In a survey of dental professionals and patients, Sunbit found a disconnect between the desire for financing options and what practices were offering.
Four months after announcing a buy now, pay later solution for dental practices, Sunbit shared the results of its industry survey, finding that patients welcome more financing options.
Sunbit surveyed 1,559 dental professionals and found that 58% of dental professionals said they aren’t proactively offering financing.
When asked why they’re not offering financing to patients, the most common reason given was the belief of 32% of respondents that their patients didn’t need it.
Sunbit found dissatisfaction with traditional financing options among dental professionals, with only 12% expressing complete satisfaction with their choices.
The survey also found that among those with financing options, many patients are declined for credit. Nearly one-third of offices surveyed have financing approval rates below 59%, and over two-thirds of offices see approval rates below 69%.
According to Sunbit, the cost of care is often unexpected and is not factored into patients’ monthly budgets.
According to the American Dental Association, 59% of adults indicate they’ve skipped dental care due to cost. As many as 63% of patients pay at least a portion of their dental treatments out of pocket.
When combined with data that suggests that many Americans have trouble paying for an unexpected $400 expense, Sunbit says there is an apparent disconnect between dental professionals and their patients regarding financing procedures.
In a survey of 500 patients, when asked if they would prefer to pay for dental treatments with buy now, pay later payment options, 56% of patients said they would. As many as 43% of patients said they would undergo more dental treatments if given the option to pay over time.
Sunbit offers access to financing for dental procedures between $60 and $10,000, with 6-, 12-, 18-, and 24-month payment plan options. Sunbit says 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 handles the application process and manages the collections process. The dental practice gets paid immediately, which contributes directly to the cash flow of the business.