Delta Dental of California, which offers comprehensive oral healthcare coverage to more than 36 million members, will make an additional $100 million in loan funding to its independent provider network across 15 states and the District of Columbia for economic assistance and COVID-19 relief. This increase brings Delta Dental’s loan program to a total of $300 million, administered by Lendeavor.
This second phase of the loan assistance program expands how providers could use the funds, including practice acquisitions, new location expansions, commercial real estate and equipment purchases, practice buildouts including investment to support new health and safety standards, and refinancing existing practice and commercial real estate debt. It also offers favorable loan terms including the first 12 months of interest covered by Delta Dental, the company said.
“We remain focused on doing our part to support the oral healthcare industry, which is experiencing unprecedented levels of distress and uncertainty,” said Mike Castro, president and CEO. “In addition to our $300 million loan program and increasing reimbursements to providers for personal protective equipment and other expenses, we will continue to build upon our extensive efforts to support the many dentists and practices impacted by this crisis.”
“Our team is continuing to work tirelessly in support of healthcare practices navigating this uniquely challenging time,” said Dan Titcomb, cofounder and CEO of Lendeavor. “We’re thrilled to continue our partnership with Delta Dental of California and expand the reach and duration of this program.”
Since the pandemic began, Delta Dental said, it has committed to delivering more than $700 million of meaningful pandemic-related financial assistance in support of its customers, providers, employees, and communities including:
- Various forms of premium relief to help customers and members manage some of the financial burdens created by the pandemic.
- A supplemental reimbursement program that temporarily gives Delta Dental contracted network providers funding to use flexibly toward additional expenses for personal protective equipment and other needs associated with safely reopening their practices.
- $11 million to date in funding by the Delta Dental Community Care Foundation to organizations across Delta Dental’s 15-state service area to benefit at-risk populations impacted by COVID-19.
- Up to five weeks of paid emergency time off and four weeks of unaccrued sick and vacation time to help Delta Dental employees manage impacts created by the pandemic.
Information about the loan program, qualification details, and application process are available online or via email. The program is available to Delta Dental of California and its affiliated independent network provider practices as well as to providers participating in the DeltaCare USA program and Delta Dental Legion network.