Patients Welcome a Solution that Overcomes Cost Barriers with Buy Now, Pay Later Financing
October 11, 2021 -- LAS VEGAS — Four months after announcing a buy now, pay later solution made specifically for dental practices, Sunbit is sharing the results of new industry survey data at ADA SmileCon 2021 (Booth C4314). Sunbit has quickly become the buy now, pay later (BNPL) partner of choice for dental groups and independent practices like BDG Dental, Dossett Dental, and Dynamic Dental, adding hundreds of practices each month.
According to the ADA, 59% of adults indicate they’ve skipped dental care due to cost.1 This is unsurprising, considering that 63% of patients pay at least a portion of their dental treatments out-of-pocket2, and that many Americans have difficulty covering an unexpected $400 expense3. To better understand the gaps between recommended treatment and case acceptance, Sunbit conducted a survey of 1,559 dental professionals.
The survey found that:
- Financing options are not being offered: 58% of dental professionals said they aren’t proactively offering financing. The cost of care is often unexpected and has not been factored into monthly budgets.
- Disconnect between office and patient on need for financing: When asked why they’re not offering financing to patients, the most common reason was they thought their patients don’t need it (32%). There is a clear disconnect between dental professionals and their patients when it comes to financing procedures.
- Existing financing providers fall short: There is dissatisfaction with traditional financing options, with only 12% of dental professionals expressing complete satisfaction with their existing financing solutions.
Patient financing options do not approve enough people: Further compounding the problem with traditional financing is the fact that many patients are declined for credit. Nearly one-third of offices surveyed have patient financing approval rates below 59%, and over two-thirds of offices see patient approval rates below 69%.
Sunbit is proving that Buy Now, Pay Later can offer dental practices a new option for dental care financing and access. Sunbit offers access to financing for dental procedures between $60 and $10,000, with 6, 12, 18 and 24 month payment plan options, and 85% of patients who apply using Sunbit technology are approved. All qualified patients get access to 0% for 6- or 12-month payment plans. Sunbit powers the application process and manages the collections process. The dental practice gets paid immediately, which contributes directly to the cash flow of the business.
The Buy Now, Pay Later trend is also growing in popularity among consumers and dental patients are starting to take note -- and even come to expect more flexible options. Sunbit’s survey of patients shows that:
- Nearly 23% of dental patients have purchased something with a Buy Now, Pay Later payment option before.2
- When asked if they would prefer to pay for dental treatments with Buy Now, Pay Later, over 56% of patients said they would.
- More so, 43% of patients said they would undergo more dental treatments if given the option to pay-over-time.
Click here for information on how to implement Sunbit technology at your practice.
Sunbit is the preferred buy now, pay later technology for everyday needs and services. Sunbit eases the stress of buying everyday things by offering access to fast, fair and transparent payment options to people everywhere. Our technology is offered in-store and online at 8,000 locations, including 1 in 4 auto dealership service centers, optical practices, dentist offices and specialty healthcare services. All loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.
1Patients. ADA Health Policy Institute FAQ – Dental Patients in the U.S. (n.d.). Retrieved September 17, 2021, from https://www.ada.org/en/science-research/health-policy-institute/dental-statistics/patients.
2Patient Survey: n=500 U.S. adults age 18 or older nationwide. July 29 - August 12, 2021. Dental Professionals Survey: n=1,559 U.S. adults age 18 or older nationwide. May 5 - June 27, 2021.
3Grover, M. (2021, June 11). What a $400 emergency Expense tells us about the economy. Federal Reserve Bank of Minneapolis. Retrieved September 22, 2021, from https://www.minneapolisfed.org/article/2021/what-a-400-dollar-emergency-expense-tells-us-about-the-economy