Lending Club: Patient-Friendly Payment Solutions
Increase case acceptance with flexible patient financing plans offered through LendingClub Patient Solutions
Getting patients to schedule treatment—especially complex restorative and cosmetic procedures—can be a challenge no matter how life-changing the outcome. “In our 30 years of practice, one consistent hurdle we’ve encountered is finding ways to help patients pay for the treatment they need,” said Tamara Cibellis, office manager for Mark B. Martin, DDS, in Escondido, CA. In recent years, she added, insurance providers have been cutting back on coverage for dental treatment. For example, Cibellis shared, patients who are teachers often have policies that are not substantial enough to cover treatments beyond basic preventive care, and frequently, their only option during summer months is to pay out of pocket. “While we can offer these patients small, in-office loans, there’s obviously a limit on what they can accomplish, which is what led us to partner with LendingClub Patient Solutions.”
Simple & Flexible Financing
Unlike other credit organizations that Cibellis' office has worked with, LendingClub is patient-friendly and offers a high degree of flexibility—a rarity in the credit industry. “They don’t look for perfect credit and are willing to work with patients to establish a repayment plan that meets their needs," Cibellis said. In just a few minutes, patients can apply online and receive customized loan options based on their unique scenario. Cibellis likes to guide patients, especially elderly individuals, through the entire process from start to finish—so she can personally attest to its ease of use. From a list of eligible options, patients can choose the rate, term, and payment option that they prefer. Funds usually are deposited to the dental office on the next business day so the patient can begin treatment.
“ I would recommend LendingClub Patient Solutions to any dental office because it can deliver increased case acceptance, production, and sustainability for your business.”
- Tamara Cibellis, Office Manager at Mark B. Martin, DDS
LendingClub relieves Cibellis from submitting complicated forms or keeping up with ever-changing legislation. “LendingClub takes care of everything,” she said. “It also feels good to offer patients an option I know could work for them, especially elderly patients who are frequently denied loans due to a lack of recent credit history”. Cibellis noted that many patients have taken advantage of LendingClub’s services to move forward with multiple types of procedures—implants, crowns, bridges, and dentures are the most commonly financed treatments. She said the patients appreciate receiving interest rates that tend to be lower than what credit card companies offer.
The Bottom Line
Most significant, perhaps, is that the office has seen a production increase of around 25% since partnering with LendingClub, Cibellis said. In a post-COVID world, where patients may lack insurance benefits or out-of-pocket finances, and many practices are fighting for survival amid a decrease in patient volume, making treatment more accessible is a key advantage. “I would recommend LendingClub Patient Solutions to any dental office because it can deliver increased case acceptance, production, and sustainability for your business,” concluded Cibellis.