This post was originally published on the Global Payments Integrated blog.
In our new infographic series, we’ll be sharing some interesting stats on payments and technology from popular industries. In the dental industry for example, in a recent survey, 80% of dentists listed managing their practice finances, acquiring more patients, and keeping up with technology as their top concerns.
Most dentists – 88 percent – are most concerned about patients’ ability to pay. The second biggest concern among dentists was practice revenue, according to 86 percent of respondents.
To prepare for the future, 48 percent of dentists transitioned to electronic medical records, 31 percent are expanding their marketing efforts, 30 percent purchased new equipment and 29 percent are updating technology.
More than 306.7 million ACH electronic funds transfer (EFT) payments were made from health plans to healthcare providers in 2018, an increase of over 11.5 percent from 2017.
While dental industry revenue is expected to increase to $137.7 billion in 2019, the cost of dental billing is staggering. A recent report identified the actual cost of mailing a billing statement in the dental office at $7.26 per statement.
SMS text messages have a 98% open rate, and it takes the average person only 90 seconds to respond to a text message, showing why text to pay is a quick and efficient way for the dental industry to accept payments.
As you can see from these statistics, it takes a lot to run a dental practice. Global Payments Integrated (formerly OpenEdge) can help – check out our practice management solutions, and contact us today.
Ready to integrate Open Edge/Global Payments Integrated’s recurring payments within your Open Dental Software? Click here to find out more.
Categories: Compatible Services, Managing Revenue
A penny for your thoughts...