FinTech: With New BNPL Options, Dentistry Bills Become Painless
New BNPL options are healthier for patients’ teeth, and dental practices.
A third of U.S. consumers have gone without medical care, citing affordability as the main cause of the neglect. This is particularly acute in the case of dentistry, which can lead to sizable bills.
“About 74 million Americans have no dental coverage—almost one-quarter, or 23%, of the population. Even those with coverage struggle to afford expensive procedures, especially when faced with an urgent, unplanned dental surgery. In theory, a practice could be turning away hundreds of patients a month due to high costs and limited financing options,” says Dental Economics.
However, help is at hand. Some lenders are expanding on the buy now, pay later (BNPL) pay-in-four instalments concept by providing fair, fixed-rate loans that dental practices can offer to patients. This gives these practices a new revenue stream, enabling them to accept patients who otherwise couldn’t afford their services. In other words, the truly painless dentists of 2022 are the ones offering crucial treatments in affordable instalments. (PYMNTS.com)
BNPL for dentistry practices
BNPL technology provider Sunbit which together with Transportation Alliance Bank, Inc., dba TAB Bank, offers its system in-store and online at 7,300 locations, including 1 in 4 auto dealership service centers, optical practices, dentist offices and specialty healthcare services.
Last month, Sunbit launched a buy now, pay later solution (BNPL) made specifically for dentistry practices and offers access to financing for procedures between $60 and $10,000.
The application process using Sunbit technology takes 30-seconds with minimal data entry. Well-qualified patients get access to 0% for 6- or 12- month payment plans; 18- and 24- month plans are also available with interest.
Dental offices and groups get paid right away and are not responsible for collections. Sunbit manages the end-to-end experience for the patient.
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