Drilling Down the Cost of Dental Care
Poor oral health can lead to a host of health-related problems, ranging from heart disease to life-endangering infections. While the importance of dental care is well documented and researched, financial realities are often a barrier between patients and healthcare providers.
StrongBox, based in Boca Raton, FL, can lower these barriers by creating affordable solutions through our revenue cycle management (RCM) and patient finance options. Our services allow your clinic to focus on providing important treatments to patients while lowering collection risks and maximizing revenue.
Barriers to Dental Coverage
A recent report by the Henry Kaiser Family Foundation highlights the financial barriers that StrongBox can help your business bridge through our online solutions. The foundation published the following findings:
- Edentulism: 15 percent of adults over 65 are edentulous (completely missing teeth). A lack of access to healthcare is one reason why adults are missing multiple teeth.
- Medicare coverage: Medicare, the national health insurance program that covers more than 60 million adults, does not cover basic cleanings and other routine forms of dental care. Almost two-thirds of Medicare beneficiaries (37 million people) do not have dental coverage. Most adults who have Medicare go without dental care.
- Lack of preventative dental care: More than 49 percent of Medicare beneficiaries have not been to the dentist in over a year.
- Out-of-pocket expenses: Almost one in five Medicare beneficiaries spent more than $1,000 in out-of-pocket expenses on dental care in 2016. Around 90 percent of beneficiaries who received dental services paid at least partly out-of-pocket.
- No dental coverage: Nearly 37 million people who use Medicare do not have any form of dental coverage.
Financial barriers and lack of adequate health insurance result in higher rates of untreated cavities and periodontal disease. Nearly 15 percent of adults surveyed by the foundation had untreated cavities and more than two-thirds reported periodontal disease. Around 15 percent of adults polled said they experience toothaches occasionally.
How StrongBox eSolutions Improves Payment Compliance While Making Care More Affordable
StrongBox RCM & patient finance helps patients manage their dental care costs while lowering the risk of collections for your dental clinic. Our RCM can generate convenient self-pay installment plans for patients. Providers can track and collect these funds online. StrongBox Finance works with 30 top-tier lenders to offer your patients convenient monthly installment plans.
The provider receives non-recourse funds up front for the procedure. RCM and Finance can also be utilized together to create optimal self-pay and lender-funded payment solutions that are a win-win for both the provider and the patient.
Our RCM software performs these tasks:
- Generates scheduled payments
- Cuts down on repetitive billing cycles
- Eliminates wasted paper and postage
- Reduces the need for outside debt collection agencies
- Emails patients billing information automatically
Patient Finance Solutions
Our two online financing options for patients (Select and Pro) offers these benefits:
- Fixed-rate loans
- No hidden interest rate markups
- No punitive interest hikes for late payments
- No adverse impact on credit score
- Access to top lenders, including Discover, OneMain, and Ascend
- Quick response from lenders
We recommend Select financing for small- to medium-sized healthcare providers. Pro patient financing is designed for large dental groups and networks.
Help Your Patients Access Affordable Dental Care Through StrongBox
As the recent report by the Kaiser Foundation found, shortfalls in Medicare are creating barriers between millions of Americans and much-needed dental healthcare. When patients have access to affordable care, they use it. If your dental clinic is interested in learning more about the affordable treatment payment options StrongBox eSolutions can deliver, contact our Boca Raton, FL office online or call (855) 468-7876.