Building financial reliability
Richard Scarborough and Michael Copeland share ways to improve your financial reliability in 2021.
Last year will certainly have given practice owners plenty to think about when it comes to finding ways to strengthen their business in 2021.
The vulnerability felt by many during lockdown will undoubtedly lead to a decision to prioritise increasing their practice’s financial reliability. Below are some ways you can do just that and strengthen your business for whatever this year brings.
Introduce patient finance
Offering patient finance can help to improve your cash flow and reduce your risk, as you receive the money from the finance provider up front before the treatment starts and the patient repays the bank over time.
This is a boost during the best of times but is even more welcome following a hardship. For example, many practices who use Medenta patient finance have found that as they have begun the road to business recovery, there is a wealth of patients keen to have orthodontic treatment funded via patient finance. Having finance in place meant they were able to kick-start their cash flow as soon as the doors reopened and increased the likelihood of patients being able to say yes to the treatment.