With an estimated 50 percent of survey respondents either skipping dental work because of the cost or not going to the dentist at all, a California- and Canada-based healthcare firm is looking to make that trip to the dentist a little easier.
PatientLink Healthcare Plans, with offices in Irvine, Calif., and Vancouver, B.C., Canada, has announced a partnership with the British Columbia-based G&F Financial Group to offer a financing program designed to benefit both dentists and patients. The program coordinated by PatientLink and the credit union would ensure that dentists get immediate payment, while organizing loans of up to $50,000 and low fixed interest rates for patients.
“In a tough economy, expensive dental procedures can fall low on the priority list pretty quickly. It’s common for patients to use high interest loans or credit cards to pay dental bills or avoid the dentist altogether, which can have greater health implications,” said Edward Lowe, a PatientLink partner and Vancouver dentist.
PatientLink provides dental and medical value-fee plans and healthcare financial services to thousands of consumers and employers across Canada and the United States. G&F Financial, founded in 1940, is based in Burnaby, B.C. and comprises 12 branches.
“Statistics show that 5 percent of dentists' invoices never get paid,” Lowe said, noting that some dentists even accept post-dated checks instead of promised insurance coverage. “Most dentists don't have the time or resources for aggressive credit collections. This not only compromises their practice, but the patients themselves, who may be reluctant to return for follow up or future treatment.”
Founded a decade ago in Canada by a group of dentists, PatientLink was launched on the basis of a survey that indicated 20 percent of their patients were avoiding dental procedures due to cost concerns. Another, more recent survey, company officials said, indicates an additional 30 percent of those surveyed don’t even go to the dentist anymore.
“Since the time we launched the program back in 2000, dramatic advances in dental technology have continued to drive up the cost of delivering dental care, while basic dental insurance has not kept pace,” said Lowe.
The program covers all procedures costing more than $2,500, including orthodontic and cosmetic work, dentures, root canals and dental implants. Patients are offered loans of up to $50,000 and fixed interest rates starting at 9.9 percent, with payment plans ranging from six months to five years and the rider that debts can be paid off at any time during that span without penalty.
“Consumers are increasingly turning to the convenience of point-of-service financing alternatives, and we are excited to partner with PatientLink to provide this unique loan solution,” said Richard Davies, G&F Financial’s chief executive officer.