Picture this: A patient enters your dental clinic, desperately in need of treatment. There’s just one obstacle – the cost. For many patients, their ability to afford dental treatment can be the number one barrier to them proceeding. This financial challenge often leads to postponed or declined treatments, affecting both your patient's health and the clinic's revenue.
Traditional financing options, while helpful, don't always suit every patient's circumstances. But what if there was another way?
This is where using superannuation for dental treatments comes into play, by providing patients a way to immediately afford the dental treatment they need. Dental practices that are providing their patients with the option to pay using their superannuation are seeing a remarkable increase in revenue – some even boosting earnings by $1M or more. It’s a game-changer in dental care financing.
Early Release of Super for Dental Health
One solution to the affordability problem in dentistry lies in an overlooked financial resource: superannuation. Under the Superannuation Industry (Supervision) Act 1993, patients, can apply for early release of their superannuation to cover certain dental surgeries for themselves or eligible family members. This includes a range of treatments from orthodontics, implants, and root canals to crowns, periodontics, and even oral and maxillofacial surgery. But how easy is it for patients to request early release of their super?
Total superannuation assets in Australia were $3.5 trillion at the end of the June 2023 quarter.”
Simplifying the Process
While patients can apply directly to use their superannuation funds for treatment, navigating the process can be both time-consuming and complex. It can also put an extra administrative burden on your practice as patients seek your support and guidance throughout the process.
This is where services like MySuperCare can step in to simplify the process for patients and practices. A consultant guides patients through the entire application process to the Australian Taxation Office (ATO), liaising with all third parties involved – including your clinic – making it a streamlined process for patients to use their super funds for essential dental work. This service not only benefits patients but also opens up significant new revenue streams for dental practices.
To ensure clinics have full transparency at all times on patient's application status, real-time status updates are available via an online portal, Additionally, online reporting quickly allows clinics to see how much additional revenue is being generated.
Impact on Dental Practices – Success Stories
For those dental practices embracing this approach, many have seen substantial revenue increases:
Case Study 1:
One dental practice began offering patients the ability to pay for treatment via MySuperCare about 18 months ago. Since then
- They've seen a total revenue boost of $5.29 million.
- The clinic’s first MySuperCare patient required a comprehensive treatment, including adhesive restoration and crown work, amounting to $21,890.
- With an average approval turnaround of just 12.9 days, and a 100% approval rate for applications lodged, the process has proven to be very efficient.
Case Study 2:
A larger dental practice with 7 locations partnered with MySuperCare, and within just over 12 months they:
- Experienced a staggering revenue generation of $30.45 million.
- From the first patient who utilised their superannuation for a $29,900 treatment, to the largest single application of $76,220, the numbers are impressive.
- The feedback? Patients were more than grateful.
In one patient's words, “Daniel’s expertise with MySuperCare was instrumental in accessing my superannuation for essential dental work.”
Implementing the Superannuation Funding Model
The landscape of dental care financing is evolving. The ability for patients to use their superannuation for dental treatments is helping to break down the traditional barriers of affordability, allowing practices to serve a wider community while simultaneously experiencing substantial growth. This approach is more than a financial tool; it's a commitment to patient care and practice development. As dental professionals, adapting to this change can set your practice on a path to increased success and patient satisfaction.
P.S. Interested in revolutionising your practice’s financial approach? Contact us to learn more about how to provide patients with the option to use their superannuation via services like MySuperCare. Let’s make quality dental care accessible for everyone.
