094 Compassionate Finance
Dentistry is changing. Technology, education, and resources are closer to our fingertips now more than ever! Are you ready to learn what millennial dentists are doing to exceed patient expectations, enjoy dentistry more and take vacations and how this generation can join up with the previous generation to make for an unstoppable dental team? Wait no longer! Listen in and find out how to push your lifestyle to the next level.
We’ve flipped the interview today and are being interviewed by the owner of Compassionate Finance. I talk about the beginning of creating the podcast, releasing and producing the Millennial Dentist, and who the podcast is for.
The owner was impressed by millennial dentists really wanting a lifestyle instead of just a paycheck for their work. “I feel that the millennials are more balanced than when I started out in dentistry when I burned through everything working 90 hours a week.” When you are looking at your dental practice, don’t just look at your business, search, and see how you can balance work and family life.
“There are one of three things that stop people from doing a treatment; that is time, fear, and money.” which is what my mentor practiced by. When you take away these three hurdles, you can assist your clients in moving forward with their dental improvements. “We don’t have a fee issue, we have an affordability issue.” We need to find ways to make our procedures affordable for our patients, when we break this down into payments, now our clients can pay for their treatment.
What is the risk associated with taking out a $30, $40 or $50,000 loan to provide treatment for your patients? What happens if the patient defaults? We talk about how to mitigate your risk with large loans for treatment payments.
Many of the patients we send to apply for Compassionate Finance get approved. About 10% of our clients do not get approved, so we call for manual approval. With manual approval, they can look at applications on a case-by-case basis to see if they can be approved depending on their current financial status.
You can find Compassionate Finance here:
Compassionate Finance on LinkedIn
Compassionate Finance on Instagram
[01:06] Dr. Sully introduces himself and talks about how he started the podcast.
[03:20] The main reason why Dr. Sully started his podcast.
[04:50] Dr. Sully on a mission – what his mission is as a fourth generation dentist, and why he is passionate about his mission.
[09:29] We talk about Jeff, his partner, and his experience with partnership.
[10:57] How I got involved with Compassionate Finance and why we offer them in our practice.
[13:44] Challenges of financing patients and why I decided on Compassionate Finance.
[18:20] Two aspects of working with Compassionate Finance that I find interesting.
[24:20] Advice on how to handle big cases for your clients.
[27:20] I talk about two clients who defaulted on their loan and how that affected our books.
[33:46] What it means to have manual approval for credit.
[41:40] Setting up your own financial bank account for lending to patients.
[46:11] We chat about Nashville and why it’s such a hotspot for travel.
[47:12] Questions from the live video audience.
As always, thanks so much for listening! If you like the show, we would love for you to review the show on Apple Podcasts as well as spread the word! If you have any questions or want to get in touch, shoot me an email at firstname.lastname@example.org.
Links and Resources:
The Millennial Dentist Website
@Millennialdentist on Facebook
Dr. Sully…@Millennialdentist on Instagram
Dr. Peyman…@drpeyray on InstagramDr. Sully’s website and blog