ADA Financial Policy Builder Tool unveiled to help members develop financial policies
November 06, 2019
The Association has launched the ADA Financial Policy Builder Tool with the help of CareCredit in order to help patients finance treatment.
The free interactive tool is the newest addition to the Guidelines for Practice Success suite of resources at the ADA Center for Professional Success sponsored by the ADA Council on Dental Practice.
The tool is available here
. The latter’s link is at the top left-hand side of the web page.
The resulting website features a survey in which the dentist’s answers to a brief series of questions will automatically generate a set of customized financial policy documents that the dentist can share with patients.
Dr. Rudy Liddell, chair of the Council on Dental Practice, said the tool is crucial for helping members increase transparency with their patients.
“It’s a good idea to provide patients with a written, formal financial policy that details the specific provisions of any financing options available in your practice,” said Dr. Liddell. “Options may include flexible payment alternatives from external groups, third-party lenders, prepayment and courtesy payment arrangements, as well as other internal financial arrangements. Having the information in a written format ensures consistency and clarity when communicating the options available to each patient.”
The Guidelines for Practice Success module on Managing Finances is the sixth in a series of websites based on content from GPS modules. The complete GPS module on Managing Finances, which features more than 40 articles and original resources, can be accessed at ADA.org/gps
. That webpage also includes links to GPS modules on Managing Patients, Managing Marketing, Managing the Dental Team, Managing the Regulatory Environment, and Managing Profession Risks.
CareCredit is the provider of patient financing endorsed by ADA Member Advantage. For more information on CareCredit, visit carecredit.com/dental