The Patient is Denied Credit by Your Financial Partner

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Situation:

You offered your financial option of working with an outside partner such as Care Credit, to provide long term interest free payments on their dental treatment and the patient’s application was denied.

Desired Result:

The financial administrator feels confident discussing the denial process.  She/he is able to offer assistance and an explanation without causing embarrassment to the patient.

How To:

Although we all wish that every patient qualified for patient financing, the reality is that some applications are not approved. When that occurs, patients typically want to understand why — and that may make team members unsure of how to respond. Here are some points of information you can use to confidently talk with patients in a positive, helpful manner.

  1. Patients will receive a letter within 10 days from the issuing bank, regarding the reasons for the decision and the source of information used.
  1. The credit decision is based on a number of factors, and applicable law limits what the financing company can share with your practice. If your patient wants to speak with a representative, refer them to the Cardholder Support Center and provide them with the toll free number.
  1. Sometimes an application is not approved simply due to a “typo” or missing information on the application.
  • Review the application with the patient to check for any data entry errors, such as misspellings.
  • Make sure the patient has included a complete street address, not a post office box (P.O.) number.
  • Check that the patient has included all sources of income.
  1. You can also suggest that the patient re-apply with a co-applicant or have a family member apply on their behalf. In many cases, this may result in an approval.

How to Say It

Here is a sample script to use as a guideline when talking to a patient about an application that was not approved:

“Unfortunately, our financing partner was not able to extend you credit at this time. You will receive a letter from the issuing bank within 7 – 10 business days, indicating the specific reason for the decision. Applying with a credit-worthy co-applicant is a good way to increase your chances of approval.”