Patient Financing: Top Strategy for 2023
When 56% of Tested-Not-Treated patients report a financial reason for not moving forward, practices can’t afford not to have a patient financing program.
To achieve success with patient financing in 2023:
- Enroll with at least one financing program.
- Make your recommendation and lead with your payment options.
- Promote that your practice offers flexible financing or low monthly payment options
Offering a way for consumers to pay over time is a top strategy to:
- being competitive
- differentiating your practice
- garnering patient loyalty
The first step to establishing a successful patient financing program is to sign up with [at least] one! With several financing programs available to choose from, this is sometimes easier said than done.
One of the many perks of being an Inner Circle member is that we’ve done the homework for you. We have been offering our members Phonak Freedom, a hearing aid leasing program which has provided patients with low monthly payment options since 2018. Most recently, we’ve added AllHear, powered by SweetPay; a traditional financing solution for any patient, regardless of credit score.
Having patient payment options is a start, but the most successful practices lead with their financing or leasing option. Presenting the patient with an option to pay over time can reduce potential pain points for both the hearing care provider and the patient during the sales process. When financing is presented, there is a 30% increase in ordering*, and a 75% increase in purchase value*. Why wouldn’t you lead with it?
Offering monthly installments provides flexibility and more options for your patients, so spread the word! Differentiate your practice by communicating that monthly payment options are available. Include messaging on all your marketing and digital platforms.
Some suggestions:
- Social Platforms. Click here to download social media posts:
- Making hearing possible today with low monthly payments. Call us today for more details.
- Start hearing better today. Low monthly payments available that fit your lifestyle. Call us today for more details.
- Enjoy better hearing today with low monthly payments. Call us today for more details.
- Add copy to print media, direct mail, and digital ads:
- To make it easier to improve your hearing health, we offer helpful financing options so you can get the hearing care you need with a payment that fits your budget.
For support with marketing, email your marketing specialist or practiceservices@phonak.com
Visit the Inner Circle Dashboard “Marketing & Business Services”. Search “Financing” for Phonak Freedom Leasing &/or AllHear Financing. Add to your shopping cart & confirm request for a free, no obligation consultation.
*Statistics provided by a Forrester study, 2012
Laurie Daley is a Senior Practice Services Manager at Sonova. Prior to joining Phonak in 2012, Laurie practiced as a clinical audiologist in central Massachusetts. As part of the Phonak outside sales team, she has shared her passion for helping patients on their journey to better hearing, with her customers and the team she led as Region Director. In her current role, Laurie continues to work with hearing healthcare providers to deliver an exceptional patient experience, and to thrive & grow in an ever-evolving industry.