Practice of the Month: American Healthcare Lending

I'm Greg Anderson I'm here today with Sean Sorenson of American healthcare lending and we're here today to take a little bit of a tour of their office and help the members of the crown counsel learn a little bit more about them you know American health care lending we've been in the finance business for quite a while for many years and financing in a variety of different industries and some of our banking partners began probing as saying why aren't you in health care why aren't you in health care is such a large industry there's billions of dollars left on the table every single day and health care yeah you continue to finance and other industries and after four or five times hearing that we finally listened and started to work into the dental space back in 2009-2010 and started to feel out the industry and see what was going on my next door neighbor happened to be a dentist and I asked him what he did he said I use care credit and I hate care credit and I said why and he said they're too expensive and they don't approve anything and from there I think American health care lending was born so we started doing a lot of research finding lending partners finding out what was going on in the industry and realize that there's literally billions of dollars left on the table every single year in the world of patient finance and there's a huge need and it's expensive so not only are dentists not generating the revenue is walking out the door but they're paying a fortune for what they do so that's where kind of the idea of American healthcare lending was born so over the last two years what have you found as you've entered the dental space well I think partnering with the crown counsel for starters has been huge for us in understanding the dental space coming from other finance industries we needed to learn about dentistry and what they actually need and I think we found that my next door neighbor dentist really was right and that there's a huge void in this industry and the crown council members have been instrumental in our success in building our company we've been able to listen to them and they essentially told us what to build and we built a platform around their needs and satisfying what a dentist needs in today's world so a crown councilmember calls into American healthcare lending how is that different when some other practice that's not a crown counselor for calls it you see any difference absolutely Greg crown council members are operating at a much higher level performance as a whole team just last week I was in Dallas meeting with a bunch of crown council members and tops members and it seems like the the team members they go to trainings they get their performance level and their individual responsibilities in the office going at a much higher level and is there not just punching an eight-to-five hourly job they're there to really help benefit the practice make the doctor more money make things flow much more smoothly in the practice it's quite a business quite a business model it's much different than working with a non crown council member so how do you define customer service you've redefined to customer service tell us about that well the finance industry is built on platforms that involve no live human interaction in fact every other company that I know in the industry has automated responses which are good for some things like quick decisions before for others and so what we've developed is the first full-service finance platform in the industry so we have a team of live lending consultants assigned to each practice in fact we assign to lending consultants to every practice that we work with so for a crown council member when they call in there immediately routed to that same person every single time that they're used to talking to they know I'm on a first-name basis and they're flagged as a crown counsel account so when it pops up on their screen they know hey this is a crown council member I'm going to talk to them I'm going to take care of them and we really pride ourselves on world-class customer service what's your what's your mission like customer service mission we explain that like how do you treat people what do you guys hope to do and when a customer calls or get a new customer you talk about that yeah yeah you bet when a customer calls in we're really focused on exceeding their expect Asians in every way from the product itself for the patients for the practice and team members the staff members and for the doctor we want to exceed expectations in every single category and so whether it's bringing a product that doesn't have retroactive interest a lower patient rate for the patient it's a much healthier product for the patient to making it really easy for the practice or the staffers to submit the application and send it in to taking the workload off their shoulders if we have to chase down a co-signer or something like that to for the doctors benefit getting more case approvals and growing that practice revenue so yeah I think we're better in every single category there are competitors talking about talk about speed one of the things that we know that people like about processing financing is the speed with which you can get an answer good question so we've come a long way in the area of speed and I think that's something that's very important in the dental space we started out from our other industries and financing financing 72-hour decisions and then we went to a 48-hour decision when we entered the dental space we had a 24-hour decision now we're down to a five second decision so we can get a decision very quickly through our automated technology platform where we have all of our solutions they're available and then at any time you can call in and work with your lending consultants or instant message them via our technology platform and get an instantaneous response so if you are defining the mission the goal of American health care lighting how would you define the mission of what you do here great question I think we want to be the future of patient financing we feel like there's a lot of VCRs out there and where the DVD player nobody is really innovated in this industry for over 30 years it's been the same old credit card technology and we feel like we can bring a group of lenders on the one platform and find a way to get a payment option for every single patient out there not just the ones with perfect credit so we believe by thinking outside the box innovating finding new products gathering new lenders onto one platform we can truly be the future of patient financing in the dental industry what are you doing actively to save money for the dentist it's a great question i think the biggest thing that we have is power to leverage our relationships with these lenders so that the price goes down for the practices we're creating new products every single day and bringing them to the dentist on our platform that allows them to finance more patients at a lower cost but I think also one of the biggest things that we do is we we perform a lot of training webinars individual customized trains with practices that teach them how to sell financing correctly we teach practices every single day how to sell standard installment loans which only cost them four percent instead of a 24 month zero interest plan which cost them fourteen percent so I think education and training are huge at american healthcare lending and understanding what to present to the patient the very first time okay so i'm now on the phone with you and I've got a patient sitting in front of you explain to me as simply as you can the options that I have to finance that patient in my practice so we have a myriad of options but we like to keep it simple you don't want to confuse a patient so the key i think is getting the credit application out of the patient first but you also just simply going to explain we have an extended payment plan from 24 months up to 72 months available to you and then we also have a myriad of other options including an option that has no credit check required for approval called check pay we like to keep it pretty simple like that but anything from a 0% offer to an extended plan up to 72 months with very low interest starting at eighty percent we offer at all everything that a Care Credit Chase Wells Fargo City can do you can do but then we do many other things in addition to that and so that's the power of American healthcare lending with one credit application that you submit you can have access to all of them simultaneously as any office manager will attest the worst thing you can do is get a decline for care credit and then have to ask the patient to fill out another credit application for another lender nobody wants to do that and nobody wants to get their credit hit twice with one application streamlined on our technology platform you can submit to many many different lending options simultaneously so we were pretty sharp Anita saw we always want everybody in the office to be sharpening the saw every day on improving yours improving their skills improving the customer service and you know always focusing on beings being a better person a better team member every day so everybody brings in you know some of their favorite books that they think would be helpful to people in the office and then you can come over here and check them out and you know read them you know whenever you'd like we even allow if you want to spend 20-30 minutes during the day at the office to study something to sharpen this up so if you if you knew you had an audience today in front of a thousand crown council members and you had 60 seconds to tell them something you thought was important what would you tell them I tell them stop leaving money on the table every single day in your practice it's unbelievable how many millions of dollars out there are left uncap shirred on finance you've spent millions of dollars in marketing over your lifetime as a dentist to get them in the practice only to see them walk out the door because you can't find an option for them and amazingly we have a credit card or credit card and a credit card as my three options for the patient all with the same lending criteria and credit scoring models and you wonder why you don't get more than three or four out of ten approved for the full amount will let us help you let us give you another option as the crown counsel always recommends you need to have more than one financing option within your practice let us be that other option but instead of just being one other option or many many other options all on one platform and we can generate more revenue for your practice every dentists ask the question every single day how can I make more money how can i drive more revenue into my door those forward-thinking dentists are always trying to push the envelope there we can help you with that one of the ways is unscheduled the treatments another way is unfinished treatments and i think that's that's a very high an untapped market right now and i think we can really help with that

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