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Get More Patient Financing Applications Approved!
by Greg Sneyd
 Greg Sneyd, Director of DentalSuccess Financial, says ...
Getting more patient financing applications approved is in the details! If you or your patient leave any boxes unchecked or questions unanswered on the patient financing application, there is a good chance that it will be scored electronically and default to “declined”.
Make sure that you review the application closely before it is submitted. And always keep yourself in control of the application process. Don’t let the patient submit the application from home. Don’t let the patient even fill out the application. You should ask the patient all of the pertinent questions and complete the application for them. As well, you should submit the application for them, whether it’s by fax, phone or over the Internet.
Your patients have the best chance at approval if they meet the following guidelines:
· They own their own home.
· They have never been more than 30 days late on a payment.
· They have total monthly payments that don’t exceed 40% of their gross income.
· They have lived in the same place for at least 2 years.
· They have been in the same job for at least 12 months.
If their application provides information that is different from these criteria then you had better attach an explanation along with the application. For example, let’s say you have a patient that has a child with medical problems and they had to pay off some large medical bills that caused them to be late on a few payments last year. What do you think you should do??? … Be sure to tell the bank their story.
Or let’s say your patient has a large car payment that is going to be paid off in two months. Well, once again, be sure to let the bank know about these circumstances. It could mean the difference between getting approved or not.
So you say, “How can I attach a note with an explanation if I am submitting the applications electronically over the Internet.” Well you can’t and you’re not going to get as high an approval rate because you can’t send in any additional information. The bank’s computer will make a decision based on a score from the information submitted and once that electronic score has been determined, there are no second chances.
So what do you do to increase your approval rate? Well, make sure that you deal with a bank where you can fax or phone in applications when you need to provide additional information. Or better yet deal with a bank that let’s you talk with a loan officer so you can better explain the situation.
If there are any questions about the application and you don’t explain the situation by talking with the loan officer, the loan officer will probably assume the worst and decline the application. They can’t get in hot water with their superiors if they say no. You need to provide the loan officer with a little help so they can say yes.
The Crown Council has evaluated a dozen patient financing programs and recommends the PatientCredit Plan. Hundreds of our members are using the program. The Plan has low interest rates , low discount rates and great Same as Cash programs. Enrollment is free and best of all you can fax or phone in applications and talk to a loan officer to provide explanations and additional information to increase your chances of getting the loan approved.
Good luck with your patient financing and I hope your approval rates are high!
If you would like more information about the PatientCredit Plan send email to gregs@dentalsuccess.net or call Greg Sneyd at 800-460-3838 x106.
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