Q&A with Matt Jones, Business Development Manager, LendingClub Patient Solutions
A huge factor in case acceptance is cost, and most of the dental industry is stuck in the mindset that patients won’t pay interest. With the ability to offer better APRs to people with good credit and show patients the APRs they prequalify for with no effect on their credit score, LendingClub stands out from the rest. We recently spoke with Matt Jones, the Senior Business Development Manager at LendingClub Patient Solutions, about why LendingClub is the right choice for any practice.
Q. Why should practices start using LendingClub?
A. LendingClub Patient Solutions is one of the most trusted names in dental financing. We’ve been helping people afford their dentistry since 2007 and currently work with over 23,000 providers nationwide. With some of the most attractive and patient-friendly payment plans on the market, you’ll see more and more patients saying “yes” to optimal treatment.
Q. How is LendingClub a practice builder?
A. Practice growth starts with case acceptance, and presenting affordable payment options plays a key role in that. LendingClub provides a robust suite of payment options. Our big differentiator is our installment loans. In my 15 years of being a consultant in the patient financing industry, the number 1 mistake that I see practices make is relying on no-interest or “interest-free” plans too often. These can be ineffective for larger treatment plans. For example, a $10,000 case is about $834/month with a 12-month no-interest plan, which is not affordable for many patients. The APR for other patient financing companies' extended, or "budget" plans, is usually a flat rate of around 17.90%. LendingClub rewards well-qualified applicants with an APR that’s more in line with their qualifications. Our interest rates can be as low as 4.99% APR and are based on term length and credit standing.
Q. Does LendingClub lead to a production increase, and therefore a revenue increase, in practices?
A. Absolutely. With our industry-leading approval rates, and patient-friendly payment plans, the typical dental practice will see a lift in their overall case acceptance, especially on their largest cases. This will have a major impact on revenue. Plus, patients can generally finance any treatment they are receiving at the dentist’s office. This includes implants, crowns, periodontal treatment, oral surgery, TMJ treatment, cosmetic dentistry, and more.
Q.What are some common concerns about LendingClub and how can they be addressed?
A. We get a lot of questions surrounding our approval rates, but we always assure potential clients that we are as responsible as possible when it comes to approving people for credit. In fact, we consistently get feedback from clients saying that our approval rate is the best they’ve ever had.
One misconception is that it will be a big hassle to get set up on our platform, and that there will be hours of training to get onboarded. Our online enrollment only takes about 5 to 10 minutes to complete, and an orientation typically only takes about 20 to 30 minutes over the phone. The practices we serve are often pleasantly surprised when they realize how quick and easy our application process is.