Dental Financing via State IOUs?

Dental financing via state IOUsOnly 11% of dentists said they would accept a state IOU for dental financing, found this survey, while 36% said, “No way!”

On the other hand, 41% said they would if their bank would take an IOU, and 13% said they would only accept an IOU for a poor patient.

I’d trust IOU’s from my own patients who have fallen on tough times before I’d trust the government (at any level),” declared a Georgia orthodontist.

Here are some more comments:

  • “The state won’t take an IOU for my taxes!!!” (West Virginia dentist)
  • “Patients who need state care are not responsible for the state’s problems and should not be penalized.” (Texas dentist)
  • “Who could trust a state to cover past debts? What about if they legislate away past IOU debt, or if the state becomes insolvent and wipes out all debt?” (New Jersey dentist)
  • “I would treat an indigent patient in pain for no fee. If my bank accepts the IOU and the money goes into my account, I am okay with it. If a state goes bankrupt, we are in deep doodoo.” (California dentist)
  • “What choice would you have? Take nothing? That’s all you’re going to get. At least it might get paid. Someday.” (Texas orthodontist)

A Minnesota dentist described the flaws in that state’s Care Tax:

“In Minnesota we have to pay a 2% provider (MN CareTax) on our revenue, which is a noble cause. Any donated care is taxed on the value of the care.

Note: … let’s start letting the public and legislators know how much we donate care, so that they see we are more philanthropic than most other business owners!

This tax was supposed to go to help those without insurance or the means to pay. For the past many years, MN has seen this big fund as money they can confiscate to balance the General Fund, not to mention taking away the ability for many patients to use this fund.

In summary, I feel I already have accepted IOU’s which will never come true. Lesson, never let your state tax providers for their services, it will end up being a money tree in the legislature’s back yard to take for other reasons.”

Read more: Dentists Dislike IOUs for Dental Financing

About Jim Du Molin

+Jim Du Molin is a leading Internet marketing expert for dentists in North America. He has helped hundreds of doctors make more money in their practices using his proven Internet marketing techniques.


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