Greg Sneyd provides an update:

Recently the PatientCredit Plan sent a survey to the Crown Council members asking how they would like to improve the PatientCredit Plan. As always, many Crown Council members responded with many great suggestions. As a result, the PatientCredit Plan has recently implemented many major new changes to the PatientCredit Plan: 

·        Lower Discount Fees. ThePatientCredit Plan is now charging significantly lower discount fees. In fact, they have some of the lowest fees in the industry. Discount rates for patients with Platinum and Gold credit are now 3.5% for an installment loan, 4.5% for 3 months Same-As-Cash, 6.5% for 6 months Same-As-Cash, or 9.5% for 12 months Same-As-Cash.
 
·        Lower, More Simple Patient Interest Rates. The new patient interest rates are among the lowest in the industry. The PatientCredit Plan has made it easier to get a 9.99% interest rate and unlike others that offer that rate for only 18 or 24 month terms, the PatientCredit Plan makes the term available for up to 60 months. The highest interest rate is now at a low 19.99%.
 
·        Smiles For Life Donation. The PatientCredit Plan now contributes .5% to the Smiles For Life foundation every time a patient gets a loan funded by the PatientCredit Plan. That means if PatientCredit Plan funds $40,000 of patient financing loans in a month, they will contribute $200 to Smiles For Life on the dentist’s behalf.
 
·        More Approvals and More Flexibility. Most patient financing companies only approve loans for the equivalent of PatientCredit Plan’s Platinum and Gold levels. The PatientCredit Plan also approves loans at the Silver and Bronze levels. And with the new program the dentist  can choose if they want to provide financing for their patients with Silver and Bronze credit.
 
·        No Penalties with Same-As-Cash Loans. If a patient doesn’t or can’t pay off their loan within the same-as-cash time period, they are not penalized. They just keep paying on their regular installment loan. The PatientCredit Plan doesn’t increase the interest rate. Also, they don’t charge them any fees or penalties. It’s just business as usual. Many of the other patient financing programs are very harsh on the patient if they don’t pay off the loan within the same-as-cash time period. The PatientCredit Plan now solves this potential problem.
 
And the PatientCredit Plan hasn’t changed their other PatientCredit Plan benefits:
 
·        Loan approvals within 15 minutes of application submission.
·        Applications can be submitted by Internet, phone, fax or mail.
·        Personal Loan Officers to help resolve patient’s credit problems.
·        Customer service telephone response time of less than 10 seconds.
·        Payment to the Dentist within 24 hours of submission of funding request.
·        No recourse to the Dentist if your patient defaults on the loan.
·        Fast, easy Dentist program enrollment process.
·        Installment loans from $1,000 to $30,000+ with qualifying credit.
·        Terms ranging from 12 to 60 months.
·        No set-up fees, Noannual fees.
·        No prepayment penalties, No enrollment fees.
·        No down payments and low monthly payments.
 

PatientCredit Plan Discounts
Effective June 15, 2002 (Old discounts in parenthesis)
 

Patient’s  Credit Level	12-60 months	SAC: 3 Months	SAC: 6 Months	SAC: 12 Months
Platinum & Gold	3.5% (3,6)	4.5% (3,6)	6.5% (5.5, 6)	9.5% (10,11)
Silver & Bronze	6.5% (10,15)	7.5% (10,15)	9.5% (10, 15)	12.5% (13,16)

 

New Patient APRs (Old APRs in parenthesis)

Credit Level	APR
Platinum	9.99% (11.99% -15.99%)
Gold	12.99% (13.99% - 17.99%)
Silver	16.99% (16.99% - 20.99%)
Bronze	19.99% (18.99% - 24.99%)

 
 
 
If you would like more information about the PatientCredit Plan, please contact Greg Sneyd at gregs@DentalSuccess.net (type PatientCredit Plan in the subject line) or call 1-800-460-3838 x106.