500+ practices adopting Sunbit technology per month; national partnerships multiplying across ecosystem
LOS ANGELES, Nov. 28, 2022 /PRNewswire-PRWeb/ -- Sunbit, the company building financial technology for everyday expenses, today announced that its leading patient financing technology is being embraced by dentists and patients across the country. Industry partners, DSOs, and independent practices have all chosen Sunbit because it offers access to fair, fast, and transparent financing terms, without hidden fees or "gotchas." As of November 2022, dental is the fastest-growing market for the company, which has already served more than 1.4 million customers across verticals.
"Virtually everyone in the country can benefit from top-notch dental coverage. However, millions of Americans are forced to choose between paying out-of-pocket for necessary, and often unexpected, dental expenses or declining essential care recommended by their provider," said Jay Letwat, Vice President of Dental, Sunbit. "Even patients with private dental insurance face coverage caps, which all but guarantee that any significant treatment will require a hefty out-of-pocket cost as well."
Dentists are acutely aware of the need for fair and accessible patient financing. But, finding the right solution is difficult. According to a recent survey of 920 dentists, 83% of dental professionals offer a patient financing option, yet only 8% are completely satisfied with their solution.¹ This significant gap can only be addressed by a solution that approves the vast majority of applicants, within moments at checkout, and with fair terms, that enable patients to hold onto more of their hard-earned dollars.
According to the same survey, treatment acceptance increases by 57% once a patient qualifies for a third-party financing solution.
"We've utilized Sunbit to replace other financing tools, including in-house financing, and it's been a game-changer for our 50 locations. The simple and fast application process creates a much better experience for both patients and staff. We've provided a significantly greater amount of dentistry than we could have had we not had Sunbit as a tool. In fact, since launching, 90% of our patients who have applied have been approved, which has allowed thousands of patients to receive the dental care they needed, many of whom likely would not have been able to otherwise," said Lorri Detrick, Chief Operations Officer, Riccobene Associates.
Sunbit technology can be found in more than 6,000 dental locations, and in more than 550 DSOs, with more than 500 new offices being added each month. In addition, Sunbit's technology is integrated with multiple platforms serving small- and medium-sized dental practices.
As Sunbit continues to cement partnerships with leading organizations such as Straumann Group, Kleer, Dental Whale and many industry-leading providers of lab services, software, consumables, and consulting services, its footprint is expanding exponentially.
Sunbit technology offers access to financing for dental procedures with 6 to 72-month payment plan options, and 85% of patients who apply using Sunbit technology are approved. All well-qualified patients get access to true no-interest payment plans at participating practices. By powering the application process and managing the collections process, Sunbit takes the burden of management out of the hands of the practices.
"Sunbit is a one-stop shop for patients across the credit spectrum. When Independence DSO partners with dental offices, one of the first things we recommend is Sunbit's patient financing solution. The "why" is pretty simple. It helps our partner practices serve more patients and generates incremental production for the offices," said John Geary, Chief Operating Officer, Independence Dental Services. He added, "I have nearly 20 years of experience in retail healthcare & dental, and Sunbit is the most technologically advanced solution, helping so many people, and it is super simple for offices and patients to use. The results have been incredible—$2.1 million in incremental production, thousands of additional patients treated, and a more confident office team that knows they can trust the technology to help people in need."
About Sunbit
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life's expenses by giving people more options on how and when they pay. Sunbit offers a next-generation, no-fee credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 16,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit was included on the 2022 Inc. 5000 list. The financial technology company has also been named as a Most Loved Workplace®, Best Point of Sale Company, A N.A. Deloitte Technology Fast 500 company and as a Top Fintech Startup by CB Insights.
Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
1-Sunbit Dental Professionals Survey: n=920 dental professionals age 18 or older nationwide. Aug 3 - Sept 12, 2022
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Brandon Hamm, for Sunbit, 6102469908, [email protected]
SOURCE Sunbit
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