Simplify with Alphaeon Credit

Get More Time Back in Your Day

Like other practices across the country, you may be doing more with less these days. Staffing shortages and overbooked schedules have many assuming more responsibilities and with less time to accomplish them.

While Alphaeon Credit can't solve these particular issues, there are many ways that you can streamline the patient financing process to save time and get more hours back in your day.

1 - Reduce follow-up calls and emails attempting to schedule procedures or treatments by offering financing to all

Studies show that patients who have been informed about financing options or have financing secured at their initial appointment are more likely to schedule at their consultation. These patients don't need to "check with my spouse" or "think about it"; they are ready to move forward when there is no cost barrier.

Patients want to know about financing, but are often uncomfortable asking about it, and you can't read minds. If you can get in the habit of presenting financing to all patients versus only those who ask, you can help more patients move forward faster.

The conversation doesn't have to be difficult either: "The cost is X, and many of our patients take advantage of our financing options that allow you to pay over time." This way, not only have you informed them of your financing options, but by mentioning that "many patients take advantage of it," you have also destigmatized financing.

Remember that a recent Alphaeon Credit cardholder survey showed:

• 52% of patients don't know how they will pay for a procedure or treatment before their initial appointment

• 50% of patients are surprised to find out the cost was more than they anticipated

• 65% of patients would have delayed or not moved forward if financing wasn't available

With those numbers in mind, imagine what's going through your patients’ minds when they cancel or, even worse, ghost your practice. They may not have told you, but frequently, it's about their ability or willingness to pay.

Promoting patient financing and presenting it as a payment option alongside traditional credit cards and cash will allow more of your patients to move forward and schedule immediately, reducing or eliminating any follow-up calls and emails.

2 - Eliminate the financing conversation by encouraging patients to pre-qualify BEFORE their appointment

If patients pre-qualify before they come into your practice, you won't even have to discuss financing at their initial appointment, saving even more time.

The Alphaeon Credit cardholder survey showed that most patients learned about financing from someone at the practice. What if you could educate them before their initial appointment?

To begin, make sure financing options are prominent on your website. The second most popular page on most practice websites is the "financing" or "affordability" page. Since most new patients (and many existing) visit your website before scheduling an appointment, they may learn about their options and pre-qualify before their initial visit if you make financing highly visible.

You can download banners for your website here.

Every week, multiple patients reach out to Alphaeon Credit, asking specific practices to enroll. Sometimes those practices are already enrolled and the information just isn’t on their website’s financing page.

Also, encourage patients to apply before their appointment by texting or emailing a pre-qualification link with the patient's appointment reminder. If you are sending these appointment reminders through an automated system, add the following language to your message:

Click here to get these text messages as plain text to copy for your own use.

Do you send pre-appointment paperwork? This is another opportunity to have the patient learn about and secure financing before coming to your practice.

And while patients are in your office, display signs, table tents, and brochures with QR codes so patients can pre-qualify in your waiting room and exam lanes while they wait.

Click here to download printable QR code flyers.

Pre-qualification doesn't hurt a patient's credit score, so there's no reason not to encourage patients to find out if they are likely to be approved and their credit limit.

3 - Get Immediate Answers by Using Alphaeon Credit's Practice Hotline

Please don't spend more than a minute of your time figuring out any issues regarding Alphaeon Credit on your own. If something is unclear or you have a problem, simply pick up the phone and call the Alphaeon Credit Practice Hotline.

There are no phone trees, no call centers, just an Alphaeon Credit team member who will pick up the phone day or night, weekday or weekend.

Today, Alphaeon Credit answers 99% of calls with a live team member in the first 60 seconds, and on the rare occasion when a practice has to leave a message, rest assured that 100% of callers receive a call back, usually within a minute or two.

So anytime you have an issue, call (920) 306-1794, and someone will be ready to help immediately!

Joanne Miles, the Practice Facilitator at Kiene Dental, shared: "On the occasion when we have needed some phone support, they have been there with little to no hold time. They always get us the solutions we need, and they are so friendly!"

And coming soon...

Keep an eye on your email over the next month regarding some exciting new upgrades to our patient financing platform that may save you even more time!

As always, if you need absolutely anything or have any suggestions on how to improve Alphaeon Credit, please share them! Call our practice hotline at (920) 306-1794 or email teamcredit@alphaeon.com.

30 Ways to Avoid Resignations and Engage Your Team

Has ‘The Great Resignation’ affected your practice? If so, you’re not alone.

While patient demand rebounded from the heights of the COVID-19 pandemic, practices across the country have faced additional challenges as employees resigned or failed to return to work.

In addition, some of your team members may be looking for greener pastures. According to a recent Gallup analysis, nearly half of all US workers are actively looking for another job.

Aside from burnout, the most common reasons for leaving include a lack of appreciation, feeling connected to co-workers, advancement/training opportunities, and/or flexibility.

With this in mind, Alphaeon Credit has compiled a list of low-cost ideas successfully implemented by practices across the country to motivate, encourage, and keep your team happy and productive!

30 WAYS TO ENGAGE YOUR TEAM

Download as a PDF

Show Appreciation

1. Send flowers to the office on a new employee's first day of work and/or on employees' work anniversaries.
2. Handwrite thank-you notes to new employees on their one-month anniversary and/or current employees annually.
3. If your employees are on LinkedIn, endorse them or write a recommendation.
4. On social media (LinkedIn, Facebook, Instagram, TikTok), celebrate by announcing when new employees have joined your team and/or celebrate current employees’ anniversaries and/or birthdays. Social media automation tools, like Buffer or Later can make this easier.
5. Always take time to greet your team members during the day no matter how hectic.
6. Ask doctor(s) to attend team meetings to build more meaningful connections with the employees.
7. Share patient testimonials during team meetings and post where employees can read them such as the break/lunchroom.
8. Ask patients to write a review if a team member went “above and beyond”. To encourage participation, you can incentivize patients by holding a $100 raffle for those who participate. Once reviews are gathered, you can share them during team meetings and provide some type of small reward or token to acknowledge the praised employee(s).
9. Ask employees to vote for employee of the week or month and reward the winner with a certificate and a gift.
10. Pick up coffee and bagels for everyone occasionally on your way into the office.
11. Provide quarterly perfect attendance awards with the prize of a 1/2 day off.
12. Discuss and celebrate small milestones such as achieving weekly or monthly practice goals. Share your practice's monthly or quarterly goals with your team and if achieved, schedule an afternoon or day off each quarter (outside of their paid time off).
13. After a year of employment, let team members choose a procedure, treatment, or service for free. Not only will these individuals be better equipped to speak about their experience with prospective patients, you can also have them review your process, from call to consult as a typical patient, to identify areas of improvement within your practice.

Create Community

14. Have a “Friday Fun Day” with a trip to Top Golf, bowling, an escape room, karaoke, laser tag, arcade, or paintball.
15. Host a “Because You Make Our Patients Feel Great Day” at a local spa with massages or treatments for your team.
16. Treat the team to an afternoon at a sporting event like a baseball game - bonus points if you can make it a surprise and/or provide practice branded baseball caps.
17. Get out of the office and into nature by taking your team to a beach, a lake, canoeing/kayaking, a cruise, horseback riding, skating, or even out on a hike.
18. Celebrate holidays rarely celebrated like "Say Something Nice Day" or "Working Parents Day". See a list of more holidays here.
19. Host a monthly team lunch outside of the practice.
20. On a slow afternoon, bring in ice cream treats for your team or hire an ice cream truck to come to your location.
21. Host a team dinner at a restaurant (or your home) and toast each employee individually and share why you appreciate them.
22. Host a holiday party for your team and their significant others so you can get to know them outside of the practice.
23. Celebrate birthdays by providing lunch for the team with the birthday employee selecting the restaurant.
24. Celebrate personal milestones such as engagements, weddings, and any new additions to your employees' families (including those with fur).

Provide Advancement/Training Opportunities

25. Provide timely and daily feedback on performance, such as "Great job converting that patient today!"
26. Recognize improvement, not just performance.
27. Continually provide educational opportunities, such as learning more about a particular procedure or treatment, as it helps those who aren’t as involved such as front desk or back office employees feel included. Plus, they can speak to patients with greater authority. Bonus points if you can make this fun by turning it into a game like Jeopardy.
28. Offer cross training opportunities internally and externally by allowing them to participate within the industry such as at tradeshows or with groups/forums.
29. When introducing a new employee to a current employee, mention something great he or she does on the job.

Be Flexible

30. Be as flexible as possible with work arrangements to avoid burnout and because it is always easier to retain an employee than recruit a new one.

Even with employee recognition and work/life balance accommodations in place, employers must realize that many team members will not stay forever. And not every resignation is a bad one, especially if you recognize that employees need to move upwards and onwards in their careers (and occasionally that means a new place of work).

Next month, we'll look at ways that Alphaeon Credit can automate and simplify your patient financing process, reducing your team’s workload and making their days a little easier.

Patient Stories from 2021

Before the holidays, we asked Alphaeon Credit patients to share their stories with us. We received an overwhelming response and a common theme among responses is that the procedures or treatments you provided were life-changing. (A huge thank you from them and us for all that you do!)

So very thankful this year for the life-changing experience of perfect vision!

My breast reduction was absolutely life-changing.

I am living my life pain free and am able to smile again!

Many patients also commented on how financing impacted their decision to move forward with a procedure or treatment and we observed some trends that are worth mentioning to make sure you are getting the most out of your patient financing.

1) Many patients don’t know financing is available before their initial appointment or consult

Many patients waited years for their procedure or treatment because they thought they couldn’t afford it and were unaware they could pay over time.

I had to keep changing my dates months out for the surgery I wanted so bad [due to cost]!  I turned to Alphaeon and they made me feel like it was Christmas, as I got my procedure done the very next week.

This patient delayed care months, if not years, because they were unaware of financing options. Most patients research procedures and treatments before calling a practice to set up an initial consult or appointment. That is why we encourage all practices to incorporate an affordability with financing message into any external marketing such as advertisements, digital/search ads, direct mail, and websites.

Here's another patient who spent much of his visit worried about cost as he was unaware of financing options:

At 61, my eyes were getting bad from all the computer work I do and when I went for my eye exam, he said I had cataracts in both eyes. Oh good grief, how was I gonna pay for this?  The financial person at the eye doctors office assured me that Alphaeon was the only way to go. What an easy process!!!  No worries on paying a big bill up front. Thank u thank u.

This mother desperately wanted a cosmetic procedure, but didn’t think it was possible.

Being a single mom at 16 was not easy. The first thing you do is put your child first and almost forget about yourself…By the time you reach your 40s and your child has their own life…the only one left for me is me. Looking back, what did I do for me? I took care of everyone, and it is time to take care of me. I deserve it. I worked so hard and it is time to reward myself. Oops, I used my hard-working money for everyone else. Now what??? Do I wait on living life and being happy for another 10 yrs until I save the money?...My doctor told me about Alphaeon…I could not believe it!! I can start my new life and be happy NOW, I don't have to wait for 10 yrs...I took care of everyone and everyone moved on. Now I have Alphaeon taking care of me now…Thank you Alphaeon for being there for me.

2) Many patients can’t or won’t move forward without financing

This was a sentiment we heard repeatedly. Many patients are realistically never going to save up the money for a procedure, but will schedule if affordable financing is an option. 

Without Alphaeon Credit, I would not have been able to afford a life-changing cosmetic procedure. It was truly the best decision I have ever made and my life has been transformed for the better. I have benefitted both personally and professionally and my confidence has increased dramatically.

If it weren't for this credit option, I'd still be in glasses! Hats off to the company for giving us this finance option for LASIK. Life-changing for sure.

I am so thankful for Alphaeon. I was able to use my card to finance an expensive dental procedure that I wouldn't have been able to afford outright.

By offering and promoting Alphaeon Credit, these are the patients you are helping. They may never tell you that cost is the prohibitive factor in receiving treatment. However, if you make financing options convenient and accessible, they will take advantage of them and move forward with care.

3) Recommending patients to Pre-Qualify before visiting your practice can save you (and your team) time and allow you to schedule procedures or treatments faster

If your office, like so many others, is experiencing staff shortages, it might be time to guide patients toward pre-qualifying for financing on their own. Many patients commented how easy it was to apply for Alphaeon Credit at home and felt confident walking in to see their doctor knowing how they were going to pay. 

It was a fast, simple, easy application - and an instant credit decision. Thankful for Alphaeon. I was finally able to get the surgery I have been wanting for so long and with low monthly payments. 

The doctor told me he could make it possible. He showed me the different plans and what one that would be best for me. I went home, thought about it, and prayed about it. Then I applied and to my surprise, I was approved. I would like to say thank you for making it possible for me to have the credit for the surgery, it has been a very amazing experience for me.

If you are sending appointment reminders or information prior to their initial visit via text or email, consider incorporating a link to the pre-qualification page. 

“Did you know we offer financing for any charges over $250? Interested in pre-qualifying prior to your visit? Visit https://goalphaeon.com/prequalify-me. There is no impact to your credit*. It’s quick, easy, and secure with instant results, including your credit limit.”

*Not a final credit decision

For patients who want a procedure or treatment and can't afford it, financing means hope. And for those who can afford care, financing means flexibility which can be the difference between someone saying “yes” or “I’ll think about it”. By educating prior to appointments you can address both concerns. 

Our mission at Alphaeon Credit is to help you help more patients. Thank you for continuing to offer Alphaeon Credit and allowing us to play a very small role in these “life-changing” journeys. 

Credit Card or Loan? What's Best for Your Practice

Revolving Line of Credit vs. Installment Loan
What’s the best choice for your practice?

To begin, what’s the difference?

While revolving lines of credit and installment loans provide patients with a way to pay for procedures, treatments, and services over time, there are differences that may convince you to offer one over the other.

A revolving line, like Alphaeon Credit, offers patients a line of credit that can be used repeatedly at any location that accepts that particular type of credit. This line of credit has a credit limit and the patient can repeatedly spend up to their individual credit limit. The limit is based upon the patient's personal credit history, debt to income ratios, and the bank’s willingness to lend. Purchases reduce the patient’s available credit, and as the patient makes payments to pay off their balance, the credit limit increases, making funds available for purchases.

Comparatively, an installment loan is for a one-time use where consumers borrow a set amount of money and pay it back over time, often with fixed monthly payments. Like revolving lines of credit, the approval for the loan is based upon the patient's personal credit history, debt to income ratios, and the bank’s willingness to lend.

What’s best for my practice?

Revolving Line of Credit Benefits

Patients May Return More Often and Spend More: There is a reason retailers offer a “private label card”, a card branded with the store’s name. Providing a dedicated line of credit increases the customer’s lifetime value. Customers with the card return more often and spend more than those without the card.

If you want patients or their family members to return to your practice for additional procedures, treatments, or services, a revolving line of credit makes that process easy as the patient doesn’t need to reapply every time they make a purchase. They simply use their revolving line of credit. Cost concerns are reduced because the patient knows they can split the payments up over time often with deferred interest. As they pay the balance, more funds are made available for subsequent purchases.

In addition, the companies offering revolving lines of credit often market your practice to existing cardholders encouraging them to return and reuse their card. The only caveat is there are two many places where the card can be used, you may find that when your patient returns, they have used their available line of credit somewhere else. Alphaeon Credit is only offered in 4 medical markets, so this is less of a concern.

Patients Get Approved and Schedule Faster: Installment loans tend to ask for more information to complete an application or require more paperwork. No one will pretend that patients seek your practice out solely based upon your acceptance of that credit card, but patients may also schedule faster because the cost barrier has already been removed and deferred interest options are available.

Patients Appreciate Deferred Interest: Understandably, the most popular plans for any elective medical procedures or treatment not covered by insurance is a deferred interest plan. For many patients, this can be a smart move, as these plans allow them to pay over time with no interest as long as they pay off the balance in full by the end of the promotional period.

You may have heard that millennials don’t want another credit card. However, that assessment isn’t exactly accurate. A better statement would be that Millenials want credit cards that meet their needs without a lot of bells and whistles including not charging an annual fee and offering no or low interest options¹. Healthcare revolving lines of credit meet these requirements.

Installment Loan Benefits

Patients Can Finance Procedures over $32,000: Installment loan banks finance pricier procedures, specifically, in excess of $32,000. This is because their risk is reduced for a one-time loan and interest is usually charged.

Patients May Have Access to Longer Terms: Most revolving lines of credit offer up to 60 months of payments with interest, however installment loan providers sometimes offer up to 84 months of payments with interest. This equates to a lower monthly payment for patients, however, patients may be less likely to return when they are still paying off their last procedure or treatment for seven years.

Patients Don’t “Roll Out” of their Promotion: Practices offering revolving lines of credit usually offer deferred interest plans. All patients are attracted to these special financing offers, including those who could pay in cash. As mentioned earlier, it’s a smart move and an extra incentive to schedule today. However, these deferred interest plans require a patient to pay off the entire purchase amount within a specified time period to avoid paying retroactive interest. While the vast majority of patients pay within their promotional period and greatly appreciate the ability to finance over time with no interest, some miss their deadline and incur interest fees as a result. The best way to overcome this hurdle, if you offer revolving lines of credit, is to educate your patients on the importance of paying off the entire balance before their promotional period expires.

Conclusion

When evaluating your patient financing options, it makes sense to look at the types of procedures or treatments you offer. If the majority of your patients are spending $30,000, or $40,000 and need longer terms, installment loans make sense. However, if the majority of your patients are spending less and they appreciate deferred interest, then revolving lines of credit are the best choice.

 

¹https://thefinancialbrand.com/113048/millennials-credit-cards-rewards-points-myth/

Is TikTok right for your practice?

​​Do you have any idea how many people are on TikTok worldwide each month? If you guessed over a billion, you'd be in the ballpark. TikTok is not only the most downloaded app in 2021 but one of the fastest-growing apps in history. In comparison, Facebook and Instagram took twice as long to reach the same billion-user milestone. Some might say it is a fad, but what if it isn't? If you aren't promoting your practice on TikTok, should you be? And how?

Many classify TikTok as a social media platform, but that definition can be misleading. A social media platform often requires people to "like" or "follow" you to see your content. TikTok's mission statement isn't about connecting people. It defines its mission this way: "To capture and present the world's creativity, knowledge, and precious life moments.... TikTok enables everyone to be a creator and encourages users to share their passion and creative expression through their videos." At its core, TikTok is an entertainment platform full of content creators. It isn't necessarily based on who you know but what you like.

@jera.bean

3 Reasons Why TikTok is a MARKETING MACHINE ⚡️ #tiktokforbusiness #tiktokforbrands #tiktoktips #learnontiktok #tiktokpartner

♬ original sound - Jera Foster-Fell

If you're new to TikTok, start here. If not, skip ahead!

If you're new to TikTok, here is how it works. When you initially open an account, TikTok will ask about your interests. The TikTok algorithm will then curate content and show videos it believes you'll enjoy. As you like and share videos or start following other users, the algorithm adapts and improves its curation abilities. The advantage of TikTok from a marketing perspective is that it is not your responsibility to earn followers. Considering only 74% of users are following specific brands today, the likelihood of you earning followers based upon your brand name alone is relatively low. If you produce engaging content (based upon likes, shares, and comments), TikTok will do the work for you and start showing your video to more users, organically generating followers. This can rapidly increase your base. For that reason, many successful creators have millions of followers.

But isn't it just for kids?

While many people still think of TikTok as a young person's platform, two-thirds of TikTok's current users are over the age of 19, meaning most of them make their own medical and purchasing decisions. TikTok users also tend to be in a higher income bracket, with 53% living in households that make over 75k a year.

OK, so my patients may be on TikTok, but should I participate as a practice? Will it hurt my brand?

From a marketing perspective, the consensus among experts is that you should do it, and do it now because being first to market can give you quite an advantage later on.

"It's almost imperative for brands to be on it because now is the time to capture that organic growth," says Aliza Licht, founder and president of consultancy firm Leave Your Mark. "TikTok is ripe for the taking."

Neil Patel, co-founder of NP Digital, says, "The low business competition presents a massive opportunity because you can reach many people at a relatively low cost."

TikTok can also maximize your reach, especially for smaller practices with limited budgets. Bradford Manning, who promotes his clothing, Two Blind Brothers (@twoblindbrothers), on the platform, comments, "I don't think the largest brands will see the same type of outperformance that a smaller brand can find." Unlike Facebook, Instagram, and Twitter, where you are actively competing with the Walmarts, Amazons, and Apples of the world, TikTok favors smaller "breakout" creators, and your practice could easily be the next one to go viral as you are on the same playing field as the largest brands in the world.

Who is using it now?

If you search for any elective procedure, treatment, or service on TikTok, you will quickly find others who have jumped on the TikTok bandwagon. One such doctor is Dr. Daniel Barrett, whom the practice has dubbed "The Natural Plastic Surgeon" for his scar management protocols and closure techniques. However, his medical expertise is only part of the equation of the practice's success. Barrett Plastic Surgery purposefully uses social media to inform, educate, and promote procedures and treatments to potential patients.

"When it really started to ramp up was March or April last year during the lockdowns. I like to keep busy! I started making a few TikToks, and it took off from there," says Dr. Daniel Barrett of Barrett Plastic Surgery.

Today, Dr. Barrett has 1.7 million followers on TikTok, 18 times their number of Instagram followers, and an incredible 458 times their number of Twitter and Facebook followers combined!

Dr. Barrett's TikToks regularly surpass multiple millions of views and are fun and educational. Videos of Dr. Barrett performing surgery also receive high view counts:

@barrettplasticsurgery

Reply to @bumbandy Wtf just happened behind me? 😂💀 #plasticsurgery #implants #notaperfectperson #wintermagic #plantparent #fyp

♬ original sound - Dr Daniel Barrett

His videos are often evocative to people not used to seeing what surgery looks like. While this experience can make viewers squeamish, it can also destigmatize surgery and reduce fear as patients are more educated about the procedures or treatments they are considering. This video shows a liposuction procedure. Warning: If you're squeamish, you may want to skip

@barrettplasticsurgery

I N S A N E Results at the end! 🤯 #transformation #sosatisfying #plasticsurgery #tummytuck #fyp #foryou

♬ original sound - Dr Daniel Barrett

Dr. Barrett's team posts multiple times nearly every day. Many videos are quick tidbits, including his ongoing series "Plastic Surgery Secrets," with over 100 episodes.

@barrettplasticsurgery

What do you guys think about #gwenstefani 🧐 #greenscreenvideo #botox #rhinoplasty #nodoubt #plasticsurgery #plasticsurgerysecrets

♬ original sound - Dr Daniel Barrett

Many TikTok accounts swear by this method, as the platform rewards users who generate a lot of quickly produced content. The algorithm will pick up some videos, but many won't gain traction; it can be difficult to predict or tell why afterward.

@barrettplasticsurgery

Hmm, Plastic surgery or weight gain? 🤔😱 #earthday #zacefron #filler #weightgain #neontwin #springoutfit #oscars #promszn #vaccinatedfor #songfacts

♬ ghost town voice memo (full version out now) - chloe george

"TikTok is this enigma," asserts Dr. Barret. "There are definitely some things we know to do that help the algorithm pick us up. We know there are some things that are our niche or the wider audience will find interesting, but I would love to meet the person who has TikTok figured out!"

Dr. Barrett's efforts on TikTok have paid off for him and his team. Not only are users on the platform more aware of him (and thinking more about plastic surgery generally), but media outlets often start citing him as an expert in the field. His efforts on social media have increased his popularity both in the media and with potential patients.

Crossposting

Creating video for a single platform can feel daunting. But if your practice has previously invested in building your Facebook and Instagram audiences, there's no reason why you shouldn't take advantage of those.

Crossposting (creating content and posting it on multiple platforms) is a perfectly acceptable way of making sure your potential patients hear what you have to say. You can easily create the videos on a smartphone, then save and post them to multiple social media networks.

Dr. Barrett told us that they still see new patients who found their practice through TikTok: "It features in a patient's research process, in the same way, a patient may look at Facebook or Instagram, for example. It's more light-hearted….Even now, I’ll meet with patients who found us on their 'For You' Page."

Is it safe?

There have been valid concerns regarding TikTok's data mining and sharing tactics. However, security experts point out that, aside from being a Chinese company, their methods are no more intrusive than any other social media platform.

"Of all the serious cyber risks facing the average consumer, TikTok isn't on the top of the list. Most Americans ought to be way more concerned about credit card fraud and password protection than TikTok," Monica Eaton-Cardone, co-founder and chief operating officer of Chargebacks911, said.

Chester Wisniewski, principal research scientist at Sophos, agreed: "TikTok doesn't pose any more risk to a user than any other social media sharing application. That isn't to say that there isn't risk, but it's not really different from Facebook, Twitter, or Instagram."

What should I post about?

In a recent article in the Journal of Plastic and Reconstructive Surgery, "Is TikTok the New Instagram? Analysis of Plastic Surgeons on Social Media," the researchers sorted common posts on Instagram and TikTok into the following categories:

• Patient or surgery related

• Personal post

• Self-promotional

• Product advertisement

• Educational

• Other

The "other" category consisted of viral content such as discussions of celebrities, funny and engaging posts, and inspirational content.

If you are just starting, you may want to create a video in each category and see what hits. Trial and error is highly recommended as you find your niche on TikTok. Even after you figure out what works, you may become frustrated as videos that you were sure would be well-liked don't take off, and those that were the easiest to make become viral sensations.

In the other category, Dr. Ben Winters, an orthodontist in Plano, Texas who is known as “The Bentist”, gained 8 million followers on the platform by showing off his dance moves.

@thebentist

Sometimes I wonder why I went to school for 15 years and paid 500,000 in student loans 😂🙌🏻 almost to 9 MIL! 🎉

♬ Into The Thick Of It! - The Backyardigans

@doctorgao

Are you using the right amount of toothpaste? #dentist #dental #dentistry #tiktokguru #youngcreators #learnontiktok #edutok #teeth #foryou

♬ Mad at Disney - salem ilese

TikTok has also been the source of many misconceptions and myths about oral health, which is why it's important for authoritative voices to set the record straight. For example, Magic Erasers became an at-home method of teeth whitening thanks to users on the site. 

It took dentists on the platform to remind everyone that while it might technically work, it's certainly ill-advised, and there are much better ways to whiten teeth. Once again, the Bentist was there to correct the misinformation:

@thebentist

Did she really just say she uses a magic eraser to clean her teeth… 😳 please don’t make this a trend 😂 #learnontiktok #tiktokpartner #teeth

♬ original sound - The Bentist

Don't forget to get others to post for you too, if possible.

Considering that 81% of consumers trust a message that comes from a friend more than a message that comes from a business and that more than half of all active TikTokers post content, you should consider encouraging your patients to post too.

They can post about their procedures and treatments, before, during, and afterward, if they are willing and it is appropriate. With TikTok, if the content is engaging, it may spread beyond the patient's immediate social circle. In addition, when patients post about their procedures and treatments, you may be raising awareness beyond your geographic reach and helping your peers in other markets.

@sarah.calvillo

Documenting my experience before I become ungrateful #comedy #lasik #lasikeyesurgery #millennial #wfhlife

♬ Blue Blood - Heinz Kiessling & Various Artists

@thebeccamurray

Reply to @lockstockandspoonies suffice to say, i’m obsessed #lasik #lasikeyesurgery #scienceismagic

♬ SUNNY DAY - Matteo Rossanese

Once they post, be sure to Duet or Stitch their video to generate unique content for your own followers.  (Duet allows you to have your video playing side by side with someone else's, and Stitch lets you incorporate up to five seconds of someone else's video into your own.)

I might try it. What else do I need to know?

Tik Tok Best Practices

1. Be Yourself. It may sound cliché, but TikTok creators have found the best performing videos are those in which they are authentic. TikTok allows your patients to get to know you and your practice better. This is an opportunity to showcase the personalities within your practice.


2. Share What You Know. Do you have "insider" information for the average person? Share it. If you see something is trending on TikTok that you know is untrue or needs additional clarification, Duet or Stitch it.


3. Be Prepared to Reply. You can become "TikTok Famous" literally overnight, and if you do, you may have thousands of comments. By replying to comments, you can earn more followers. It can also be a great source of inspiration for your next TikTok, as you can reply to a comment or question with a brand new video. Often questions about cost will come up, so be prepared to reply with a link to Alphaeon Credit's pre-qual page for those interested in finding out if they are likely to be approved without impacting their credit.

   @tiktokforbusiness

   Reply to @teejayhughes Looking for ways to increase engagement? Try replying to comments with video 🎥#learnontiktok #tiktoktips #marketingtips

   ♬ FEEL THE GROOVE - Queens Road, Fabian Graetz

4. Don't Worry about Production. Leave the filters for Instagram, unless you are having fun showing how crazy the filters are on TikTok. Once you get started on TikTok, you'll find overproduced videos tend to get fewer likes than those with minimal production. TikTok users, who spend an average of almost an hour on the app daily, have trained themselves to ascertain in seconds if they want to watch more. A slick video can scream "sales pitch" and cause users to swipe up instantly. A smartphone with a decent camera is all you need to get started.
   
   If you want to get fancy, you can try to create some videos with high-quality transitions as users will watch your video repeatedly to try to figure out: "How did they do that?" Also, consider using the auto caption feature. It makes your video more accessible, and videos with captions tend to have longer view times, which can help increase the likelihood that your video will be shown on the platform.


5. Participate in Trends. Over half of all content on TikTok is trend videos. A trend is simply when multiple TikTok users take a video and recreate it putting their spin on it. It might be a dance, song, or just a statement, like this one where you tell a cringe-worthy story:

@nikkithechameleon

Leonard was a bit confused #wakingupinthemorning #fyp #trending

♬ original sound - Amir Yass

Participating in trends and challenges is a great way to reach the "For You" page and develop new content when you aren't feeling creative. If you are active on TikTok, you'll quickly spot trends as you'll see several similar videos. If you aren't as active, head over to the TikTok discover page to find trending videos.

 Is TikTok right for you?

It may be as long as patients' privacy is maintained and you aren't running afoul of any regulations with third parties, like a hospital system, which may soon have rules regarding TikTok videos.

We strongly urge that practices get written permission from patients before sharing anything on social media. Barrett Plastic Surgery explains how they manage: "We're very clear with our patients on what level they would like us to tell their story, and our team is very sensitive to that...Some patients are very happy to tell their whole journey, including interviews; we work closely with them, based on their comfort levels."

Many state and national associations offer useful guidelines for social media use to their associated practices. Jessica Lauria, Communications and Media Coordinator for the Florida Dental Association, notes, "You don't have to join every social media network to reach your audience. It's important to pick the social media platforms that best fit your organization and post consistent, compelling content that makes sense for your audiences and for that platform.

"Industry professional associations, like the Florida Dental Association, are great resources for social media guidelines, best practices, and engaging content that you can share on your social media channels."

If you go viral, you will likely be invited by TikTok to become an official creator and will be paid—albeit a very small amount—for future videos. If this happens, you will have access to analytics showing your reach.

Until that time, you may want to upgrade to a free business account.

“With a business account, you have access to real-time metrics on your content performance so you can understand what’s working well and make the most of it. You’ll get insights into your follower base so you can better understand who’s watching the content you create. And you’ll also be able to add basic information about your business.”

— Ashley Pham, Product Marketing Lead

Money Talks

How Your View of Financing Could be Hurting (or Helping) Your Practice

When was the last time someone asked you to sign up for a credit card? Last week, yesterday, or maybe even today? As consumers, we're asked about financing at nearly every store we shop at, from Home Depot to Home Goods and from Best Buy to Banana Republic. Everyone asks, "Do you have our credit card? Have you joined our loyalty program? You can save 20% by financing today!" No matter if it is a $20 purchase or $2000, the refrain is the same.

Surprisingly, most medical practices fail to offer financing nearly as often and as proactively as these big box stores, even when the purchase amount is significantly higher. When asked "why," coordinators, counselors, and schedulers often share:

"I don't feel comfortable talking about money; it's just too salesy in a medical setting."

"Our patients are wealthy (or we practice in an affluent area), and they don't need financing."

"We tell them about financing. It is on our website, in our patient information packets, and we have brochures in the waiting rooms. If they're interested, they let us know."

At Alphaeon Credit, we've heard these responses hundreds, if not thousands of times, and we know practices that think this way tend to experience slower growth year over year compared to their peers in the same market. If you're interested in growing your practice and have ever found yourself repeating the statements above, please read on to maximize your growth potential!

"I don't feel comfortable talking about money; it's too salesy."

Remind yourself that you offer procedures and treatments that benefit the patient and are life-changing in many cases. By talking about finances, you're only helping patients get what they want and what you recommend. Talking about cost and the patient's financial situation is a positive; it is simply helping them.

If you're not mentioning the total cost until the end of the conversation, consider talking about it earlier and the availability of financing options. Patients know that procedures and treatments come with a price tag and start an internal dialogue regarding their finances from the start. They wonder, "How much is it? or "How am I going to pay for it?" As they have these thoughts, they tune out and may miss crucial information. How many times has a patient forgotten something you said? There’s a good chance they may have been thinking about the price instead of listening. By addressing cost early, you can ensure your patients can focus on what you are saying.

One of the best ways to get comfortable talking about money is by writing a script. You can adjust depending on the situation, but a well-written script provides the framework to help you discuss costs confidently. You may also incorporate elements of your script into the paperwork you share with patients so that you can read off your script without the patient even noticing. After writing your script, rehearse with some team members. Practice makes better! You can also email teamcredit@alphaeon.com to rehearse with a Business Development Manager or for help drafting your script.

"Our patients are wealthy (or we practice in an affluent area), and they don't need financing."

Over a decade ago, a plastic surgeon in Beverly Hills made a similar statement to an Alphaeon Credit team member. He advised the doctor, "Humor me. Just put out some brochures and see what happens". The doctor agreed and two months later called to share his surprise at finding out several wealthy patients were very interested in financing and eagerly applied and used their cards to pay for their procedures. We’ve had the same conversation and seen similar results hundreds of times since then.

When it comes to financing, many presume that financing is only for those with no other way to pay. In fact, financing, especially no-interest plans, is incredibly attractive to those who have cash in the bank. We’ve even had a patient who earns $900,000 a year apply for Alphaeon Credit! With no interest plans, the patient can borrow money at 0% while their money remains invested, earning interest. Utilizing no interest plans can be a wise financial move as long as the patient pays off the balance before their promotional plan period expires. Plus, making a large purchase, regardless of an individual's income, can create anxiety - financially and/or emotionally. Breaking down a large expenditure into smaller monthly payments can reduce this stress as the figures are more manageable.

"We tell them about financing. It is on our website, and we have brochures in the waiting rooms. If they are interested, they'll let us know."

When a patient is considering a procedure or treatment, often there is a tremendous amount of information to absorb. Most websites don't place financing in a prominent position or make it easy to find. Usually, financing is under "patient resources" or "insurance," so while financing pages tend to rank high in viewership, there is a good chance your patient didn't see it. And if the patient is in the waiting room, they are likely looking at their phone and not at the brochures scattered throughout. That is why we recommend always mentioning financing verbally, at multiple steps throughout the patient's journey - from the initial phone call, to consultations, to scheduling. The phrasing is simple, "Are you familiar with how financing works?" or "Did you know we offer financing?"

It is also helpful to personalize the patient's financing message by using the Alphaeon Credit payment calculator and estimate how much the exact procedure or treatment will cost with financing. If you don't know the precise amount, offer a range of monthly payment amounts. "Usually, these procedures cost between $70-125 a month if you choose to finance it, or $3,000-$5,000 if you want to pay in full".

Another way to educate patients about financing is to send them a pre-qualification link before their consultation via email or text. Plus, patients who have financing secured usually show up for their appointments and often schedule on the same day.

In conclusion, if you ever caught yourself in one of these mindsets, we encourage you to consider an alternate view. We are confident that by doing so, you will likely find more patients will be able to move forward, and they will be happier because you helped make it happen!

How to Avoid and, if Necessary, Win Disputes

A conversation with Tina Jones, Concierge Dispute Manager for ALPHAEON CREDIT

Payment disputes happen. You work hard to make sure every patient is happy with their outcomes, but sometimes certain patients still aren't satisfied. And when that happens, they occasionally refuse to pay for their treatment and procedures. 

We sat down with Tina Jones, who handles the dispute process for ALPHAEON CREDIT to discuss how your practice can avoid disputes and be ready when they do occur.

Q: So why might a practice receive a dispute, and how does a patient submit one?

TJ: Typically, a dispute occurs when a patient receives a bill, and for some reason, they don't agree with the charge. Often, disputes arise when a patient is charged for surgery before services are rendered, so they're a little bit shocked when they get a bill in the mail for a procedure or treatment that hasn't been performed yet. 

When a dispute is filed, a patient will call into the bank and speak to one of the representatives. The patient will say, "I didn't have the service" or "I didn't agree to the cost" or "I should not have to pay this amount." At that point, the bank will open up a dispute case. 

Q: What happens next?

TJ: Initially, the bank will contact the practice directly through a secure email portal. They will ask for documents proving the patient agreed to the charges, such as a signed sales receipt. Sometimes, the office didn't refund a patient when they should have, and a refund is due minus any non-refundable fees. In those cases, the practice simply refunds the patient. (Note: It's still important to have those documents on hand, even when services were never rendered.) 

Q: What happens if the office doesn't respond?

TJ: A response is required within ten days, failure to do so can result in a chargeback. 

However, if the office doesn't respond initially or the issue is complicated, the bank will reach out to the team at ALPHAEON CREDIT to help get the dispute resolved within the ten-day window. 

If we get involved, ALPHAEON CREDIT acts as your concierge and guides you through the dispute process. We will walk you through the steps of either processing a refund or getting the correct documentation to avoid a chargeback. 

Q: So, how does a practice avoid chargebacks?

TJ: There's only two things that are needed to find in favor of the practice: a signed ALPHAEON CREDIT sales receipt and the patient's identification information (the type of ID, expiration date, and state-issued) written on the sales receipt or a photocopy of the patient's government-issued ID. 

Occasionally additional documentation will be requested, such as a copy of your cancelation policy or charges incurred by the practice before the patient's procedure or treatment. 

Q: Assuming the practice has those two documents, you find in the practice's favor 100% of the time?

TJ: In my experience, yes. If you have a cancelation policy or have non-refundable deposits, that's fine, we can find in your favor as long as the patient understood and agreed to those charges by signing the sales receipt. 

Q: So, the key to avoiding a chargeback is keeping track of those sales receipts and making sure the patient understands your practice's policies?

TJ: Correct. It's important that the patients understand what they're signing up for and your cancelation and refund policies. I should also mention that you need to keep those sales receipts for 72 months after the transaction. 

Q: How do you avoid disputes in the first place?

TJ: The best way is communicating clearly, verbally, and in writing with your patients. They must understand the exact amount that is being processed as well as when it will be processed. We know that offices require funds before surgery, and by all means, we want practices to receive the funds when they need them. But when patients start receiving bills before services are rendered, disputes increase. 

Q: Is that why you ask practices to avoid pre-funding more than 30 days before the procedure or treatment?

TJ: Prefunding is the leading cause of disputes. We ask that practices not process transactions more than 30 days before the procedure or treatment will occur.  

Q: How else can practices avoid disputes?

TJ: It's all about communicating with patients. Another issue we see is patients not understanding when their promotional periods end. They'll dispute that charge, saying they were unaware. Make sure patients understand that their promotional period starts immediately. For example, if they sign up for a 12-month deferred interest promotion, the patient must pay off the entire balance within exactly 12 months from the transaction date, or they will be charged interest even if their monthly statement has a different due date. 

Q: How does ALPHAEON CREDIT's dispute process differ from other patient financing companies?

TJ: The difference about ALPHAEON CREDIT's process is the concierge-level service you receive from our team when it comes to a dispute. Our bank isn't going to send an email or fax and chargeback your account without your knowledge. With ALPHAEON CREDIT, we're going to reach out to you with phone calls, emails, however, we can, to have that conversation about that patient and see what we can do to resolve the issue quickly and fairly for all involved.

3 Ways to Convert Prospects to Patients

Imagine standing in front of an audience of hundreds of potential patients. What would you say to them? How would you explain that you’re uniquely positioned to help them? 

As every successful public speaker knows, first speak in terms of your audience’s needs. Start with what they want. 

Yet this simple principle is often ignored when the situation is taken out of the auditorium and happens online.  

You may have hundreds of people a week visiting your website, more than will ever walk through your office door or call your phone. What are they looking for? What happens if they can’t find the answers to their questions?

Luckily, some of them will call anyway to get answers and schedule a consult or appointment.

But most of them? They’re gone. Potential patients that you could have helped. Not because they got to your site and changed their minds, but because they made it to your site and couldn’t easily find what they wanted. 

When it comes to elective healthcare, one of the top three questions asked by patients is “How much is it going to cost, and how can I pay for it?” While safety and outcomes are important, like it or not, cost is also a deciding factor for patients considering elective healthcare. 

So how can you help? It’s easy. Make it easy for patients to find the answers to their “cost” questions.

1 - Make Your Financing/ Affordability Page Prominent 

When categorizing navigation tabs, many practices choose to place their financing page under “Patient Tools” or “Practice Resources”. This makes sense from an organizational perspective. However, according to research shared with ALPHAEON CREDIT from numerous offices across all medical specialties, the most visited web pages on a practice’s website are (in order):

1. Homepage 

2. About the Doctor(s)

3. Financing / Affordability

If your financing / affordability page is hidden in a drop-down, making your patients play hide-and-seek for one of your most popular pages can be a frustrating experience. The best solution is to prominently display your financing / affordability page as its own navigation tab on your home page. In addition, by addressing that cost is a concern upfront, you may find patients choose your practice over another.

““Practices that understand the value of promoting financing to their prospects often see the financing page hit more frequently. It’s interesting because even if the patient may not finance the procedure, the fact that it was in the messaging is often what helps them feel confident that they can take the first step....Fear and price are usually the two reasons people do not move forward so financing is a great way to help eliminate the cost/price issue.””

— Jonna Kieler, CEO of Fast Track Marketing

Manrique Custom Vision’s website is a perfect example of promoting financing well. They have financing as one of their top navigation tabs on their homepage. By placing this tab on their homepage, they are proactively addressing any cost concerns of potential patients.

You may be saying to yourself that your patients don’t need financing, as they typically can pay out-of-pocket. That may be true, but in saying that, you are making two distinct logical fallacies:

Survivorship Bias - Also called “Dead men tell no tales” or “You have not, because you ask not.” In short, you do not see the missed opportunities from people who chose another provider because you have not offered financing. Perhaps many otherwise perfect patients who didn’t schedule just needed a little help paying for their procedures. 

False Dilemma - Also called “All-or-nothing fallacy” or “Only a Sith deals in absolutes.” By not highlighting financing, people who might otherwise be inclined don’t take advantage of it. Just because you have the means to pay out of pocket, doesn’t mean that’s always the best choice. People finance for  reasons, including creative budgeting, spreading out the cost over months to improve their credit history, or just getting the procedure slightly sooner than they might otherwise. 

Money Under 30 listed three times when it makes sense to pay using credit rather than cash including when deferred interest and low APR options are presented. As you know these examples are similar to patient financing promotional plans.

Plus, you never know when someone who isn’t interested in financing will tell a prospective patient that would be interested in financing. The more patients you tell, the faster the word will spread that the procedure or treatment they are considering is not out of anyone’s reach.

2 - Guide Patients Toward the Option You Want

There’s a term in psychology called “paralysis by analysis.” The term refers to the fact that when presented with choices, especially choices that aren’t especially clear, a portion of people will freeze.

The phrase may be relatively new, but the idea is ancient. In one of Aesop’s fables, a Fox boasts to a Cat that he is nimbler than the Cat. He’ll never be caught, the Fox says, because he has a hundred different ways to escape. The Cat admits that she has only one: she can climb a tree. When the Hunter comes, the Cat scurries up a tree, her only defense, while the Fox stops to deliberate about the many ways he could escape, and consequently is caught by the Hunter. Especially when you’re presenting information online, where a patient has hundreds of potential distractions, asking them to make an uninformed choice can be deadly for holding their interest. 

This doesn’t mean you don’t mention other options at all, but clearly guide patients toward your preferred patient financing provider (which we hope is the one with the stronger approval rates and superior credit limits). Your engagement rate will increase as potential patients are no longer saddled with the emotional frustration of trying to make a decision based on nothing more than which colored logo they prefer.

Maybe you feel like you’re being too meddlesome in pushing a decision on a future patient? That’s understandable. No one likes to feel like they’re being forced into something. But consider this: one of the strategies Behavioral Science in the 21st Century uses for avoiding analysis paralysis, is to choose a trusted recommendation. 

And who knows the best choice better than you? A patient may go through the process of medical financing once or twice in their lives. Your office might process dozens of patient payments a week. You are the trusted expert here, and patients appreciate hearing your recommendation. 

3 - Call Patients to a (Simple) Action

Now it’s time to ask them to take the next step: do you want them to set up an appointment with you, or do you want them to walk in with financing in hand? 

Obviously, it’s easier if everyone already has financing. It saves you time and means you’re already speaking with potential patients who can afford the procedure. In fact, that’s the path taken by many plastic surgery and dental offices.

On the other hand, it might make more sense for your practice to talk through the financing question at their first consultation. This is the route taken by many of our ophthalmology and dermatology offices. They recognize that there is value in guiding the patient through their financing in person, and applying for them in the office.

““It’s all about creating the relationship and providing a great experience for our patients.” “We walk them through the process of applying to show them how affordable the procedures we offer can be without any intimidating guesswork on their part.””

— Ryan Walsh, Practice Administrator at Travers Lasik Vision Care.

Neither is right or wrong; it’s all a matter of what you want for your patients and team. 

Regardless, it’s time to ask for something. It’s time to turn interest into action. Either “Apply Now” if you want them to apply before coming in or “Call Us for Your Free Consult” if you want to guide them through your preferred patient financing vendor. 

By asking them to take action, you’re testing them to see if they are interested in moving forward, but also laying out a specific next step. 

On a website, a call-to-action button maybe your best attention-grabber. Wordstream recommends using buttons that are “large and legible”, feature “action packed“ text like “Apply” or “Call”, and are colorful enough that they stand-out from the rest of the website.

In Summary

Moving people from invisible website visitors to patients is a challenge, but one that can be made easier by laying out a specific path. Navigating from the homepage, to the doctor’s bio, to your financing options, to a call to action, makes the most sense. 

Take a moment to look at your website and pretend to view it for the first time. Can you easily find those steps? Can you move through the process? Is there a clear “Call to Action” at the end?

If not, it might be time to reevaluate. Luckily, it might not even require a full site redesign. Simplifying your top menu and adding a contact form at the bottom of key pages might be enough to see a bump in website engagement. 

The next time you redesign your site, keep these principles in mind, and you’ll be doing a better job of taking the “potential” off of “potential patients.”

3 Things You CAN'T Say to a Patient

You’re familiar with the restrictions placed on medical professionals by HIPAA and other laws regarding patient privacy. After all, patients need to feel secure, trusting that practices can be counted upon for their confidence and discretion. Doctors who value doctor-patient confidentiality take many steps to make sure their teams comply with all the legal and ethical safeguards.

But what practices can or cannot say to the patients are sometimes overlooked. This is especially true regarding financial transactions, where laws and statutes never written for medicine, still apply. It’s in your best interest to occasionally review your discussions with patients to ensure you are fully compliant with all pertinent regulations.

At ALPHAEON CREDIT, we know that the logic of financial regulations can often feel worlds apart from a practice’s goal of helping patients. So to help clarify, we’ve compiled a list of the top three things that you can’t say to a patient.

You can’t say “No Interest” or “0% Financing”

Well, you can, but only when you follow with additional information about potential charges.

WHY NOT?

Over 50 years ago, Congress passed the Truth in Lending Act (TILA). Included in this act was a provision called Regulation Z. Regulation Z requires that lenders disclose the interest rate and certain fees when you apply for a loan and at regular intervals after. ALPHAEON CREDIT and our financial partners inform patients at those regular intervals as required by the law, but when discussing financing with a patient, they need to understand what they’re agreeing to.

The act has been modified and expanded since the 1960s, including a 1988 change that specifically focused on credit cards.

Regulation Z considers “no interest” or “0% financing” to be a “trigger term.” A “triggering term” is a phrase that must automatically “trigger” further disclosures.

According to the guidelines published by consumerfinance.gov, “If the phrase ‘no interest’ or similar term regarding the possible avoidance of interest obligations is stated, the term ‘if paid in full’ must also be stated in a clear and conspicuous manner preceding the disclosure of the deferred interest period.” It is especially important that all printed and marketing materials communicate this clearly. Always offer a brochure with financing information to your customers, this will help them evaluate their options. If you apply on their behalf, you will also need to provide them a credit card agreement form as well.

When discussing Deferred Interest Payment Plans, it must be clear to the patient if they fail to make their payments and pay off the balance within the promotional period, they will be charged interest for the entire purchase amount. The patient needs to understand that not paying their promotional plan balance in the required time may cost him or her additional hundreds or thousands of dollars.

WHAT CAN I SAY?

Instead of “We offer no interest plans,” you may consider saying, “We offer 12-months no interest financing if paid in full within 12 months. If the entire purchase amount is not paid within the 12 month period, you will be charged retroactive interest back from the date of purchase, which often can amount to hundreds or thousands of dollars.”

This is for verbal conversations. If you promote deferred interest payment plans in print or online, you must include additional disclosures.

Sometimes, practices are worried that these disclosures are going to scare off potential patients from choosing to finance. However, we believe disclosures (besides being required by law) create trust by empowering patients to make educated choices regarding financing options.

You can’t say, “We offer financing, and charge a small fee if you use it.”

As a matter of fact, you can’t charge a fee for financing at all.

WHY NOT?

Well, remember TILA? According to the way that law was written, adding a fee for “no interest” or a program with a fixed APR changes the offer. That additional fee can be viewed as additional interest charged. And in order to charge for it, you’d have to disclose it as part of the calculated Annual Percentage Rate (APR).

At that time, the government was trying to crack down on some shady financing offered, specifically from the car sales industry.

WHAT CAN I SAY?

“We offer financing to all patients, however if you’re interested in paying in cash, we do offer a cash discount”.

When the cost of offering financing is a concern for a practice, we recommend you build the price of financing into the cost of the procedure, and then offer a cash discount.

We’ve written about this before. This is something we encourage all practices to implement because it’s a great way to cover your costs, while still remaining in compliance with the law.

We even offer a Cash Discount Calculator so you’ll know exactly how much to add into your procedure cost and how much you can reward your cash-paying patients.

You can’t ask “What does your Credit Score Look Like?”

You may think you’re helping patients by guiding them to the best financing options, but you might be breaking the law.

WHY NOT?

The Equal Credit Opportunity Act (ECOA) guarantees that all applicants have access to the same lending opportunities. At first glance, it looks like you’re helping guide them to the appropriate lender that will finance their procedure.

But here’s the problem: guiding patients to a different financial company based on what you perceive as their ability to pay, runs afoul of the law. Because the plans offered aren’t exactly the same, there might be differences in interest rates or terms. Even using something like their credit score could be seen as discrimination.

WHAT CAN I SAY?

“We encourage all of our patients to apply with ALPHAEON CREDIT. Approval is not contingent upon credit score alone; multiple variables are considered. We won’t know with any certainty until you apply. It only takes a minute or two to apply and we will receive a response instantly. Do you have time to apply right now?”

If you are offering multiple patient financing companies, we recommend leading with the company that offers the best chance of success from the beginning since patients are, understandably, reluctant to apply with another company once they have been declined once.

As Lisa Taylor, Vice President of Business Development at ALPHAEON CREDIT comments, “Offering financing to every patient is the easiest way you can help your patients. Even patients you think can easily afford to pay out of pocket, appreciate the flexibility of paying over time. By offering them ALPHAEON CREDIT, you’re offering a great option for those that need financing and those that simply want financing.” Ensuring that patients both understand and feel comfortable with their payment plan is essential to their overall feeling of satisfaction with their treatment.

3 expert suggestions to Make Sure Your Entire Team is on the Bus

You’ve probably thought about your practice goals for  the next few years. Maybe it’s offering additional services. Perhaps it’s regional recognition. Or you simply want to help more patients.

You may have taken steps personally to move towards those goals. But no matter how much effort you put in, improving your practice isn’t something done alone. It takes a team that share your goals.

So where do you start? How do you get your team on-board? 

1) SCHEDULE TIME, SET COMPELLING GOALS, AND REPEAT

In the Seven Habits of Highly Effective People, author Stephen Covey starts with the first two principals, “Be Proactive” and “Begin with the End in Mind.” These are essential for individual leadership. Combined, they offer a road map on how to communicate with your team. 

Be Proactive and Begin with the End in Mind

The first principle, “Be Proactive” requires scheduling time with your team to discuss goals. 

Dr. Rich Castellano, a Plastic Surgeon in Tampa, FL  and CEO of PracticeProfitabilityMD.com, shared, “The best way to set clear expectations and group priorities is to schedule regular meetings or trainings with your team, at least 30 minutes per week. Many offices offer little or no training to their staff and often expect the team to figure things out. Email training and hallway conversations will not get the message across. When you commit to scheduling this time, magically your team will more easily internalize expectations and priorities.”

Gloria Faulkner, Administrator at Aloha Laser Vision, agrees. “Monday morning staff meetings are essential. It’s a time to get together, iron out problems, go over the week. In Monday morning meetings, everyone has a voice; everyone has an opinion, which I think is valuable.”

The second principle, “Begin with the End in Mind” requires you to “develop a clear vision of your desired direction and destination” for your team. 

You probably have a ranked list of goals for your practice: outstanding patient care, exceptional service, and friendly interactions that put patients at ease, just to name a few possibilities. If you asked every member of your team for those goals , would they produce the same list and same rank order?

If not, perhaps it is because your practice’s goals haven’t been crystalized and repeated. If the goals are not easy to understand and are not a part of your regular conversations they will be forgotten. 

One organization that is routinely applauded for its employees' commitment to the organization’s goals is Walt Disney World Parks. They created a set of standards (or goals)  for all employees over sixty-five years ago that are still being used today. They call these goals the “4 Keys to the Kingdom”: Safety, Courtesy, Show, and Efficiency. The “4 Keys” work because they are simple to understand and ever-present. 

It’s no different for your team. Clarifying your priorities and repeating them not only helps your team members, but it may help you in making executive decisions and staying on track.

2) CAST A COMPELLING STORY

Roger D. Schank, a cognitive scientist and entrepreneur, once said “Humans are not ideally set up to understand logic; they are ideally set up to understand stories.” Without a narrative of what you’re aiming for, it’s harder for your employees to understand your vision. 

Humans are not ideally set up to understand logic; they are ideally set up to understand stories.

A team story has three steps:

1. Where we are now 

2. Where we want to go

3. How we are getting there

Having open discussions about where you are and where you want to go  can clarify the journey and can motivate your employees to participate in the process. 

Think about your favorite film: at one point early in the movie, the hero tells someone what they want. Now for the rest of the film, the audience is rooting for the hero to achieve his or her goal. It’s human nature. When we see someone with a goal, we want to help them achieve it. 

“Once I got my team on board with our training and our story, the greatest thing happened in my life,” Castellano shares. “My team started telling ME what to do. And they were right, because they were so well trained and in tune with what we do, they often knew better than I how to create even more value for our patients.” 

Sharing where you are now and where you want to go is relatively easy. Defining how you get there can be more difficult. 

One way to communicate this part of the story is with a company mantra. A mantra distills your practice’s goals even further into a short, pithy statement that guides decision making and behavior. 

Many top companies use them, including Google’s “Don’t Be Evil” and Apple’s “Think Different.” Neither of them describes what the company does, but tries to illustrate how the company acts. 

Shane Snow writes about this for FastCompany: “Unlike mission statements, mantras are pivot-proof. They transcend current target markets and quarterly quotas. Google’s ‘Don’t be evil’ says nothing about search, social, or self-driving cars. It’s a banner under which augmented reality glasses and payment systems can thrive alongside pay-per-click ads, and it doesn’t conflict with any particular product’s mission of moment (say, organizing the world’s information). The mantra is the guiding star, not the operating manual….Cheesy? Who cares. Everyone remembers it. And in a startup where the soil of culture is fertile, a meaningful mantra can be one of the greatest seeds you plant.”

Claudine Anz, Office Manager of Smile Design Dentistry and former consultant to medical practices across multiple specialties, says that the phrase she uses in every office is ‘red-carpet service’. “I tell [all the employees] here when someone comes in, from the moment that they walk in that door, that they receive ‘red-carpet service’.

Organizing a practice’s ethos around a phrase gives employees a tool to measure their work decisions against. According to Anz, emphasizing ‘red-carpet service’ ensures all team members understand creating an exceptional patient experience is paramount. 

3) MAKE THEM PART OF YOUR MISSION

Once you’ve established your practice’s goals and shared  your story, it’s your team’s turn. Invite your team to be part of the process and come up with innovative ways for how they will implement the company’s vision. 

When employees feel their innovations are being implemented, or at least fairly evaluated, they feel more invested in the mission of the practice. Employers in all sectors, including medical, often underestimate the power of your employees feeling that they are part of a team, working towards a common goal. Psychology Today reports that peer motivation is the number one factor in what encourages employees to “go the extra mile.” Writing for Entrepreneur Magazine, John Rampton writes, “To show an employee that you truly trust and respect his opinions, let him make decisions that will impact your company’s culture and future.”

“To show an employee that you truly trust and respect his opinions, let him make decisions that will impact your company’s culture and future.”

This doesn’t mean you have to surrender control of your organization, just that you intentionally make yourself open to implementing ideas that fit your priorities, and that comes from your employees.

Many company-changing innovations came from the most unlikely sources. For example, Flamin’ Hot Cheetos were invented by a janitor who called up the PepsiCo CEO with an idea for a new flavor of the product. Not only was this a success for the company and the janitor, but also for the CEO who was willing to listen to a new idea that resulted in a multi-million dollar innovation. 

“People say patients come first, but for us, our employees do.  They have to feel valued” says Faulkner. “Our employees have contributed ideas from our workflow to even our furniture arrangement.  They really do have a pulse on what patients are saying.”

Marie Norgaard, Administrator of Boxer Wachler Vision says, “We empower our staff to make decisions to help patients. For example, if a patient has had a delay in a driver picking them up, a staff member might buy them lunch while they wait or pay for an Uber ride for the patient.  A patient is struggling financially; they can provide them a reduced rate.”

Everyone ends up benefiting when the team is part of the mission: the practice, the team, and the patients. 

IN THE END

Making sure your employees are “on the bus” is a process that starts with management. Your team is looking towards administrators, office managers and doctors for leadership and inspiration.

No one wants to get on a bus that’s sitting in a parking lot. Have a vision for your practice and goals to move towards. Communicate those with your team and give them opportunities for input. 

These are the ways that you can get your team excited and motivated about the priorities you have for your practice to keep moving forward. 

4 Reasons Your Team May Be the Secret to Social Media Success

Social media experts recommend you keep your audience engaged by posting on Facebook every day, on Instagram three times per day, and on Twitter fifteen times per day. That is a tremendous amount of content to generate on a regular basis to attract potential patients and to stay top of mind with your current patient base. 

Posts featuring your doctor(s), educating patients about procedures or treatments you offer, and before-and-after patient photos are commonplace. However, one area that is often overlooked, are posts highlighting your team. 

Creating posts that showcase specific members of your team is an excellent way to keep content fresh and to extend your social media presence. 

Here are just a few reasons why you should consider featuring your team on social media and some examples from practices we think are doing it well.

1 - Recognizing Your Team Can Increase Employee Satisfaction AND Patient Satisfaction

According to Entrepreneur magazine, employee recognition lowers turnover, increases employee happiness, increases employee engagement, and increases trust.

With social media, recognizing your team and sharing accolades is easy. 

You can highlight a specific team member, maybe on his or her work anniversary, birthday, on a day that celebrates their contributions like National Doctors Day (March 30) or National Nurses Day (May 12). 

Austin Weston, The Center for Cosmetic Surgery in Reston, Virginia commemorated National Nurses Day, with Instagram posts profiling all of their nurses. 

View this post on Instagram

Happy #NationalNursesDay! A big shout out to all the amazing nurses here at the Austin-Weston Center. We are so thankful for everything you do 💕 Not pictured: Cat Bahumian & Erin Germain⁣ ⁣ ▫️ austin-weston.com⁣ ▫️ 1825 Samuel Morse Drive, Reston, VA⁣ ▫️ Board-certified by the #americanboardofplasticsurgery

A post shared by Austin-Weston Cosmetic Surgery (@austinwestoncenter) on May 6, 2019 at 10:35am PDT

Not only will your team appreciate being recognized, but when you highlight the talented people working with you, you might find your patient satisfaction scores rising as well. 

According to Mark Somol, founder of Zeal and an expert in employee metrics, “Employees who are passionate about their workplace are typically much more highly engaged. Passionate and engaged employees are your best customer advocates. Research shows that companies with very high levels of employee engagement can have 3x higher customer satisfaction ratings.”

You might worry about remembering every team member’s birthday. Luckily, social media platforms have scheduling either built-in or available as a third-party app like Hootsuite. Edgard Izaguirre, brand manager for Austin-Weston, The Center for Cosmetic Surgery, plans their social media campaigns for the entire quarter. “Things can be tweaked, but it’s better to be planned in advance,” he says. With these tools, employee appreciation posts can easily be scheduled for the entire year all at once.

2 - Posts Featuring Your Staff Almost Always Garner Higher Engagement

Posts highlighting team members consistently have a higher level of engagement on social media platforms. 

Compare these two Facebook posts by Brinton Vision, in St. Louis, Missouri. 

The first is a classic social media post that advertises their services in a creative way:

The second shares a childhood photo of one of their team members on her birthday.

The post highlighting a team member not only received more comments, it also received a much higher level of engagement with more “social reactions” (emoticons) as compared to simple “likes”, which translates into a higher ranking within Facebook’s news feed algorithm.

Other posts that garner a high number of “social reactions” include promotions, achievement, or life events. Take a look at this post from Belcara Health in Baltimore, Maryland:

Beyond “social reactions” and “likes”, posts like these are more likely to be shared beyond your social media feed and on your employee’s own personal feeds. According to the MSL Group, your employees are already networked to more than 10x the number of people on social media than your organization can ever hope to on its own. By spreading the message, you increase overall brand awareness and can reach more current and potential patients.

 

3 - Showcasing Your Team Alongside Doctors Can Make Potential Patients Feel More at Ease

As the saying goes, people buy from people they trust. 

Patients need to feel comfortable with their doctor, of course, but some patients have difficulty connecting with their doctors. They might see an education difference, a class difference, a racial difference, or a gender difference, and these differences can be invisible barriers to building a trusting relationship.

However, there are likely many similarities between your team members and your patient base.

Highlighting members of your team in your social media is one way you can help build trust since patients may relate to your team more easily.

Plus, according to the Edelman Trust Barometer, employees are judged to be more credible than their bosses. There’s an average of a 16 point gap between how much a consumer trusts an employee of a company and how much they trust the head of that company.”

All practices are very proud of their doctors, but highlighting other team members can make patients who look and feel different than the doctors themselves, more open to your team. Brand manager for Austin-Weston, Edgard Izaguirre says, “It’s always important to know the surrounding market and develop a campaign that they are receptive to.” 

Izaguirre also notes that managing a brand is about connecting with the “human element.”

Photos and videos of your team put an approachable human face on your entire practice. Allie Watson-Fowler, Relationship Management Specialist at Belcara Health add “While doctors are the recognizable names and faces of a practice, our patients are primarily in contact with the other members of our staff, like nurses, patient advisors, and administrators. By featuring these team members on social media in addition to the doctors, patients can quickly and easily see exactly who it is they will spend their time with while in our office. Our existing patients love seeing the ‘behind the scenes’ staff like anesthesiologists and post-operative nurses who helped them after their procedure; we always get a good deal of comments on these types of posts, which also helps prospective patients to feel comfortable with the care they will receive at our center.”

4 - Build a Social Media Army by Turning Your Employees Loose 

Satisfied patients are fantastic evangelists, but even the most satisfied patients will be thinking about your practice only occasionally. On the other hand, your staff members are thinking about the practice’s success (hopefully) every day. 

FastCompany advises “Simply encouraging employees to share their company’s social media updates–when done properly–can dramatically expand a company’s total following, extending the reach and impact of its messages.” 

Every “social reaction”, “like” and “share” on Facebook, Twitter, or LinkedIn promotes the social media post in the respective system’s algorithm, resulting in higher rankings and more current and potential patients seeing your messaging.

High-profile brands like Starbucks, Zappos, and Southwest Airlines even train their employees to constantly share their work on social media, with rewards for who can get the most likes, views, and engagement. 

This is not mandatory, of course. FastCompany continues: “To be clear, any employee social media program has to be voluntary. I’d even go a step further than that, however. For this process to work, employees have to actually want to share company news.”

However, it is an easy program to incentivize. You’re not asking for additional time, any more than the five minutes it takes to craft a status update. The occasional $5 Starbucks gift card for the team member with the most liked post this week goes a long way towards incentivizing the kind of behavior that will have immediate tangible effects in generating new prospective patients. 

Word-of-mouth messages from friends and colleagues are widely seen as more relevant and trustworthy than social media blasts from corporate accounts; according to the MSL Group, “Brand messages are shared 24x more frequently when distributed by employees vs brand.”

Think about it yourself: Which car dealership are you more likely to trust? The one running slick Facebook ads in your feed? Or the one where your cousin Debbie works, that she’s always talking about (positively) online? Naturally, you’d lean to the second choice.

Final Thoughts

You’ve always known that your team is the most indispensable asset By showcasing them in your social media posts, you are inviting potential patients to preview an integral part of their experience with your practice. You’re overcoming mental barriers to treatment by presenting relatable people. And you’re allowing your team to speak directly with more credibility than your official pages ever could have.

How Offering A Cash Discount Could Boost Your Bottom Line

If you're like most practices, there is a good chance that you have encountered at least one patient who asked for a discount. You also likely have met the patient who wants a longer term no interest plan that you don't offer.  What if could make both of these patients happy and improve conversion ratios overall, without costing you a penny more? 

To start, you'll need to transition your practice to a Cash Incentive Model. The goal of a Cash Incentive Model is to provide an incentive for those who can pay in cash to do so and for those who can't pay in cash to be offered the most attractive patient financing options.

So, how does it work? 

STEP 1: CALCULATE YOUR COST

Let's presume you're comfortable paying 5.8% for ALPHAEON CREDIT”s 6 month No Interest if Paid in Full, but your patients want the 12 month No Interest if Paid in Full (or your competitors are offering it and you're worried it is swaying some patients).

The cost for the 12 month No Interest if Paid in Full plan is 8.9% to you. So your additional cost to offer this plan is: 8.9% - 5.8% = 3.1%

STEP 2: ADJUST PRICING

Once you know how much offering the longer term plan will cost, you will add that cost to your overall prices. Most practices choose to round up to make the next step - offering a cash discount - easier to explain. 

So in this scenario, it costs you 3% more to offer the 12 month no interest plan, so you raise your prices across the board 5%. This raise will help cover the cost of patients who choose to finance, but should also save you money as you will see in the next step. 

STEP 3: OFFER A CASH DISCOUNT

Now comes the best part - not only can you offer 12 month no interest to all patients, but you can also offer all patients who choose to pay cash a 5% discount.

This 5% discount may also save you money by converting those who would have elected to finance, but had the cash, to pay in full. Plus, it standardizes your discount policy and ensures patients who routinely ask for discounts, still feel like they are getting a deal without impacting your bottom line while those that prefer to finance can do so without impacting your profitability. 

When is the right time to share YOUR price?

Do you advertise your prices online? Should you? This was the question posted recently on the ShoutMD community by an ophthalmologist. And the survey says...

23% of physicians share pricing before speaking to a patient or having a consult today. Yet, many believe this is a trend that is becoming more popular especially among younger physicians and corporate owned providers.

So what are the pros and cons?

PROS

1. Reduces Sticker Shock and Keeps the Schedule Open for Qualified Patients

By posting your prices, patients come into consults educated and are less likely to experience sticker shock. This is especially true if others are advertising unrealistic prices in your market, such as $299 for LASIK. By sharing your prices, patients won't be surprised and are more likely to have begun to consider how to pay for the procedure such as with financing. For those unable or unwilling to pay, they are less likely to schedule a consult, come in, and say, "How much?...Hmm...I'll pass.". By letting them know your price in advance, you can keep your schedule filled with those that are prepared to pay. 

2. Differentiates Your Practice

If your prices are above or below the the norm for your market, advertising pricing can be a differentiator.

Right or wrong, when patients have limited information to compare like products and no existing relationships at any practices, they often turn to price first as a comparison tool.

Price can tell patients what type of practice you are. Are you a Neiman Marcus, Macy's, or Wal-Mart? There is a consumer for each of these retailers, and there is a patient for the high, middle, and low cost practice as well. 

Some patients will always be searching for the lowest priced provider. If this is you, advertise, but proceed with caution as lower prices can impact patient satisfaction. In a 2008 Stanford study, researchers applied electrical shocks to the wrists of participants before and after they received a placebo painkiller. Some participants received an "expensive" painkiller and others received a "low-priced" painkiller. 85% of those in the "expensive" pill sample group reported a reduction in pain from the shocks compared to 61% of those in the "low-priced" sample group^. If you are the lowest priced provider, be cognizant of this unconscious bias among patients to be less satisfied when they know they have paid less. 

On the flip side, if you are the highest priced provider in your market, patients may be apt to believe your practice is superior to other options for the same reason. In many markets, the physician charging the most isn't always the more experienced or educated, but often patients believe that he or she is due to their price points. Yet, being the highest priced provider also comes with a warning. Setting your price too far apart from the norm can backfire, as other studies have shown consumers have a “middle bias” or “edge aversion.” From multiple choice tests, to menus, to a selection of jams on a shelf, consumers tend to gravitate towards the middle choice as it feels the most safe*. In the end, being priced squarely in the middle might serve you best of all.

CONS

1. Reduces Call Volume and Consults

Almost every practice receives the “How much is X?” call on a regular basis. These "price calls" are always opportunities to redirect the conversation and help the patient understand what questions they should be asking (experience, education, outcomes) and to begin to establish a relationship. If you post prices, you run the risk of patients not calling at all as the only question they know to ask has already been answered.

2. Creates Unrealistic Expectations

In many scenarios, it may not be feasible to provide cost without first evaluating a patient. If the patient comes in and you determine they are a better candidate for another procedure or that their procedure will cost more, "anchor pricing" could prevent the patient from moving forward. “Anchor pricing” occurs when one price is provided, giving patients a starting point or “anchor”**. Moving forward, all other prices are compared to that initial number. For example, when scheduling a consult if a patient believes he will be paying $3,000 for a procedure because of advertised prices, but it’s later determined he or she would be served better by a $6,000 procedure, overcoming that $3,000 difference will be difficult. Had the "anchor price" started at $6,000 and ended up being $3,000, the patient would be more likely to move forward. 

In the end, regardless of the procedure or service, price plays a starring role. While the majority of practices still do not reveal pricing before speaking or meeting with a patient, there does appear to be a shift towards making it easier for the patient and sharing publicly. If you choose to post your prices online, remember the cost barrier doesn’t automatically disappear; it will still remain a concern to address, which is easily overcome by providing financing options. So if you list a procedure for $3,000, be sure to also mention the patient can finance the procedure for $73 a month or pay for the procedure over time with no interest. Calculate Monthly Payments

^https://www.gsb.stanford.edu/insights/behavioral-impact-higher-price

*https://www.psychologicalscience.org/publications/observer/obsonline/examining-the-mechanics-of-different-types-of-choice.html

**https://conversionxl.com/blog/pricing-experiments-you-might-not-know-but-can-learn-from/

You Want Customer Loyalty? Be Brilliant at the Basics

The following guest post is from John R. DiJulius, best-selling author, consultant, keynote speaker and President of The DiJulius Group, the leading Customer experience consulting firm in the nation. You can subscribe to his blog at www.thedijuliusgroup.com

Customer Bill of Rights – Burden of the Brand

World-class service companies have what I like to call a “Customer bill of rights” that every person in that organization clearly knows and follows 100 percent of the time. Would you ever expect to see a Disney cast member, in full uniform on break, chewing tobacco and spitting on the ground near the front entrance where guests are walking by? Doubtful. Or would you ever think a Ritz-Carlton employee, when asked for directions to the ballroom, would give a response like “I don’t know, I work in housekeeping”? Highly unlikely! One of the most effective ways to elevate your company’s Customer service level is by instituting your own Customer bill of rights.

If anyone is going to wear your uniform or name tag or represent your brand, you only need a small set (six to ten actions/standards) for your employees to live by. These nonnegotiable standards are also referred to as the “never and always” list. The critical importance is, if they do occur, you have to be confident enough that your employees recognize and understand your “never” and “always,” and you can be confident that your employees would “never” do this and “always” do that instead. If your company does nothing other than institute the “never and always” list and makes everyone aware of them, if your Customers rarely experience a “never” and consistently experience an “always,” then you are in the top 5 percent of Customer service organizations! As you read through the list, you will see that they are all simple and common sense, but the majority of businesses and frontline employees too often execute the “never” list and don’t consistently execute the “always” list.

In the examples shown, you will see that each one matches the following three criteria:
1. The items are typically one to three words in length.
2. They are black and white; there is no room for personal interpretation.
3. They are crystal clear and do not need any additional explanation.

Some things you wouldn’t see on a “never and always” list are things such as “Always be professional” or “Always return calls promptly.” Why? Because they are vague. What is professional to one is completely different to someone else. What is “promptly”? To one person it may be two hours; to another it may be two days. Let’s show some examples of a few good Never & Always:

Point versus Show

This is typically thought of in the hospitality business (e.g., showing someone to the restroom instead of pointing them there). However, in the business-to-business and call-center world, pointing happens all the time. For instance, it happens when we say things like “You can get that off our website” or “You need to call this person in this department.” Why are we making the Customer do the work? We can send them the link, and we can transfer them to the correct department.

Saying no versus focusing on what you can do

Eliminate the word no from your company’s vocabulary; no one should ever be allowed to use that word. You may not always be able to say yes, but offer alternatives and options and never allow anyone from your company to utter the word no. You will be amazed at how creative your team will get at satisfying Customers. I never want a Customer of mine to tell me that someone from my organization said no to him or her. To me that is the worst swear word you can use in front of a Customer.

While we cannot do everything our Customers request, we can always respond with what we can do. If someone asks if we can sell them something we don’t even sell, we can answer with “While we do not carry product X, what we do carry is product Z, and the reason we do carry product Z is because it is proven to be the best, longest lasting, healthiest, whatever.” By the time you are done explaining the benefits of product Z, that Customer should never want product X. If for some reason they still want product X, then you explain how and where
they can get product X.

“No problem” is a big problem

The biggest street-slang terms used in every business today are the responses “no problem” or “not a problem.” In fact, as a result of reading this right now, you will be shocked at how many times you will hear “no problem” over the next two days. Joe Schumacker wrote an excellent blog titled “No Problem, Big Problem” that articulates this point really well. “No problem” is a problem for two reasons. The first issue with saying “no problem” is that it consists of two negative words. We shouldn’t be using any negative words, let alone two back-to-back.

The second problem is that the “no problem” auto-response sends the message that what the Customer is asking of you is not a problem for you. However, when we are serving others, it is not about our convenience; it is about what the Customer wants. The phrase “no problem” places the staff member’s comfort ahead of service to the Customer. Customers want to feel that their interests are first and foremost in the mind of the staff member, not that they may have inconvenienced a staff member by being a Customer.

Excellent responses instead of “no problem” are “certainly,” “my pleasure,” “I would be happy to,” “consider it done,” and “absolutely.” Using “certainly” or “my pleasure” is so much more professional than the often heard “not a problem.” It elevates the professionalism of your employees’ terminology. It starts establishing a culture of hospitality where the Customer is first.

The following are great examples of “never” and “always” items that are a Never & Always from great companies that The DiJulius Group helped to create. Ideally, you only want a maximum of ten “nevers” and ten “always.”

Action Plan – Create a small set (6-12 actions/standards) that match the following criteria:
*    The standards are 1 – 3 words
*    Do not need any additional explanation
*    Not stage specific (i.e. do not apply towards phone, check in, check out, etc.)

3 Questions to Ask When Approval Rates Fall

"It's weird. Our approval rates seemed to be fine and all of a sudden we've had several patients who weren't approved. What is going on?"

Ever find yourself in this spot? If so, you're not alone. Often, practices will see approval rates drop and make a call to their patient financing provider who will say nothing has changed on their end - underwriting has remained the same. So what's going on?

In our 50+ years of patient financing experience, we've found there are three common explanations when a change in underwriting at the bank is not to blame for a decline in approval rates.

1) Is it just bad luck?

It very well could be. Sometimes it is a fluke and a few patients with less than stellar credit scores applied at the same time. Luckily, this issue will resolve itself on its own and rather quickly. The more patients you apply for, the quicker this run of bad luck dilutes and the faster your numbers return to normal.

You may also find there is some seasonality in your approval rates. For example, consumers tend to overspend every December in preparation for the holidays. This credit card usage frequently leads to a post-holiday hangover, as far as credit scores are concerned. Credit scores may drop slightly due to credit utilization ratios being abnormally high in December. When evaluating your approval rates, looking at year-over-year data is often more helpful than month-to-month.

2) Has something changed with our staff?

If you have a new employee or someone that is new to presenting financing, they may feel uncomfortable with the payment discussion. In these cases, they often won't bring up financing unless the patient asks for it. The problem with this approach is that the patients who have to ask for financing tend to be the ones who need it the most as they have no other way to pay. They are also less likely to be approved as their credit scores often reflect their precarious financial situation. When these patients aren't approved, your staff may be even more reluctant to offer financing as communicating a decline can be awkward.

In an ideal world, staff members would offer patient financing to every patient for a couple of reasons. One, you can't judge a book by its cover and that woman in the fur coat and diamonds may not be able to afford the procedure you're offering unless there is a way to pay over time, but she may hesitate to ask for financing. Two, that patient who may be able to pay in full might prefer to pay over time using no interest plans, as it can be a smart financial move. They can keep their money in savings, earning a small return and pay off the procedure over time. If you hesitate to offer no interest plans due to the additional fees, consider the fact that patients given the opportunity to pay over time at no interest are less likely to ask for discounts and more likely to spend more than those paying in cash.

If there isn't a new employee or someone in a new role, confirm that everyone is leading with your preferred patient financing provider. If everyone isn't on the same page, and someone is offering another patient financing company first, that will automatically cause your overall approval rate to drop with your preferred patient financing provider. This scenario can be especially present in larger practices or practices with multiple locations.

3) Have we changed our marketing?

The slightest shift in marketing, from one radio station to another or from advertising in one new publication, can change the demographics of patients walking in the door. While driving more patients to your door may be a good thing, it won't help your practice if those patients can't afford your services and can't get approved for financing.

The good news is that knowing who gets approved for patient financing and who gets declined can give you additional insight into your marketing efforts and what type of patient you are attracting. If you find you are receiving a lot of declines, take a look at your recent marketing efforts and the source of these declined patients.

In the end, while changes to underwriting might cause a drop in approval rates, often that is not the case as underwriting is complicated. Most banks look beyond the credit score alone and look at hundreds of variables to determine if a patient would be approved or not. As a result, they don't change the process often, maybe once or twice a year.

After checking with your patient financing provider to make sure things haven't changed on their end, often you'll need to look internally to see if an shift is to blame or if it is just a run of bad luck that will reverse itself in due time.

Getting Dialed In

Have you ever launched a pay-per-click campaign and received emails and calls, but for some reason the conversion rate was lower than expected? If you answered yes, then there may be room for improvement in your team’s phone skills. I’ve noticed that even the most skilled front office associate sometimes tends to miss an email or forgets to ask for the patient’s name and phone number on a call. I know these actions seem rather simple, but you’d be surprised at how many times they’re overlooked. 

At least quarterly, practices should "mystery shop" their own practice, by calling and pretending to be a patient, to learn first-hand what their patients experience and to identify areas for improvement. You can use the following "Perfect Phone Call" checklist when evaluating your practice. 

The Perfect Phone Call

• Superior Communication Skills - Enunciation, tone of voice and demeanor reflects positively on the practice. 

• Takes the Lead - Who’s the expert here? The trained office associate, or the patient? Letting the patient lead the conversation may not be the best tactic. 

• Key Questions Asked - Asks the right questions: Name, phone number, how they heard about you, main concern, special event coming up, etc. 

• Credentialing - Every team member should have each provider’s CV down, backwards and forward. Why would the patient want to choose a certain practice if they don’t understand the value behind it? 

• Procedure and Product Knowledge Shared - When a patient is calling in with specific questions, sometimes they can only be answered in a consultation with the provider. However, each team member should have a good amount of knowledge about the products and services sold in the practice and know how to explain them in a way as to not provide medical advice and pricing.

• Books the Appointment - After the above steps are completed, booking the appointment should be a breeze, right? But how do we know they’ll show?

• Completes Follow Up - Personally emailing the patient to confirm before the end of the day is very important, as well as a confirmation phone call the day before the scheduled appointment. I’m sure this is happening most of the time, but what exactly is being emailed to these leads? Text message confirmations and automated emails are super convenient, but then the personalization is left adrift.

The checklist above is definitely something to consider when spending your marketing dollars into paid advertisements. Is your team ready? Do they know what campaign you just launched? How will you keep track of who may need training or a refresher course for phone etiquette?

About the Author: Lacy J. Banks is the owner and CEO of Aesthetic Practice Concepts providing phone and consultation trainings for board-certified plastic surgeons and their staff. If you’d like a complimentary assessment of your team’s phone skills please feel free to contact her at (760) 747-1111 or at lacy@apc.management. She’d love to hear from you.

TO REACH A MEMBER OF THE ALPHAEON TEAM - ANYTIME  

CALL 920-306-1794 OR EMAIL TEAMCREDIT@ALPHAEON.COM

The Secret is Out

Hi, I’m Tony Seymour and am the President of ALPHAEON Credit. I’ll be writing short posts periodically for our blog on interesting topics regarding ALPHAEON CREDIT and your practice. 

The first thing, I'd like to point out is what makes ALPHAEON CREDIT spectacular. I know you may be thinking it's our "Great approval rates," or our "Generous credit limits,." I agree, we have those, but the true secret is pretty simple. "We answer the phone." 

After 15 years at CareCredit, I knew I wanted to be a part of something different for our industry and so did a few other employees. Katy Thomas and Lisa Taylor were my top two managers renowned for their customer service.  Together we discussed our likes and dislikes with larger banks, and the first thing we all agreed needed to change was their call centers, including our current bank, Comenity.  The routine with all large financial institutions is to push numerous buttons, hope you get to the right place, usually wait, and then depending on the call center representative, you may receive a resolution.

We vowed to be different. Like you, we know navigating phone trees and waiting while a patient is sitting in front of you is frustrating and embarrassing – after all, you recommended patient financing to the patient. To prevent this from happening at ALPHAEON CREDIT, we installed a Hotline that rings directly to all ALPHAEON CREDIT employees’ cell phones, including my own.

At ALPHAEON, "we answer the phone.". Every day of the year, 24 hours a day. Call us anytime at 920-306-1794  to speak to someone immediately with no hoops to jump through.

We will be there for you, so you can get your questions answered and move on with your day. 

We look forward to speaking with you.

TO REACH A MEMBER OF THE ALPHAEON TEAM - ANYTIME

CALL 920-306-1794 OR EMAIL TEAMCREDIT@ALPHAEON.COM

How to Avoid a "Surprise" Decline

Usually the person sitting in front of you knows their credit score better than anyone else, and when they are approved or declined for a credit card or loan, they receive the answer they expected. However, every so often, you likely run into a patient who is legitimately “surprised” when declined.

While a low credit score may be to blame, often there is another culprit - their annual income, and underestimating this figure.

Since the CARD Act of 2009, banks are required to evaluate every credit card and loan application based upon the patient’s ability to repay the debt. To do so, they calculate a “debt-to-income” (DTI) ratio for each patient. The bank adds up all debt reported on the patient’s credit report and compares it to the annual income entered by the patient on the application. If the DTI ratio is too high, the bank is required to decline the patient or give them a credit limit that won’t overextend the patient.

The problem with this method is that often patients forget to include income sources resulting in an inaccurate DTI ratio.

To avoid the “surprise” decline due to inaccurate DTI ratios, patients should be reminded to include all sources of income, in order to repay the debt including:

·      Full or part-time employment

·      Freelance work or small business

·      Household income from spouse, partner, adult child, parent, or grandparent

·      Government payments such as social security benefits or disability

·      Income from investments such as 401Ks, IRAs, and/or pensions

·      Alimony, child support, and/or separate maintenance income*

*If they don't wish to have alimony, child support and/or separate maintenance income considered as a basis for repaying the obligation, they should not include it in their annual income amount. 

In addition to forgotten income, many patients report their net income (take-home pay) rather than their gross income.

Hopefully with a little guidance at the time of application, your patients will only be surprised with how much they are approved for!

TO REACH A MEMBER OF THE ALPHAEON TEAM - ANYTIME

CALL 920-306-1794 OR EMAIL TEAMCREDIT@ALPHAEON.COM

Three Times, Three Ways

In surveys, patients were asked if they were aware of financing options.

Amazingly, many patients said "no" even when there was irrefutable proof via recorded calls, pre-prepared patient packet inserts, emails, and witnesses to consult conversations.

Why? The answer is simple.

They were distracted. Even though the practices shared information, they didn't absorb it. Often patients have many questions during a call or consult and focus on what they are going to say or ask next, versus the shared details.

That is why we always promote the "Three Times, Three Ways" method. If you want the patient to understand the procedure is affordable, you must present financing options, "Three Times, Three Ways."

The easiest way to accomplish this, is to focus on the senses. Let them hear, see, and feel the options. 

Hearing is easy. Repeatedly verbalize your financing options to the patient, especially anytime price is mentioned. 

For sight and touch, rely on ALPHAEON marketing materials to do the work for you. Place the brochures and brochure holders throughout the office in your waiting room, checkin/out locations, consult rooms/stations, and exam lanes so patients can touch and feel the brochures. Use the ALPHAEON tabletop signs to visually remind patients of the options as well. These can be placed in areas that are seen by patients, but not necessarily within arms reach like a bookshelf or credenza in a consult room. 

As always, all materials are free, so order as many as you'd like and help more patients walk away knowing they have financing options with your practice!

Order My Free Marketing Materials

PS: If you have ever thought, "I wish ALPHAEON had a (insert name of amazing marketing tool)," we want to hear your suggestion and create it! Please email teamcredit@alphaeon.com with any idea no matter how "out-there" you think it is! The more we can promote affordability, the more patients we can help together.

TO REACH A MEMBER OF THE ALPHAEON TEAM - ANYTIME

CALL 920-306-1794 OR EMAIL TEAMCREDIT@ALPHAEON.COM

When Credit Limits Hurt Patients

When evaluating financing options for patients, most practices look for a company that will approve as many patients as possible, for as much as possible, and at the lowest rate to their practice. 

Often if patients receive credit limits high enough to cover the costs of the procedures, the practice and the patient are satisfied. Everyone wins - right? However, did you know that credit limits only covering the procedure costs may be hurting your patients?

A little background...

A patient's credit score is heavily influenced by their utilization ratios. This is calculated by comparing credit card balances to the actual credit limits. While the models vary by each credit reporting agency, most look at both the patient's usage of individual credit cards, as well as overall usage for all credit cards. Having one or multiple card balances  close to their limits or worse, maxed out, lowers the patient's credit score. In fact, credit card utilization ratios account for 30% of an individual's credit score. The only factor that is weighed more heavily is payment history. 

So, when a patient is only approved for the credit limits needed for a procedure, it may unknowingly, negatively impact one's credit score. 

In addition, patients who don't receive the credit limits needed to say "yes" often end up going to another provider who offers procedures for less. Or, they start compromising by selecting another procedure or service that is within their credit limit. 

While practices want to help patients with the procedures they desire or need, cost can get in the way. So what can be done?

The best course of action is to evaluate patient financing companies based upon average credit limits provided...most companies will tell you their average credit limit or even the average credit limit for your particular practice. By promoting the companies that provide the highest credit limits to begin with, patients will be in the best possible position from a credit utilization ratio. 

Want to learn more?

30% Credit Utilization Rule: Truth or Myth

TO REACH A MEMBER OF THE ALPHAEON TEAM - ANYTIME

CALL 920-306-1794 OR EMAIL TEAMCREDIT@ALPHAEON.COM