Presenting financial agreements is a crucial part of cash flow management in a dental practice. The way you present these agreements impacts patient perception and decision making, and by extension it also has the potential to impact practice revenue. In this article, we'll explore some essential tips to help you master the art of presenting financial agreements, ensuring a smooth and transparent process for both you and your patients.

 

Understanding the Journey: Marketing, Conversion, and Economics

 

The buying cycle of a patient passes through many stages. For a new patient, they first encounter your practice via some form of either internal or external marketing. External marketing is about generating traffic to your practice, while internal marketing seeks referrals and relationships. Conversion focuses on guiding patients towards better decision-making, and in these days of unlimited access to online information, patients need a dentist-guide more now than ever. The third stage is our focus in this article: practice economics – including how to discuss finances with patients.

 

It’s essential to view this process holistically because problems with marketing, conversion, or economics can disrupt the patient journey and interrupt the flow of cash into your practice. Our goal is to ensure that patients receive the information they need to make informed decisions about their dental care, at each stage of the process so that operationally we avoid dramatic ups and downs in business.

 

Why Is Mastering Financial Agreements Important?

 

Effective communication about finances is crucial for building trust and guiding patients towards the right treatment decisions. If we mishandle this aspect of the patient experience, it can lead to misunderstanding around value, buyer’s remorse, and broken appointments. Five key reasons why your team should master this topic, include....​