Meeting patient expectations by offering multiple digital payment options, as well as payment plans, patients can access with their cell phones.
DSOPro: What got you interested in fintech and working with DSOs?
I’ve always been interested in leveraging technology to improve customer experiences in various industries. While working as the CEO of an e-commerce provider, I saw firsthand how companies could use technology to completely reset consumer expectations. I became interested in finding other industries that could benefit from a similar approach. After considering various options, my team and I identified the healthcare industry as a key area in need of innovation.
Through our research, we discovered that DSOs faced numerous challenges in managing their operations and delivering high-quality staff and patient payment experiences. We saw an opportunity to create a fintech solution that would help DSOs streamline their payment processes to increase revenues and profits, while reducing administrative burden and ultimately improve patient outcomes. By serving DSOs, we believe we can make a meaningful impact on the dental industry and the broader healthcare ecosystem.
Coincidentally, one of my kids was getting braces at the time. It was eye opening to see the antiquated systems the orthodontic team had to engage with our case, and the limited payment options therein.
While we came at this as frustrated patients in the early days of the company, we pragmatically understood that our product had to drive meaningful financial performance improvement results to practices. We have a strict focus on product innovation in the overlap of financial performance for practices and the patient experience.
DSOPro: When did you start working with dental practices?
We started working with dental practices just over 2 years ago, when we partnered with our first customer, 7 to 7 Dental in San Antonio. Our focus on oral health stems from our belief that everyone should have access to affordable and high-quality dental care. We saw an opportunity to use our fintech expertise to help dental practices streamline their payment processes and increase financial performance while making dental care more affordable for patients.
In the past 2 years, we’ve facilitated flexible and convenient payment experiences for more than 45,000 patients, totaling over $40,000,000 in out-of-pocket payments. Our unique pay-over-time solutions have been particularly impactful, with over 2,500 patients utilizing this option to make dental treatment more affordable. We’re proud to have made a positive impact on the lives of these patients and their families.
But our impact goes beyond just patient payments. We’ve also worked closely with hundreds of practice staff users, who provide valuable real-world product innovation feedback that improves practice operations and ultimately increases profits.
DSOPro: Do other industries use your technology?
Our primary focus is on oral health, particularly general dentistry and orthodontics, with some endodontics customers also using our platform. We’ve built our technology specifically to meet the needs of these segments, and we’ve seen tremendous success in improving the payment experience for patients and staff in these contexts.
That said, we recognize that there are many other healthcare segments that could benefit from our technology. We work with customers in other segments, such as audiology, to help them streamline their payment processes and improve business performance and patient experience. While we’ll continue to prioritize oral health in the short term, we’re always open to exploring new opportunities and expanding into other use cases as our business evolves. Our ultimate goal is to use our technology to make healthcare payments simpler, more transparent, and more accessible for everyone.
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DSOPro: How does the platform work?
At its core, FeatherPay is all about simplifying payment processes for practices and improving the payment experience for patients. We offer two core products: AR Billing automation to clean up and optimize AR collections, and general payments for services before or during care. Both of these products can be purchased independently or in a discounted bundle, and there’s no integration necessary (but we offer it for supported PMS) so practices can be up and running in a matter of days. We’re committed to making the process as simple and risk-free as possible for our customers.
One of the key ways we do this is by focusing on mobile payments. We believe that the smartphone is the new merchant processing terminal, and we’ve designed our platform to make it easy for patients to make payments using their phones. This is a critical component of the patient experience, as research shows that younger patients in particular are more likely to switch providers if they are presented with a complicated or clunky payment experience.
By consolidating all payment technologies into one platform, we help dental practices reduce their operational costs and improve their productivity. And because FeatherPay is a white label solution, patients see the name and brand of the practice when they make payments, which helps reinforce the trust that practices work so hard to build with their patients.
Overall, we believe that FeatherPay is the ideal solution for dental practices that want to simplify their payment processes and provide a better patient experience. By focusing on mobile payments and offering a lightweight, easy-to-use platform, we help practices save time, reduce costs, and improve patient satisfaction – all while driving more profitable revenue for the practice.
DSOPro: What does patient interaction with this technology involve?
At FeatherPay, we believe that the payment process should be as frictionless as possible for patients. We’ve designed our platform with this in mind, and we’re proud to offer a range of payment options that make it easy for patients to manage their payments on their own terms.
When a patient receives a text message from FeatherPay, they can make a simple quick payment using a variety of digital wallets, including Apple Pay and Venmo, or even text-to-pay using their credit card on file. We’ve designed these payment options to be intuitive and user-friendly, so that patients can make payments quickly and easily without having to create a new account or download a third-party application.
But our technology goes beyond just simple payments. Patients can also choose a payment plan or apply for third-party financing right from their device, making it easy for them to manage their healthcare expenses on their own terms.
Overall, our approach makes it easier than ever for patients to manage their healthcare expenses and improve their overall experience with their dental practices. By focusing on simplicity, flexibility, and user-friendly design, we’re helping patients take control of their healthcare payments and get back to their lives.
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DSOPro: How does FeatherPay improve working with credit card merchant service providers?
We believe that dental practices should be able to manage their credit card merchant services with ease, which is why we’ve designed our platform to consolidate all these services into one integrated solution. With FeatherPay, practices can maximize their payment volume to receive industry-best merchant processing rates and service through one of our integrated merchant services partners.
The benefits of this approach are many and profound. Rather than having to manage separate merchant services relationships for each payment method, such as credit card machines, website payments, text-to-pay services, and third-party billing services, practices can rely on FeatherPay to facilitate the underwriting, reporting, reconciliation, and auditing for them. We connect all the merchant account information within our technology to enable all these payment methods, making it easy for practices to manage their credit and debit card payments in one centralized location.
This is particularly valuable for multi-location practices, which can struggle to manage so many disparate systems of record. By consolidating all these systems into one easy-to-use platform, we help practices reduce their operational costs, increase their productivity, and provide a better payment experience for their patients. We simplify payment processes and achieve greater efficiency and profitability for our customers.
DSOPro: How does FeatherPay increase revenue?
It is our experience that enabling simple and intuitive payment options is a key to increasing revenue for dental practices. By providing patients with multiple ways to pay, anytime, anywhere, and on any device, practices can collect more revenue and improve their profitability.
One of the ways we do this is by using digital statements and text messages to communicate with patients. When practices digitally send patients clear, simple statements that include numerous ways to pay, they will get paid at a greater rate. Patients are more likely to catch up on outstanding balances and keep current on their care, leading to increased revenue for the practice. It’s that simple.
For example, we work with one DSO that improved collections by 2.5x in just 60 days by switching from paper statements to digital statements and text messages. By meeting patients where they are – on their smartphones – this DSO was able to increase patient engagement and improve AR revenue collection.
In addition to digital statements and text messages, we also offer pay-over-time options such as payment plans and third-party financing solutions like LendingPoint. These features provide patients with more flexibility in how they pay for their care, leading to improvements in case acceptance and greater production for the practice. And because FeatherPay is designed to be easy-to-use and intuitive, practices can implement these features quickly and easily, without any disruption to their existing workflows.
DSOPro: How do you provide security?
A number of us have built commercial healthcare solutions in a past business, so we came into FeatherPay well versed in PCI and HIPAA compliance and regulation. We utilize a rigorous third-party auditing program, advanced encryption, and many other technical and procedural means to protect the data of our customers and their patients.
DSOPro: What are some common misconceptions about digital payment processing in dentistry? What’s holding practices back?
We are observing that the adoption of digital payment processing in oral health is accelerating rapidly. While there may have been misconceptions in the past about patient demand for these payment technologies, we’re now seeing a clear trend towards greater acceptance and adoption.
For example, many patients are now asking for digital payment options like Apple Pay, Venmo, and text-to-pay. These technologies are changing the way that practices approach payments, making it easier for patients to pay their bills and reducing administrative burdens for practices.
Another common misconception is that older patients are less likely to adopt digital payment options. However, research would suggest that many older patients are just as comfortable with technology as younger patients. They use social media, online banking, and other digital technologies on a regular basis.
Practices that embrace and stay ahead of these payment trends will significantly improve their financial well-being and patient experience. Over time, these benefits will compound, resulting in happier, healthier patients and increased revenue and profit. By providing a holistic care delivery experience that patients appreciate, practices will reduce patient churn and build a loyal patient base.
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DSOPro: Where do you see this evolving, in terms of advancing even further down the road?
The payment processing landscape in oral health and related healthcare will continue to evolve rapidly in the immediate term. We expect that many of the capabilities that we’re discussing here will become standard features in just a few years, and some even believe that time is now.
Unfortunately, many of the core technologies that drive practice operations have not kept pace with these changes, and they may need years to catch up. That’s why we built FeatherPay – to provide innovative solutions that help practices stay ahead of the curve and provide better financial outcomes for their practice and care for their patients, right here and right now.
Inspired by the progress we’ve seen in other industries undergoing similar change, we’re optimistic about the future of digital transformation in oral health. We’re committed to listening to our customers and their patients to ensure that we remain at the forefront of innovation and continue to deliver the best payment platform for the industry.
DSOPro: What is your target-size group practice or DSO?
We focus on emerging to mid-market DSOs that are going through a digital transformation as they acquire new practices and look to standardize technologies. Our platform can be quickly and easily deployed to a few practices, who can then serve as subject matter experts for the rest of the organization to scale up behind them.
DSOPro: Any final thoughts for DSO leaders reading this today?
At FeatherPay, we believe in making it easy for practices to try new innovative solutions without fear of risk or commitment. Our platform is no risk, requires no long-term contracts or large upfront costs, and there is no obligation to continue using it if it doesn’t work for you. We’re confident that FeatherPay can help improve your practice’s financial outcomes, increase staff productivity, and provide a better patient experience you’ll be proud to call your own.
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FeatherPay
FeatherPay is a cutting-edge billing and payments platform designed to empower oral health providers to deliver a superior staff and patient experience with no technical expertise whatsoever. FeatherPay increases revenue and profit performance, streamlines administrative operations, accelerates cash flows, and reduces unpaid patient liabilities while significantly enhancing the patient experience.
FeatherPay simplifies the complex process of oral health AR billing, allowing providers to focus on delivering high-quality services to their patients. With FeatherPay, providers can transform their practice with ease, while improving their bottom line and patient satisfaction.
Join the FeatherPay community today and take your oral health practice to the next level.
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