Recently I received a phone call from an SCDA member dentist that asked that I share the following story with the full membership. This dentist and their spouse was introduced to a dental practice finance company through their dental equipment and supply representative a little more than a year ago and struck up a good conversation. They were in the market at the time for some loans for their practice and this company appeared to be reputable. Further conversations with this particular company led them to enter into a contract. The percentages and fees all appeared to be competitive and the rapport the two parties had established was one of a professional nature. Everything appeared to be as advertised until a year into the agreement and that is where the title of this column comes into play.

The owners of this practice were at a point where they wanted to pay off this loan in full as to avoid continuing to pay such high interest on the loan, as any of us would want to do if given the opportunity. When they contacted the same representative with this company, he informed them that this would not be a problem, BUT that it would come at a cost. Apparently buried in the lengthy agreement was vague language that the loan could be paid off in full, but only after paying an expensive penalty. This penalty was never mentioned by the company's representative prior to the signing of the contract and was difficult to locate within the agreement even if one was purposely searching for it within the extensive document with a magnifying glass. In fact, their attorney stated the language was not clearly there, but was strategically written to where it would be costly to try and prove otherwise.  Tens of thousands of unexpected dollars later, the member dentist and their spouse were able to pay off this loan. 

For many years the SCDA has worked with Bank of America Practice Solutions (BAPS) to offer its members the most competitive products on the market. BAPS was the first practice finance company to fully disclose rates and fees. They do this on the cover page of each loan proposal and the customer reviews the proposal with their inside sales team and signs off on the proposal to ensure complete understanding. Rate and fee disclosures are in large and bold font to ensure it is not missed and again, are addressed with the dentist client. This member dentist expressed wishes that they would have spoken with BAPS prior to signing an agreement with any other company.

Be sure you have a way back to the hospital of your choice should you become ill or injured on your next trip.  The SCDA would like to remind you that Medjet offers unparalleled medical evacuation protection for domestic and international travelers.  Plus, SCDA members and associates receive special discounted annual rates of $200 for an individual and $310 for a family for Medjet's hospital of choice medical evacuation and repatriation membership program.  Domestic air medical transports average $20,000 while international medical transports can easily exceed $100,000.  As a MedjetAssist member, the annual membership fee is your only expenditure for complete domestic and international travel protection.

You can access these rates online at www.medjetassist.com/scda or call MedjetAssist at 1-800-527-7478 to enroll by telephone.  Please refer to the South Carolina Dental Association when calling.  Enroll today!  Travel with confidence.  Travel with MedjetAssist.