When did Springstone enter the dental financing market, and what has company growth been like?
MG: We started in spring 2007. We set out to meet the needs of high-end dentistry. We only reached out to about 2000 dentists, and we’ve done quite well. Our loan volume grew over 500% this past year. Our targeted practices included LVI alumni, the ACE group, and Fellows/Diplomats with various dental societies. It’s been a viral launch to this point. We introduced the ability to finance up to $40K on our loans in October of 2007. Springstone was the first patient financing company to offer this large of a loan. Previously, $25k was the ceiling. Many practices jumped on the opportunity to recommend affordable financing for larger cases. We also offer a “Shared Savings” plan based on a practice’s use of our online process. Processing applications online saves the practice money. On larger cases, there are also additional discounts for cases over $5K, $8K, $10K, and $12K. Springstone offers fixed rates that are customized for the patient’s credit history and the length of the loan they ch
