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.
Making Treatments Affordable Without Undervaluing 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.

* Team Up with Third-Party Lenders

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.

* Use ACH Payments Over Credit Cards

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.

* Break Up Down Payments

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.
Balancing Accessibility With Profitability
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:

Reducing Entry Barriers: Offer flexible payment options without eliminating down payments entirely.
Keeping Up Your Value: Don’t position your practice as the cheapest option. Highlight the quality and expertise you bring to the table.

As Dr. Gilliam puts it, “You can race to the bottom, but the problem with racing to the bottom is—what if you win?”
Add More Value Instead Of Slashing Prices
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:

Retainer Programs: Include extended retainer care in your treatment plans.
Teeth Whitening Add-Ons: Offer cosmetic services like teeth whitening to enhance your packages.

These extras help justify your pricing and give patients more bang for their buck.
Use Discounts Wisely
Discounts can be a double-edged sword. If overused, they can make your services seem less valuable. Dr. Gilliam recommends:

Limiting Discount Periods: Offer discounts during specific times to create urgency.
Being Selective: Reserve discounts for patients who truly need financial help.
Encouraging Referrals: Give small gifts or discounts to patients who bring in friends or family.

Empower Your Treatment Coordinator
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.
Setting the Right Expectations from the First Call
When new patients ask about costs, it’s important to be clear but flexible. Dr. Gilliam’s team uses a range-based approach:

Highlight Flexibility: Mention options like low do...

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The Payment Strategy That Will Revolutionize Your Orthodontic Practice