Read the transcript of our 10-minute Pay-By-Text dental payment processing product overview video.
Welcome to a Pearly product overview video: Pay-by-Text, collect more payments, faster.
Before we get into the specific product, let me tell you a little bit more about Pearly. We create win-win solutions for dental practices and their patients. We're on a mission to help dental practices power a superior way for their patients to access and pay for care, and we do this with our three products.
Today we're talking about Pay-by-Text. Collect outstanding balances from your dental patients faster by allowing them to quickly and easily pay by text.
First off, why embrace text messaging for payment collection?
Well, texting is big. The average person sends 15 text messages per day, it's the number one app on their smartphone. Messaging is increasingly becoming the standard of communication and it's the number one preferred channel. If you look at millennials, they spend three times more texting than calling or emailing. If you think about yourself on a daily basis, that's probably true.
Most importantly, text messages get read. Text messages have a 98% open rate compared to around 30 or so percent for email, and importantly, people respond fast, 90 seconds to respond to a text versus 90 minutes for an email. Even forget about how long it takes to check your voicemail or call someone back. The bottom line is that patients read your texts.
Now, are they answering your collections calls? Probably not.
Do you know if they're even opening your mailed statements that are costing you between five and $10 to send? Who knows?
But they read texts. And so what we're here to do is to help your practice call less, mail less and start texting, with Pay-by-Text. Let me tell you a little bit about how it works.
It's simple. The first step is to send a Pay-by-Text request. It takes 10 seconds. Your practice goes into the Pearly portal on your desktop or your phone, simply enters your patient details, includes the amount they owe, as well as the option to upload an actual invoice. Everything is HIPAA compliant and secure. It only takes a couple seconds and you can also opt to personalize the message to make it a little friendlier.
The next step is the patient receives your text. They get it right on their phone. It shows clearly the balance that's due and they have the option to click on your branded payment portal to complete in just a few seconds. Or, what's a really neat feature is if they've previously paid with Pearly, their credit card's stored and they have the option to just reply, "OK," and it automatically pays with their card on file.
Once the patient has completed payment, you get paid.
We automatically process the payment for you and deposit the funds into your practices bank account. On signup, you provide your direct deposit details and every time a patient makes a payment, your practices is paid 24 and 72 hours later or you can create your own payout schedule.
We also give you a beautiful, intuitive dashboard that allows you to see everything that's happening and track it from every single patient payment, what's outstanding, giving you total visibility into how Pay-by-Text is performing for you. At the end of the day, Pay-by-Text allows you to collect more payments faster.
Now, before we get into the benefits, let me tell you about an optional feature. This is a really unique feature that is included with Pay-by-Text that you have the option on whether or not you want to turn it on. What it allows your patients to do is pay in Installments.
They can split their bill into five equal payments that are paid every two weeks. As soon as a patient receives that Pay-by-Text request and they click on your branded payment portal, they have the option to pay in full or pay in Installments.
This is a great way to help them jumpstart their payment to you, especially for those really difficult hard-to-collect invoices. It's a great option to add that allows the patient to pay over time, but it's not financing, right, and that's critical. This isn't financing, this isn't a payment plan that you need to discuss with your patient, it's simply an option that you automatically provide them. They pay one fifth of the payment today and then every two weeks for a total of eight weeks. As soon as the patient completes each installment payment, your practice is paid.
You set the Installment rules. So you can choose on an individual patient-by-patient basis who you want to include this with or you can set specific rules. Let's say, anyone who's past 90 days to or any billing amount that's between 250 and $1000, for example. This isn't something that you necessarily want to use for huge treatments that you're going to be discussing third-party financing with, but it's a great alternative for these difficult-to-collect balances and you just want to get the patient to engage and start making payment to your practice.
The beautiful part about Pay-by-Text is that it's better for your patients. It's the most convenient way they can pay because it's on their preferred channel, text messaging. They can pay on the go. Your patient can be in line at Walgreens or out to lunch with friends or even walking out of your office on the way to the parking lot, they can pay in seconds right on their cell phone.
It's also friendly. It's not that dreaded collections call that your staff hates to make and your patients hate to receive. It's a nice nudge that says, "Hey, you have an outstanding balance. Click here, pay it right away."
By offering the Installment option, you're giving patients the flexibility to pay over time and showing that you care about their financial situation.
The benefits to your practice are huge. Practices who implement Pay-by-Text accelerate their cash flow and reduce costs, because they can collect more payments faster and really improve that aging report. But they also reduce the amount that it costs to collect, and it also provides that modern experience to the patient and saves your staff time, because sending a text is a heck of a lot easier than making a phone call.
Now, here's some examples of practices that are really benefiting from implementing Pay-by-Text, increasing the accounts receivable that your practice collects by 30% because Pay-by-Text allows you to reach patients on the channel that they prefer most.
Importantly, and this is an area that most practices don't look into, is how much does it actually cost to collect a hundred dollars or a thousand dollars? Well, Pay-by-Text improves your staff's efficiency because you have to make fewer collections calls. If you think about the hourly cost of that team member making calls, it adds up quick, in addition to the mailed statements and merchant processing fees.
Pay-by-Text is a great way to cut down on your cost to collect, which ultimately means more money in your pocket.
The best part about Pay-by-Text is it's the easiest product that Pearly offers. You can get started in 10 minutes. It's so easy, our onboarding process is a couple quick forms and you can start sending text requests to your patients today. You can start accepting payments right away, it's that easy.
For pricing, we believe in keeping it simple, transparent, and never charging any hidden fees. You can take a look at pearlyplan.com/pricing for our most up-to-date pricing and get started right away.
If you're interested in digging in a little bit more about why practices choose Pearly, take a look at pearlyplan.com/why-pearly and see why our suite of products allow practices to build patient loyalty, grow recurring revenue, boost practice profitability, improve A/R collection rate, reduce the cost to collect and ultimately deliver a better patient experience.
If you have specific questions and want a personal tour, request a demo. You can book a time that works for you and a product expert will hop on a screen share and walk you through the actual live software, answer any questions and discuss best practices.
If you're interested in some of our great practice growth content, head on over to our Academy. We pride ourselves in developing really helpful articles and videos that deliver actionable advice to help improve your practice.
Thank you for joining me for this short product video and learning more about Pay-by-Text!