In this episode of the GrowOrtho podcast, Dr. Brice Gilliam—one of America’s top young dentists and the owner of Elevation Orthodontics—shared some invaluable financial advice for orthodontic practices. He tackled big questions like handling down payments and collections without losing the value of your services. 

Let’s face it: making orthodontic treatment affordable while maintaining its perceived value is a juggling act. Dr. Gilliam offered some smart strategies to navigate this tricky balance.

Consider partnering with financing companies like CareCredit. They pay you upfront, and patients pay them back over time. If a patient defaults, it’s the lender’s problem, not yours. This setup keeps your cash flow steady and reduces the hassle of chasing payments, all while keeping patients satisfied.

Dr. Gilliam suggests requiring patients to set up ACH (Automated Clearing House) payments. Unlike credit cards, which can be easily paused or canceled, ACH payments come straight from a patient’s bank account and are more reliable. It simplifies things for everyone and adds a layer of financial security for your practice.

If upfront costs are scaring patients away, offer to split the down payment into smaller installments. It’s a win-win: patients feel less financial strain, and you maintain your practice’s financial health.

While making treatments accessible is crucial, Dr. Gilliam warns against strategies that might hurt your bottom line—like zero-down payment plans that aren’t carefully thought out. Instead, focus on:

As Dr. Gilliam puts it, “You can race to the bottom, but the problem with racing to the bottom is—what if you win?”

Competing on price alone is tough, especially against big corporations that can afford to offer lower prices. Dr. Gilliam’s advice? Add extra value to your treatments instead of cutting prices. Here are some ideas:

These extras help justify your pricing and give patients more bang for their buck.

 Discounts can be a double-edged sword. If overused, they can make your services seem less valuable. Dr. Gilliam recommends:

Your Treatment Coordinator (TC) is key in guiding patients through financial options. Dr. Gilliam emphasizes giving your TC the freedom to build relationships and make decisions that help patients say “yes.” In his practice, the TC handles everything from the first call to the financial details, ensuring a smooth experience.

By trusting your TC to offer personalized financial solutions, you can boost case acceptance and strengthen patient relationships.

When new patients ask about costs, it’s important to be clear but flexible. Dr. Gilliam’s team uses a range-based approach:

This way, patients feel confident and informed from the get-go.

Great financial strategies need solid systems behind them. Dr. Gilliam stresses the importance of building trust with both your staff and patients. By setting up clear processes and training your team well, you ensure consistency and efficiency.

For example, having a defined way to handle financial discussions can reduce stress for everyone involved.

Dr. Gilliam’s insights are a goldmine for any orthodontist looking to fine-tune their financial approach. By adopting these strategies, you can boost patient satisfaction, enhance your profitability, and reinforce your reputation for offering top-notch services.

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