Study indicates no interest financing increases treatment acceptance
Study measured impact of patient attitudes and behaviors, including acceptance of the full, recommended treatment plan, when offered no interest financing.
COSTA MESA, California--A recent study released by national research firm, Hiner & Partners, Inc., measured the impact of patient attitudes and behaviors, including acceptance of the full, recommended treatment plan, when offered no interest financing.
Following a 2005 study by the Academy of Dental CPA's which found "… the introduction of CareCredit patient financing significantly and positively impacts several key financial metrics in the dental practice, including increasing production by an average of 25.3 percent," the new study sought to understand the causes of the increase in production by measuring patient attitudes and behavior. One key finding of the new study indicated No Interest financing influenced 78 percent of patients to accept the full treatment recommended by the Doctor. Additionally, two-thirds of patients said they were "more likely to keep their appointment", reducing no-shows and cancellations. Seventy-three percent said having the opportunity to conveniently pay with CareCredit's No Interest Payment Plans increased their belief that the dental office was "looking out for their best interests" and 74 percent reported "it made it possible for me to get dental work I wouldn't have otherwise been able to."
"Six million patients have used CareCredit to get the treatment they want and need. This new study shows that offering CareCredit's No Interest financing is an option that helps patients access care and one that patients truly appreciate," stated Michael Testa, president, CareCredit.
"As patient out-of-pocket expenses continue to increase, more and more patients are seeking a financing solution. In fact, the study also found 74 percent of patients are "more likely to visit the dentist sooner when a problem arises than they would have without access to a payment plan."
A complete copy of the study findings may be viewed at CareCredit.