The Office of Fair Trading, Consumer Credit Licensing. There is a fee for this, I think it is approximately £500 per annum, but I am not sure. Though, when you advertise this option to patients, you state that it is interest free, but in reality you pay the difference to the Finance Company.
Another option which we now use are posted dated cheques. This has worked out very well and you do not need a licence.
Our experience was that anyone who actually needed this credit, did not receive it. We did not have even one approved application.
Medenta are really good (now part of Practice Plan Ltd) although our PP regional manager told us last week that due to the reshaping of the FSA this year, no new credit licences (your principal dentist/practice will need one) will be available at the moment, to any company.
Perhaps give them a ring about it? Tel: 01691 684175
We have Denplan at our practice and they have a 0% finance facility which we use and it is excellent, it is run in conjunction with Hitachi Bank.
We use 2, Medenta & Finance 4 patients. Both good, but we like finance 4 patients as we can have lower amounts and the patient fills in the credit application form