‘Compliance’ may be one of the most hated words amongst dental practitioners these days. Indeed, whether it’s HTM01-05 or CQC, it pervades almost every aspect of the profession – and there really is no escaping it.

However, while we may not want to like compliance, there can be no denying that it has helped us improve our service, protect our patients and ourselves. Certainly, without HTM01-05, our practices would not be nearly as safe as they are today, and without the CQC, many more cases of malpractice might go unnoticed, undermining the integrity of the dental profession.

These days, however, compliance extends far beyond the clinical aspects of our work – decontamination, patient consent and case documentation, for example; indeed, as mentioned above, it is integral to almost everything we do within the walls of our practice.

This also includes our finance options. Patient finance is by no means a new feature in modern dentistry, but it is certainly becoming increasingly more popular as patient demands begin to change. Certainly, as more and more patients seek out elective, cosmetic treatments – many of which necessitate higher value procedures – the need to provide cost-effective credit options is essential. Indeed, if there is one thing that we have all learnt since the recessionary years, it’s that ‘affordability’ is golden. As the demand for different treatments rises, so too does the competition between professionals – both inside and outside the UK. As such, it is vitally important to offer ways for patients to financially access the treatments they want.

Of course, by offering finance options in practice, dental professionals are introducing themselves to yet another form of compliance – and a particularly stringent one at that. The Financial Conduct Authority (FCA) regulates all consumer credit, and its guidelines are strict.

Indeed, the FCA does not distinguish between a dentist, who has built up trust and who may have a long-term relationship with their patients, and a company that deals with patients on an entirely ad hoc basis. The result of this is that dental professionals who want to offer their patients finance options for treatment will be subject to the same stringent regulations as any payday loan company or bank.

As one might imagine, therefore, the amount of administration involved in maintaining compliance with the regulations can be something of a nightmare – especially for independent practices that do not have the resources of manpower to dedicate a specific member of staff to its maintenance.

In fact, just applying to the FCA for finance authorisation can be an excruciating process – not to mention the subsequent reporting and reviews that the FCA requires on a regular basis. All this can be particularly disruptive – and is unlikely to really be one of the highest priorities in a busy practice that already has to deal with many other compliance issues on a day-to-day basis.

Of course, this does put practices at risk of falling foul of the regulations – and represents a real threat to the reputation and financial wellbeing of any practice.

So, unfortunately, dental professionals may find themselves in something of a catch-22 situation. As more and more patients demand affordable dental treatments, practitioners may feel as though they need to offer credit options, but by doing so, they will have to devote time they probably do not have to the appropriate compliance protocols and regulations. And if they cannot, they will not be able to meet the demands of their patients at all – and run the risk of losing business.

Luckily, however, there are a number of solutions. In light of the increased interest in dental finance options, a number of third party companies have appeared that will handle all aspects of finance compliance for the practice – for a fee. These fees can be quite high, but they do buy practices the chance to leave all matters of compliance in the hands of the company they have chosen to work on their behalf. The problem with this, though, is that FCA authorisation is still in the name of the practice owner, who will ultimately be responsible – and liable – for the authorisation overall.

Another option is to work with a company that can offer exemption from authorisation through its own FCA arrangements. This means practitioners will not need direct authorisation through the FCA – and all matters of compliance and liability will be lifted from the practitioner’s shoulders.

Now there is a company in the UK that offers this type of service to dental professionals: Chrysalis Finance. Their expert team works to ensure dentists have access to easy, safe and cost-effective credit options, which they can then offer to their patients with absolute peace of mind.

In a profession as tightly controlled by compliance as dentistry, every little helps. Offering credit options to patients may be becoming a very real aspect of the profession, but stressing over the compliance does not have to be. Contact the team at Chrysalis Finance to find out more.

For more information about Chrysalis Finance call us on 0333 32 32 230 or visit www.chrysalisfinance.com

Credit options are becoming increasingly important in UK dental practices. The increasing demand for elective dental treatments, combined with the ubiquitous search for cost-effectiveness, has made the provision of finance very attractive, and it can be an important USP for many practices.

However, even if a practice is offering credit options, it may be the case that they are not seeing the best return on this facility as possible.

This is simply due to the fact that many dental professionals lack the necessary marketing skills to properly promote the services they offer patients – and this could really be to their detriment. Indeed, opportunities missed through poor marketing can actually be the difference between a practice achieving and one that is excelling.

Your practice’s website is, perhaps, the most obvious place for you to start promoting your credit facilities. By making sure the information is easily accessible and easy to understand, any visitors to your website will immediately be informed of the options they have with you.

Similarly, maintaining a regular and consistent social media presence, in which patients are kept informed and included, can be a very efficient way of getting across a desired message. Posting information about credit options on your practice’s social media page is a sure-fire way of increasing your patients’ knowledge on how they can benefit from what you have to offer.

You could also include a message in your phone system’s ‘on hold’ message. Ideally, you don’t want your patients to be on hold for very long – but on the occasions where they do have to hold the line, it is good opportunity to promote your credit options (which will be far more useful to you, and less frustrating for your patients, than playing a tune like Greensleeves while they wait!).

Quite obviously, appreciating that these methods should and could be implemented and actually implementing them are two very different kettles of fish. Effective marketing takes time and considerable effort – two commodities that are too often in short supply for busy dental professionals. Therefore, it may be advantageous to recruit the services of an expert marketing team to help you come up with a consistent and appropriate strategy for your practice. Of course, it may present an upfront cost, but it is an investment that will almost certainly pay dividends in the future.

Of course, there is a very simple and effective solution: Chrysalis Finance, the UK’s only provider of simple, licence free credit options, also has the marketing savvy needed to help you and your practice get the very most out of their exceptional finance facility. Its services range from printable material, to assistance with your website, helping you ensure that your patients are up to date on the great finance options you can offer them.

For more information about Chrysalis Finance call us on 0333 32 32 230 or visit www.chrysalisfinance.com

Are you offering your patients finance options?

In this day and age, most people will expect credit – particularly for large-scale purchases. As elective dental treatments grow in popularity in the UK, this expectation will certainly extend to your service.

But these days, gaining and maintaining  consumer credit authorisation from the Financial Conduct Authority (FCA) is a lengthy, time-consuming process – one that many busy dental practitioners will not have time to complete.

Which is precisely why Chrysalis Finance is the perfect option.

Its unique service allows you to become Appointed Representatives – essentially allowing you to offer consumer credit through Chrysalis Finance’s existing authorisation: it’s quick and easy and allows you to offer your patients more options.

Simply sign up for a nominal monthly fee and let the expert team at Chrysalis Finance deal with all the regulatory management and FCA reporting. All you need to do is continue providing your patients exceptional, affordable dentistry!

As the UK’s ONLY licence-free provider of dental finance, Chrysalis Finance is changing the way practices offer credit. To find out more, contact the friendly team today.

For more information about Chrysalis Finance call us on 0333 32 32 230 or visit www.chrysalisfinance.com

Do you want to be able to offer your patients credit – but can’t get your head around all the Financial Conduct Authority’s (FCA) regulations?

If so, contact the team at Chrysalis Finance.

Rather than managing your direct application with the FCA for you, the expert team at Chrysalis Finance will simply make you one of their Appointed Representatives. This allows you to offer credit through their authorisation – which removes the administrative stress of applying for authorisation and ongoing reporting yourself.

In this way, you can continue to offer better finance options to your patients and increase the uptake of your higher-value treatments – all without the headache of dealing with quarterly FCA reports and fees.

What’s more, Chrysalis Finance will take care of all the necessary compliance considerations, can guarantee only the best rates and ensure you receive prompt payment within 48 hours.

You will also have access to their innovative dashboard, which can be easily integrated with your practice’s computer system, allowing you to arrange patient credit within seconds, all from the chair-side!

For an easier way of providing patient finance, contact the team from Chrysalis Finance today!

For more information about Chrysalis Finance call us on 0333 32 32 230 or visit www.chrysalisfinance.com

Dental plan provider Patient Plan Direct has partnered with Chrysalis Finance to promote a solution to offering patient finance that is quick, simple, low cost, sophisticated and unique.

Plan provider Patient Plan Direct and Chrysalis Finance have joined forces to market their respective services to the dental community. Both companies share the same ethos of embracing technology, making life simple for dental practices and ensuring a practice can maximise the profitability of the dentistry they deliver.

Chrysalis Finance recently launched their unique approach to offering patient finance that takes away the head ache and requirement of a practice obtaining a consumer credit licence directly with the Financial Conduct Authority (FCA).

As Chrysalis Finance is authorised with full permission as a principal firm by the Financial Conduct Authority, a dental practice is able to become an appointed representative of Chrysalis Finance, as such taking away any regulation, risk or authorisation responsibilities for a practice.

This is a new genuine forward step within the industry and Chrysalis Finance is the first finance company to offer this service to dental practices, enabling them to focus on growing their business and not yet more compliance and regulation.

This unique approach is made even more attractive thanks to the super quick and simple set up, unbeatable subsidy rates, first-class dedicated support, payments made quicker than any other finance provider and some of the best acceptance rates in the market.

Simon Reynolds, commercial director of Patient Plan Direct, explained; “We are very pleased to be announcing our partnership with Chrysalis Finance. We identified demand from the practices we work with for access to a first-class and simple patient finance facility that attracts low subsidy rates, enabling a practice to maximise the income they retain when providing treatment through finance.

“This is exactly what Chrysalis Finance is able to deliver, which is made even better because of their unique authorisation with the FCA taking away the head ache of a practice needing to obtain and pay for their own licencing.”

Chris Baldwin, Head of Sales at Chrysalis Finance, added; “Our unique approach to enabling a practice to offer patient finance quickly, simply and at low cost mirrors Patient Plan Direct’s approach to enabling a practice to run and develop a successful patient dental plan. As such, a partnership was a very obvious strategy and we look forward to supporting each other in helping more practices throughout the UK.”

Chrysalis Finance specialises in dentistry finance and is the only provider requiring a practice not to be licensed directly with the FCA. Chrysalis Finance manages any risk and compliance on a practices behalf along with the best funding rates and options available in the market. 

www.chrysalisfinance.com

Patient Plan Direct provides an easy to use, highly efficient and very cost effective method of enabling practices to offer patients a dental plan. Patient Plan Direct’s unique approach embraces 21st century technology, gives a practice control and is proven to improve plan income and profitability.

www.patientplandirect.com