Two years ago, the word of the moment was ‘unprecedented’. We had never experienced anything like the pandemic and the lockdowns that came with it. We were in new territory.
Today, the prevailing word might be ‘caution’. Just as we thought things might be improving, rising energy prices and world events are putting on the squeeze. Inflation currently stands at 6.2%* with the cost of living about to experience its highest rise since records began**. And, while the pandemic restrictions have been lifted, Covid 19 is still making its presence felt. In the face of all this, it’s fair to say we are all proceeding with caution.
Not a time, you might think, that people will be spending money on healthcare or dental procedures.
However, there are also signs of cautious optimism. The World Happiness Report puts the UK in the top 20 countries for happiness, travel companies are reporting bookings that exceed pre-pandemic levels and while there are clearly some belt-tightening times ahead, savings reached record levels in the pandemic. (A report by Capital Economics showed that savings had reached £190bn by Jan 2021 – higher than at any point previously.)
Payment options for cautious patients
If caution remains the watchword, payment options that allow your patients to spread the cost of their treatment can appeal to that caution. Many of your patients will be among those who have savings (the top 40% of earners and retirees have the most savings*). And, while taking out credit may seem either counter-intuitive or unnecessary in their situation, it’s actually the perfect solution. It allows them to budget monthly for their treatment while holding onto their savings for emergencies. Paradoxically, the fact that they have savings gives them the confidence to take the monthly payment options, knowing they are covered if anything should go wrong.
The need for trust in uncertain times
What are the other implications of this new-found caution?
‘Who can I trust?’ has become an ever-more crucial question.
In an increasingly uncertain world, people need to know which organisations they can trust. This applies to clinics – where patients want peace of mind that they are in safe hands – and it applies even more to finance. When these two elements come together for people – their health & wellbeing and their economic stability – two of the most fundamental aspects of their lives are involved in any decision they make.
That’s why your partnership with Chrysalis Finance is so important.
We are the leading specialist provider of finance solutions to the healthcare and dental sectors. Our FCA authorisation means that your patients can put their trust in us and take out our payment options knowing that we are fully compliant and operate with integrity. Furthermore, our Patient Promise is their guarantee that we put them first.
There’s an added layer of trust too, that your partnership with Chrysalis addresses. It is reassuring for patients that that we work only with reputable clinics and we subject them to comprehensive and ongoing due diligence. This means that our partnership strengthens the trust that patients have both for your clinic and for the payment options we offer.
What you can do to help your patients
Payment options are a sensible way for patients to get the treatments they need, with planned monthly payments they can spread over time. Make sure you promote your payment options at every opportunity so that your patients know they are available. We have lots of materials and resources to support you, including POS that helps you to start the conversation and website examples to show how payment plans work. Setting up the plans is simple and quick, but talk to your account manager or call us if you need a refresher.
In the face of seemingly relentless upheaval, yes, we are all proceeding with caution. But we also appreciate the fragility of all things. Rather than holding our breath waiting for things to get better, we realise that it might be wise to seize the moment, control the things we can control and make our immediate lives better. For your patients, getting the medical or dental treatment that will improve their quality of life today rather than waiting for an uncertain future, is one small but important step that you can facilitate through payment options.
*ONS, March 22
**OBR, March 22
Contact us today for support with your payment options.
https://chrysalisfinance.co.uk/contact-us/
Tel: 0333 32 32 230
Email enquiries@chrysalis.com
