As of Open Dental Version 23.3, “Dynamic Payment Plans” are now just “Payment Plans”. The functionality outlined in this blog post is still applicable in Version 23.3. Just look for “Payment Plan” instead of “Dynamic Payment Plan” throughout Open Dental.
Dynamic Payment Plans can revolutionize the way your office accepts payments from patients. With the ability to set up both closed and open-ended repayment agreements, your office can offer patients the flexibility they want to get the treatment they need.
1. Line of Credit vs. Loans
With Dynamic Payment Plans, you have the option to offer your patients a loan with preset, closed terms, and unchanging production or a line of credit that can be more open-ended with variable terms and have changing production.
Loans are great when patients know what their treatment plan is (or have already completed treatment) and there is little chance they will need additional treatment. You can set terms, add production, and the patient can start paying. Set a Full Lock to make the Dynamic Payment Plan function as a loan.
Lines of credit are what you may need when the patient’s treatment plan is a bit more up in the air. If you don’t know what treatment the patient needs until they begin, this option can be used instead as terms are not locked and you can add additional production to the payment plan as it is treatment planned (or completed). Leave Full Lock and APR/interest at 0 to leave the payment plan open-ended.
Whether the payment plan is set up like a line of credit or a loan, with the default Pay plan charge logic preference of Age Credits and Debits, each date the patient has a new charge due, it is automatically billed to their account and reflected in the Aging of A/R Report and Billing List.
Keep an eye on our blog for a future post going over Dynamic Payment Plan setup or visit our manual for instructions.
2. Flexibility with Missed Payments
This is a feature available in versions 23.2 and greater. If a patient misses a payment, your practice may want to give them a missed payment grace or amnesty. With Dynamic Payment Plans, that’s made easy. You can edit a charge (i.e., edit the missed payment down to $0) and the Amortization Schedule will be recalculated to move the charge to the end of the schedule. This way the patient’s account no longer shows past due or multiple charges due.
3. Integration with Ortho Cases
If your office utilizes Ortho Cases, easily create Dynamic Payment Plans from Ortho Cases to attach to ortho treatment. From the Ortho Case window, just click the Dynamic Payment Plan button. If your banding procedure is already set complete, it is automatically attached to the payment plan. If you’ve already created the payment plan, you can easily access and view its progress from the Ortho Case by clicking the button.
4. Integration with eServices
Dynamic Payment Plans are also integrated with the ODTouch (available on versions 23.2 and greater) and eClipboard eServices apps. ODTouch allows you to create Dynamic Payment Plans right from the app (rather than a computer). Payment Plans can be presented for your patients to sign using either the ODTouch or eClipboard app.
5. Connect to Recurring Charges
If your office uses an Integrated Credit Card Processor and your patient wants to set up automatic payments, staff can set up Recurring Charges that are connected to the Dynamic Payment Plan. Once the payment plan is closed, the automatic payments will stop.
6. Reports to Track Patients
Run the Payment Plans Report to easily find patients who may be past due on their payment plans. Depending on Preferences, the current balance due on the payment plan will also be included in the Aging of A/R Report. This helps prevent patients on Dynamic Payment Plans from slipping through the cracks.
Dynamic Payment Plans are a valuable resource for alleviating the financial strain that can come with expensive dental treatment. Patients can pay over time, ensuring they receive the necessary care without worrying about the upfront costs. Staff can create a repayment schedule that is easy to manage, allowing them to devote more time to providing exceptional patient care.
If you want to learn more about creating Dynamic Payment Plans, check out our next blog post.
Want to outsource patient financing altogether? Learn more about the CareCredit integration in Open Dental.
If you have questions, don’t hesitate to contact us. Our friendly Support Techs are here to help!
Information in this post reflects features available in Open Dental Version 23.2. For the most up-to-date information, please visit our manual.