Maximizing Growth Benefits: Incentives and Strategies from OrthoFi

Welcome to the Hey Docs! Podcast with your host, Jill Allen. Today, we have special guest Oliver Gelles from OrthoFi joining us on the show! In this episode, we highlight how data-driven strategies are reshaping patient financials and practice efficiency. From the transition to auto-pay systems to the strategic application of interest and flexible financing, we're unpacking how these changes not only align with current data but also significantly enhance patient satisfaction and practice growth. Let’s jump in! Summary In this conversation, Jill interviews Oliver Gelles, the Chief Marketing Officer of OrthoFi. They discuss Oliver's background in the orthodontic industry and his journey with OrthoFi. They also talk about the insights and data gathered by OrthoFi on patient financials and flexible financing in orthodontic practices. They explore the evolution of payment methods in the industry and the benefits of offering flexible financing options. They also discuss the use of interest in payment plans and how it can be implemented in different stages of a practice's growth. In this conversation, Oliver Gelles and Jill discuss strategies for minimizing the growth benefit and increasing incentives for patients. They also explore the impact of the economy on adult starts and the difference in payment options for adult and child patients. They also discuss the importance of accurately allocating past-due AR and the potential for direct-to-consumer competition in the orthodontic industry. https://orthofi.com/https://www.facebook.com/OrthoFi/https://twitter.com/OrthoFihttps://www.linkedin.com/company/orthofihttps://www.youtube.com/c/OrthoFihttps://www.instagram.com/ortho_fi/ Takeaways Oliver Gelles has over 25 years of experience in the orthodontic industry and is currently the Chief Marketing Officer of OrthoFiOrthoFi has gathered valuable data on patient financials and flexible financing in orthodontic practicesFlexible financing options have become increasingly important in the industry, allowing patients to accept care and practices to growInterest in payment plans can be a valuable tool; it can provide incentives for patients to choose shorter plans and help practices manage cash flow and riskThe implementation of flexible financing options may vary depending on the stage of a practice's growth, with more conservative approaches recommended for startup practicesMinimize the growth benefit by changing incentives and adding more “carrot and stick”Adult patients require different treatment and persuasion strategiesThe economy and consumer perception impact adult startsAccurately allocate past due AR to improve financial performancePrepare for potential direct-to-consumer competition in the futureConnect With Our AdvertisersKaleidoscope - Orthodontic Digital MarketingGC Orthodontics - Manufacturing and Supply SalesSmileSuite - Customizable Presentation Software and Post-Consultation Follow-Up Chapters00:00 Introduction and Background03:20 Insights and Data on Patient Financials07:44 The Evolution of Payment Methods09:39 The Benefits of Flexible Financing13:41 Implementing Interest in Payment Plans26:00 Maximizing Growth Benefit: Incentives and Strategies28:22 Understanding the Impact of the Economy on Adult Starts39:19 Improving Financial Performance through Accurate AR Allocation46:23 Preparing for Potential Direct-to-Consumer Competition Are you ready to start a practice of your own? Do you need a fresh set of eyes or some advice in your existing practice? Reach out to me- www.practiceresults.com.    If you like what we are doing here on Hey Docs! and want to hear more of this awesome content, give us a 5-star Rating on your preferred listening platform and subscribe to our show so you never miss an episode.   New episodes drop every Thursday!    Episode Credits:Hosted by Jill AllenProduced by Jordann KillionAudio Engineering by Johnny Mitchell