We see a fair number of patients with lower incomes, so offering a buy now, pay later solution that allows patients to break up payments into more manageable installments is vital to our success. We have tried other financing services in the past, but high fees and a poor patient approval rate created a suboptimal experience. When our patients were consistently denied, it made this personal and crucial checkout moment uncomfortable not only for the patient but for us as well.
|Chrissy Friberg, LDO
Practice Manager – Optician
I knew I needed a better solution, so when I discovered Sunbit and heard about how simple and inclusive it was, I opted to try it out, and the rest, as they say, is history. In a process that takes only 30 seconds, over 95% of my patients are approved to buy the eyewear or treatments they need today and pay-over-time. The high patient approval rate opened up the pool of patients we could treat significantly while also allowing our regulars to purchase the more costly treatments they needed or upgrade their eyewear during their visit. The process is also simple—we use the Sunbit-provided tablet to walk them through the quick and convenient digital process that requires nearly no data entry, which my patients love. Sunbit lays out all of their payment options in a clear and transparent manner, helping patients make an informed decision in choosing the plan that works best for them.
Not only has Sunbit improved our patient experience, but it has impacted our bottom line. Let me give some specific answers to the questions my industry friends asked above:
- Did our average sale go up? Yes, from $321 to $468, with patients opting for more high-end upgrades.
- Did patient capture/retention rates rise? Yes, from 57% to 88%.
- Did our multiple pair sales increase? Yes, although sometimes it’s a follow-up purchase after their final payment on a prior purchase.
- Did the business grow? Yes, we average an additional $9,000 per month, which required more staff but eased the workload for the team. Now we can spend more personalized time with each patient. And I can finally take a vacation!
With Sunbit, we bypass sticker shock. As dispensers, we can now feel comfortable showing the premium frame, sunglass, and lens choices and making sure the patient is aware of all the beautiful options to help them see great and look fabulous. Patients are keen to ease discomfort when spending long hours in front of their screens, so they love when we recommend products that reduce pain, like Neurolens. Insurance and MVC do not cover this lens. But patients want the pain relief it offers, and once we break the purchase into small manageable payments with Sunbit technology, they jump on board.
There is one fascinating phenomenon that occurs with Sunbit’s Buy Now, Pay Later solution: Patients come back for more pairs as they pay off prior purchases. Sometimes it will be a beautiful pair of sunglasses that we showed them months ago, or for athletes, a pair of color-enhancing polarized lenses to help them improve their game. Other times a patient will return because they can’t resist using Sunbit to buy a pair of show-stopper high-fashion sunglasses.
Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.