North Texas Dentistry Special Issue 2018 NTD SP ISSUE 2018 DE | Page 10

TRENDING
TOPICS
in the world of dentistry
DENTISTRY
FACTORS OF
INFLUENCE
TRENDS IN DENTAL
BENEFITS
THE GIG ECONOMY
FINANCIAL INNOVA-
TIONS EXPANDING
ACCESS TO CARE
CREDIT CARDS &
LOANS
BUILDING TRUST
FINANCING
Making Dental Care Possible
Finance ( ˈfīnans,fəˈnans/ ) verb
About 77% of Americans have some kind of dental
insurance and visit the dentist at least once a year.
Kaiser Family Foundation reports that nearly all large
companies and the majority of small companies
offer some dental coverage. However, most plans
are provided as voluntary benefits (employee
funded) and have fairly low caps on annual coverage
limits, to the great consternation and frustration of
patients and dentists alike, and the number of
covered employees may be trending downward.
With the rise of the “gig economy”, (independent
workers with temporary or short-term contract
positions that do not offer benefits) the number of
individuals with no dental insurance has also risen.
Intuit predicts that by 2020, the gig economy
will include 40% of all U.S. workers. The Health
Resources and Services Administration reports that
about 108 million American adults already have no
dental insurance coverage. Among the uninsured
population, many (around 60%) avoid seeing their
dentist regularly out of concerns regarding cost. For
this segment of the patient population, cost may be
the single most important factor in deciding whether
or not to get the dental care they need or want. The
reluctance to seek preventive care frequently leads
to poor dental health and more extensive, costly
dental problems.
At the same time, the demand for high-ticket dental
procedures, such as dental implants and cosmetic
treatment is growing. This trend, in conjunction with
the widespread lack of dental benefits, means
patients are seeking financing options to make their
dental care feasible. They are also comparison shop-
ping, both for price and for those practices that offer
attractive financing options.
In response to this need, some practices are offering
a range of payment options or in-house financing,
while others are participating in solutions offered by
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financing companies. These companies can help
alleviate the financial risk to dentists and provide a
relatively easy way to finance more costly proce-
dures or procedures that are either not cove