Meeting the demand - Martin Gilbert

There can be no denying that the face of dentistry is changing. Over the last two years it has been well documented how cosmetic treatments have truly come to the fore – with the public demanding access to procedures such as tooth whitening and dental veneers as standard.

A number of different causal factors have been attributed to this trend, ranging from an increased understanding of available procedures and possibilities, to a more stable economy – some experts even consider the growing ‘selfie culture’ to be responsible for society’s drive for a better smile.

Whatever the reason, dental professionals must be prepared to take advantage of this growing demand. Those who do not take adequate steps to align their services with the demands of the public will ultimately find themselves losing out to those who have.

Of course, the first step is to gain the appropriate qualifications in order to offer such procedures. In the UK there are many exceptional learning programmes that impart the clinical skills necessary to offer the most desirable treatments. However, clinical ability is only one small part of the larger equation. Practitioners must also be aware of the different aspects of the growing cosmetic dentistry market.

For example, professionals must understand that their patients’ desire to improve their smile through elective treatments will always be tempered with their mindfulness of cost. It would be remiss to suggest that cosmetic treatments are inexpensive; by their very nature, along with the time and professional expertise required to perform them predictably and safely, they can be relatively costly.

It is no good to simply lower the cost of treatment, since remuneration for these treatments must be worth the cost of training, equipment and materials, and in many cases, the cost of outsourcing work to laboratories. Nevertheless, practitioners must be mindful that patients who are desperate to achieve a more aesthetic smile for less may resort to unlicensed providers or DIY treatments.

An effective solution to this conundrum would be to offer patients credit.

Those practices that provide patient finance benefit in a number of ways. Firstly, from a business sense, they can increase the uptake of their high-value procedures by making them more accessible to a public that wants them. From an ethical point of view, it enables practitioners to offer a safer option than DIY dentistry. It also becomes a USP for a practice – and can be used to attract more patients and revenue over time. For patients, it enables them to attain the treatments they want in a more affordable way.

Yet offering credit to patients has recently become far more complicated than it has ever been before. Before 2014, the provision of consumer credit licences was governed entirely by the Office of Fair Trading (OFT) and, by all accounts, the process of acquiring one was simple. However, as a direct result of the credit crunch in 2008, the Government transferred management of consumer credit to the Financial Conduct Authority (FCA).

Unlike the OFT, the FCA requires detailed reports on a quarterly and annual basis as well as numerous fees and duties which equate to a significant amount of management and expense simply to maintain compliance. Many practitioners simply do not have the time to do this – after all, their primary remit is the safe and effective provision of dental treatment: not fiddling around with bureaucratic applications and reports.

As such, a plethora of different companies have emerged offering to manage FCA authorisations on behalf of a practice. For a fee, these services will ensure a practice remains FCA compliant and will support customers with all the necessary reporting and maintenance. However, while this type of service can certainly help practitioners cope with the administrative burden of an FCA authorisation it still represents a significant monetary investment that could potentially negate the financial benefits of offering credit in the first place.  

Chrysalis Finance offers an alternative solution, however. Rather than directly managing a practice’s own authorisation, it allows practices to become an Appointed Representative – essentially enabling it to offer credit without being directly authorised. All regulatory matters and FCA reporting are dealt with by the expert team at Chrysalis Dental, in exchange for a nominal monthly fee. What’s more, the team will be on hand to offer marketing advice and promotional material to ensure that patients are fully aware of the available finance options. 

To meet the demand of modern dentistry, practices need to be able to offer their patients more options. Extending credit for high-value procedures is an effective way of increasing uptake and building a positive reputation for your service. Do so easily and securely as an Appointed Representative of Chrysalis Finance.

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