In the News

Brian Colao Authors Article for North Texas Dentistry Magazine

Offers Dental Practitioners Helpful Guidance in Structuring Patient Finance Plans

July 1, 2014

Brian A. Colao, Dallas-based member in the Firm’s Litigation Department and leader of Dykema’s Dental Services Organization Group, authored an article—“Properly Structuring Patient Finance Plans”—that appears in the current issue of North Texas Dentistry, a monthly publication aimed at dental industry owners and practitioners in Dallas and surrounding counties that focuses on key business and operational issues.

In the article, Colao outlines the major issues for dental practice executives to consider when creating patient finance plans. Among the key questions to be addressed:

  • What type of credit is being offered? Consumer loan, retail installment program and line of credit are three of the most commonly used credit mechanisms.
  • Who is the lender? It could be a third-party lender, a sister company related to the dental practice, a dental service organization (DSO) with whom the practice is affiliated, or the practice itself.

Colao also identifies four regulatory hurdles—licensing, disclosures, fees charged, enforcement—that dental practitioners need to ensure are met, so as to remain in compliance with state and, where applicable, federal laws. Colao concludes the article by reminding readers of an essential best practice: “consulting with a lawyer who specializes in consumer finance law,” to be certain that patient finance plans are fully compliant.