In the current scenario many of the dental practitioners are in real quandary. Already news from across the country are pouring in with many dental practices shutting down or are in the verge of being shut.
Before the outbreak of Covid-19 pandemic, it will be untrue to say dentist were doing a great business. Many dental clinics were already not functioning to its full potential. This pandemic has brought disruption to the already depressed market.
But then we can ask a hopeful question, whether we can bounce back stronger from this ordeal.
Dental business is unique in its own way. But there are few common challenges between dental and smartphone industry. And to revamp our services we can take few measures that the smartphone industry had considered and implemented. In this blog we will focus on one very common challenge that is the price objection of the patient.
Bring no cost-EMI: –
If we see the smartphone industry, at one point in time the number of smartphones user in India was quite less. According to study by STATISTICA only 15% of Indian population were using smartphones in 2015. And the number grew to 29% by 2020. If we do a survey of people visiting clinics for regular check-up every 6 months, I am sure that it will be less than 15% of 1.37 billion Indian population. We need to understand how the smartphone penetration took a such a huge leap.
After many researches they found that Indians are very sensitive to price but have a penchant for buying anything latest in the market. And to overcome this challenge they introduced the no-cost EMI for customers. Complimented by the attractive exchange offers, 0% EMI System boosted the smartphone sales. Now smartphone penetration only continues to grow.
This goes on to highlight the greatest bottleneck in dental practice as well, that is patients are just not willing to pay. Many patients ignore the comprehensive treatment plans given by the dentist and give consent only for the symptomatic problem. Patient makes the poor decision based on their affordability and the dentist is unable to work to their maximum potential.
We can introduce no cost EMI for patients who need time to make the payment. Many corporate dental clinics have utilized the same strategy. Also, the number of patients asking for EMI for treatment has increased substantially, which in itself points to the urgent need to introduce this service in the clinic.
How dentist can bring EMI facilities in a clinic?
First your clinic needs to be empanelled with NBFC companies. Dentist need to bear 8% subvention fee for every patient loan. And the 92% will be credited upfront in the doctor’s account before even the treatment starts. Many dentists have problem with the standard 8% subvention fee, but we need to understand that mutual benefits can go a long way. And this model is entirely based on win-win situation. Our dentist essentially gets to convert the patient and the patient of course gets flexible mode of payment. Happy patient, happy dentist!! Just Dental collaborates with the finest NBFCs to empanel your clinic. We can facilitate the smooth completion of the loan process and delicately handle your patient till the loan is sanctioned. In a span of 3 months (jan to march 2020) we had total loan application of 10.5 lakhs across India. And the number positively seems to increase. Perhaps this will compliment to overall oral health