We are entering a new year, and with it, the realities around how patients access and finance their dental care continue to evolve.
A growing number of adults in America surveyed see dental care as a vital tool to protect their oral and overall health, yet costs may be hindering patients’ ability or desire to pursue these services. As patients plan for their dental care in the year ahead, this presents a significant challenge. Providers play a vital role in customizing financial resources and offerings to meet patients' needs while also helping to communicate and simplify financial processes — an essential aspect of the healthcare journey.
To address this issue, both in the dental industry and beyond, it's clear that practices need the right tools on their side to keep up with the financial needs of both their patients and their business. Let’s take a look at what we can expect for the year ahead – and how a third-party financing solution like Synchrony’s CareCredit credit card can help.
Costs Remain a Challenge Despite Insurance Coverage
Dental costs can be overwhelming for patients, especially when they don’t know where to turn for additional financial options.
Synchrony’s Dental Lifetime of Care study showed that nearly half of respondents reported they had not gone to the dentist due to costs, which was reinforced by recent findings from the American Dental Association’s (ADA) September 2024 National Trends in Dental Care Use, Dental Insurance Coverage, and Cost Barriers report. Additionally, 92% of respondents in Synchrony’s study said they would consider holding off on general dental care because of the cost.
Dentists play an important role in connecting patients with financial options that can help them pay for care. Communicating proactively and often with patients about financing options to help close the payment gap between insurance coverage and total costs is crucial.
- Financial Understanding and Preparedness are Lacking
Overall, there is a need for more patient education around dental care costs and how to prepare for them. A lack of understanding surrounding care costs can contribute to anxiety around scheduling appointments or pursuing care. Synchrony’s Dental Lifetime of Care research saw only about a third of respondents found their dental health expenses easy to understand and only a quarter of respondents knew what their annual premiums were.
While it may not be always feasible for providers to dive deep into the specifics of an individual patient’s insurance coverage, it is important for dental support staff to make patients aware of their payment options earlier in the care journey. This includes offering to provide insurance code information, direct patients to public assistance programs, or discuss financing options.
- The Impact of Cost Concerns: How Providers Can Help
When dental health is not prioritized, patients may risk developing a number of diseases that stem from poor or irregular oral care which can lead to other health conditions including, tooth decay, gum disease, generalized infections and even cardiovascular disease.
Providers can address these complications by helping patients understand the interconnectivity of their oral health with their overall health – and by working with financial partners that prioritize patients’ needs. With that in mind, it is important for providers and patients to openly discuss the benefits of recommended care, costs and options to manage those costs so patients can make informed decisions.
Recognizing that these conversations can be difficult or confusing, Synchrony’s support is available for office managers and staff to help answer questions about the CareCredit credit card, in addition to providing tools through the Provider Center to help facilitate these discussions. CareCredit’s mission is to help put people’s health and wellness goals within reach. To achieve this Synchrony offers multiple budget-friendly, convenient and reliable financing options for qualified consumers.
As a trusted financial solutions partner in the dental space for more than 35 years, Synchrony equips dentists with modern financing solutions and consumer insights to help providers meet the needs of today’s patients – while also streamlining financial processes.
Additionally, CareCredit cardholders are able to utilize the credit card to finance a variety services – like general health and wellness, audiology, vision, and orthopedics, among others – across CareCredit’s provider network. Cardholders who opened a CareCredit credit card to pay for dental care can use it for multiple services across industries.
When providers offer CareCredit, they’re also offering Synchrony’s industry-differentiated solutions, integrated practice management software offerings, and a broad range of capabilities that bring choice and flexibility to customers, helping fuel practice growth.
Cost concerns affect the entire healthcare industry, not just dentistry, and addressing those complex issues is an ongoing effort. Solutions like CareCredit exist to help ease the burden of those financial challenges for all parties, while evolving alongside the healthcare industry to continue meeting those needs. To learn more about how the CareCredit credit card can support providers’ financial operations and help patients manage out of pocket dental care expenses, visit https://www.carecredit.com/dentistry/.
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.