Online Deposit – Why Should You Consider It?

03-12-2020
  • Feature

Hesitant to introduce deposits to your clinic? For some it seems as if it will turn away the patients; for others, the whole process seems to be too much of an administrative burden. However, with online deposits, neither of these is true.

Most of the clinic managers who do not prefer deposits have either disregarded their advantages or have had a bad experience with the amount of effort manual deposits require from the clinic administration. Still, most of these arguments come from the past: with automation technologies, deposits become hassle-free as well as an important financial asset to every successful clinic.

So why deposits, then? Consider these reasons:

  • Reduced no-shows. No-shows cost you more than you would think. An essentially wasted chunk of your medical experts’ time means that you’ve lost both the revenue from the patient who didn’t show up AND the revenue of the patient who might have been treated during that wasted time. With deposits, you drastically reduce the number of no-shows at your clinic.
  • Less last-minutes cancellations. Just as with no-shows, last-minute cancellations can be virtually eliminated. Patients who have committed to paying deposits usually respect their (and your) schedule.
  • Better conversion rate. Besides financial security, deposits provide you with a filter that separates highly interested patients from the lackluster ones.

 
“Short-term you might notice a few bookings less than you’re used to, but long-term this system will improve the quality, reliability, and profitability of your bookings.”
 
– Daniel Langeveld, Head of Business Development at Clinicminds

  • Better retention rate. Whatever you may think of it, deposits form bonds between patients and your clinic. Patients who have paid a deposit to a clinic will keep coming back instead of going elsewhere.
  • Expensive costs covered. Think of deposits as your safety net–if the patient does not show up for an expensive treatment, you will not be set back financially. This ensures the safety of your business’s workflow.
  • Alleviated upfront costs. Ultimately, you can always use the deposit to cover the upfront costs of the treatment, for example renting a surgery room. With upfront costs covered, your clinic’s finances become much more stable.

 

Perks of Automated Finances

Online deposits have a huge positive side that gets neglected sadly too often. But how does automation further tie in with deposits and the finances of your clinic?

Consider refunds. Whether it is returning deposits or responding to cases of unforeseen circumstances, refunds cannot be avoided in every case. When they do occur, you want them to go smoothly, easily, and automated. Remember, time saved equals money earned, and automation improves both!

Furthermore, the payment process must be completely automated in order to remove the human error factor. Apart from the obvious problems with the economic feasibility of your clinic, human error in finances can cause extremely negative experiences with your patients. After all, who likes it when their funds are mismanaged?

“In some countries deposits are already mainstream, however, they can be cumbersome and error-prone in some cases. We’re seeing that trend spread, and we wanted to provide customers with a fully integrated solution.”
 
– Daniel Langeveld, Head of Business Development at Clinicminds

Errors do not need to be made on your part: what if the patient cancels treatment? Automated refunds minimize the amount of time and resources lost in the process, making both sides more satisfied in return.

The use of this system is entirely optional and customizable. In other words, clinic managers decide what features they include in the package as they go over the specific needs of their workplace. Smooth and clean!

We have made deposits easy

Proper automation software ought to make deposits an attractive option rather than a repulsive necessity. Clinicminds has gone out and beyond to make this once tricky option a seamless part of every functioning clinic. These are just a few of the ways Clinicminds does this:

  • Deposits made natural. With our synchronized workflow processes, deposits become a natural part of scheduling online. In other words, workflow organically leads to patients making their booking with deposits, with the focus particularly being on maintaining conversion rates.
  • Diversified payment methods. Each patient is unique and the payment methods available to them must reflect that. Clinicminds offers several different payment methods that include credit cards, iDeal, and many more.
  • Selective deposits. Depending on the needs of your clinic, certain treatments will not need deposits. You do not have to think in binary oppositions of totality: our software can be set to request deposits only where you deem them to be required.

 
Clinicminds is launching the online deposit feature in the upcoming weeks. If you’d like to know more, feel free to send us a message and we’ll gladly provide you with all the information you need. Chat with us here!