Full-Arch Secrets Podcast: Episode 3
In a recent episode of Full-Arch Secrets, host Jacob sat down with Brian Lainhart and Marc Kelly from Momnt, a pioneering financial services company that’s transforming the landscape of dental implant financing. The dynamic conversation delved into the impact of consumer financial trends on patients’ decisions regarding dental implants, emphasizing how Momnt is at the forefront of this revolution.
🎧 Tune in now and learn how Momnt is changing the game in dental implant financing! 🎧
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Breaking Barriers: Momnt is Paving the Way for Dental Implant Financing Approval in Challenging Times
Full-Arch Secrets podcast episode re-cap
Changing Consumer Behavior in Dental Financing
As the episode unfolded, it became clear that consumer financial trends play a pivotal role in influencing patients’ choices when it comes to dental implants. Inflation rates are rising, and many individuals are leaning more heavily on credit cards for everyday expenses. This shift has ramifications for healthcare decisions, particularly when faced with substantial expenses like dental implant procedures. The increasing Annual Percentage Rates (APRs) on credit cards mean that patients with higher credit card debt might be more hesitant to commit to these significant dental expenses. The discussion also touched on the tightening of credit requirements, making it even harder for patients to secure financing.
Momnt: Revolutionizing Dental Financing
Enter Momnt, a company established in 2019, with a mission to address these challenges head-on. Momnt offers an array of tailored loan products designed to empower consumers to make informed financial decisions. By democratizing access to financial services, Momnt provides consumers with a range of loan products, offering merchants diverse options with associated fees. Their multi-lender approach minimizes risk, ensuring that loans are funded regardless of individual lender decisions. This strategy not only safeguards the financial interests of merchants but also broadens product offerings, enabling dental practices to cater to a wide range of dental financing needs. The key takeaway here is the importance of offering the right financial solution at the right time, helping patients overcome anxiety while fostering growth for dental practices.
Momnt’s Ingenious Platform
Brian and Marc delved into the sophisticated engine powering Momnt’s platform, which seamlessly connects patients and practices with the most suitable loan products without disruption. They highlighted how this process is designed to capture that critical momnt when a patient decides to pursue life-changing treatment. This patient-centric approach simplifies the financial options, eliminating confusion and offering a seamless, straightforward process. Momnt also provides various offer codes that allow practices to customize their financial offerings for different treatments, thus empowering treatment coordinators.
The patient engagement process was further clarified, from sending a link to the patient’s phone to providing them with options and closing the deal. With approval processes taking just minutes, funds can be made available on the same day, streamlining the patient experience.
Advantages of Using Momnt in Your Dental Implant Practice
Jacob’s interview with Marc and Brian illuminated the numerous advantages of integrating the Momnt financing platform in dental practices. They discussed the concept of “payment factor,” which represents the monthly payment percentage of the treatment plan for the patient. Momnt’s new fixed-rate products offer low monthly payments, making it easier for patients to afford treatments, especially for procedures like dental implants.
The interview also demystified the payment process, ensuring that Momnt pays the dental office directly. This streamlined approach offers convenience for both the practice and the patient. Additionally, the quick onboarding process was highlighted, with practices typically getting up and running with the platform in just one to five days.
A Patient-Friendly Approach
The discussion also addressed common mistakes made when presenting financing options, underscoring the importance of offering financing and providing patients with options that align with their budget. Momnt’s three financing options were explained, along with the concept of the “paradox of choice,” to make the process more patient-friendly.
The Future of Momnt
Marc and Brian gave a sneak peek into the future of Momnt, hinting at the addition of specialized products, increased credit limits, and an expanded range of financial services. They even mentioned the possibility of introducing insurance products for specific dental procedures and credit products for dental practices themselves.
In closing, the interview emphasized that using Momnt’s platform incurs no costs. Dental practices only pay for the services when they are used, with no upfront fees or subscription costs. This model aligns perfectly with Momnt’s commitment to providing a simple, efficient, and patient-centric approach to dental financing, making it a valuable asset for dental practices and their patients alike.