Spina Bifida Success Story 

Greg Sneyd, Director of DentalSuccess Financial, Talks About...
 
Dr. Koch’s Spina Bifida patient
 
The PatientCredit Plan just approved financing for one of Dr. Koch's patients for $14,000 at 9.99% for 60 months! The patient is 26 and has Spina Bifida that has caused several related problems including dental. This loan will let her essentially get a new mouth. Audra, with Dr. Koch, was very excited and said it will literally change the patient’s life.  The patient’s father actually applied for the loan. He had great credit. It took the PatientCredit Plan loan officer about 30 seconds to O.K. the financing after he had looked at two different credit reports. Audra had previously submitted a loan application to another bank and they only approved $5500 at 14.5%. She was very pleased to see what the PatientCredit Plan could do for her patient in a very short time period. It seems like the big banks - CitiBank, MBNA, GE, Wells Fargo - are really starting to tighten their credit because the regulators are now requiring them to keep significantly higher cash reserves.

 
Dr. Schroering likes the Smiles For Life Donation  

Tana Peters of Dr. Schroering's office called this month to thank the PatientCredit Plan for taking care of an $18,000 loan. Tana was very pleased because she didn't really have to do anything to get her patient’s loan approved. The patient wanted to get rid of her dentures and had been thinking about it for a while. Tana gave her a PatientCredit Plan application to take home and fill-out. The patient had a question so she called the PatientCredit Plan directly. One of the PatientCredit Plan loan officers received her call, answered her questions and took the loan application over the phone. She was approved on the spot for $18,000 at 9.99% rate over 60 months. Tana was floored to walk into the office the next day and have the loan approved and the paperwork on the fax without having to do a thing.  And the PatientCredit Plan will be making a $90 donation to Smiles For Life in Dr. Schroering's name. He loves Smiles For Life but doesn't get a chance to donate as much as he would like to Smiles For Life. They love the fact that they can donate money through the PatientCredit Plan patient financing.

Dr. Mitch Moore and Dr. Chris Simmons patients love 9.99% interest rate.
 
The PatientCredit Plan just approved a loan for $20,000 at 9.99% over 60 months for one of Dr. Mitch Moore’s patients. As well. Dr. Chris Simmons just had a patient approved for $25,000 at 9.99% over 60 months. The change of the PatientCredit Plan underwriting to accommodate these bigger loan amounts at 9.99% is really working out well. In the past these loans would have been at 17.99% and less appealing to patients with good credit. Now the PatientCredit Plan has been seeing some very large loan amounts. And on top of that, another $225 was donated to Smiles For Life in the names of Dr. Moore and Dr. Simmons.

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.

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   Art Anderson shares this week’s tip...      
 
Measuring Success
 
The following guidelines will help you determine if your practice is on the road to consistent success according to Cynthia McKane-Wagester who is president/founder of Wagester Associates:  
 
DOCTOR STATISTICS  

1. There is a consistent flow of new patients–at least 10 to 15 per month in a fee-for-service practice.
 
2. The retention rate is 90%.
 
3. Recare effectiveness is 85%.
 
4. At least 98% of fees are collected.
 
5. There is an 800 to1000 active patient base per dentist.
 
6. The acceptance rate of treatment recommendations is at least 80%.
 
7. The internal and external marketing plans are producing results.
 
8. The entire dental team is working at peak efficiency and is directed towards practice goals. 
 
HYGIENE STATISTICS  

1. Recare maintains an 85% effectiveness rate.
 
2. A full 100% of patients pre-appoint for their continuing care.
 
3. Up to 75% of patients are referred to a more frequent recare return.
 
4. At least 50% of patients are referred to a more intensive level of periodontal treatment.
 
5. Less than 10% of appointments are cancelled or become no-shows.
 
6. Retention of patients in the hygiene department is at least 90%.
 
7. Time is power blocked so that the hygiene appointments produce $800 to $1,000 plus in production each day.
 
When you use these standards to monitor your practice, you will receive the earliest warnings of potential trouble. You can then make educated decisions that will immediately affect the practice’s growth and not allow inappropriate reactions to enter into your decision-making.