In the world of dentistry, patient financing has long been a hurdle for both practices and patients. Recently, Amol Nirgudkar, CEO of Patient Prism, interviewed Jay Letwat, VP of the Dental Division of Sunbit, to discuss how Sunbit is revolutionizing patient financing. Jay’s insights reveal how Sunbit’s innovative approach is making dental care more accessible and helping practices grow.
Innovation in Patient Financing
Jay Letwat explained that the patient financing landscape has remained largely unchanged for decades, with traditional credit applications resembling those from the 1970s. Sunbit saw a need for a solution that was user-friendly, quick, and did not feel like a traditional financing process. By creating a process that feels as simple as going through a Starbucks drive-thru, Sunbit has eliminated friction and increased approval rates significantly.
Boosting Case Acceptance
One of the key impacts of Sunbit’s solution is its ability to boost case acceptance in dental practices. Jay emphasized that many patients walk out of dental offices without receiving necessary treatment due to cost concerns. By offering an easy financing option, Sunbit enables more patients to afford comprehensive care, thereby increasing production per visit and overall practice revenue.
The Multiplier Effect
Sunbit’s approach not only benefits dental practices but also has a positive ripple effect on patients’ lives. When patients can afford their dental treatments, their overall well-being improves, impacting their families and communities. Jay referred to this as the “multiplier effect,” where the benefits extend far beyond the individual patient.
Addressing Concerns About Discount Rates
A common concern among dental practices is the discount rate associated with financing. Jay acknowledged this but pointed out that the benefits of increased production and patient satisfaction far outweigh the costs. Practices that embrace financing options like Sunbit often see a significant return on investment through higher case acceptance rates and increased revenue.
Implementing Financing for All Patients
Jay compared patient financing in dental practices to the ubiquitous offer of store credit cards at retailers like Target. He argued that all patients should be offered financing options, regardless of their financial situation, to ensure they have the opportunity to receive the care they need. This approach not only helps patients but also builds trust and loyalty.
Sunbit’s Mission and Impact
Sunbit’s mission is to serve five million patients by the end of 2025. With over 90% approval rates and a frictionless process, they are well on their way to achieving this goal. By making financing accessible and easy, Sunbit is helping dental practices grow while ensuring more patients receive the dental care they need.
Conclusion
Jay Letwat’s insights into Sunbit’s innovative patient financing solution highlight how technology and a user-friendly approach can transform the dental industry. By offering easy financing options to all patients, dental practices can increase case acceptance, improve patient satisfaction, and achieve significant growth.
