Posting Point
Did you know that more than 15 million cosmetic surgeries are performed annually in the United States?
Cosmetic surgery is becoming more popular every year for people across the country. Making a funding solution available to patients who may need it is all the more essential. Patients are always looking for flexible payment options just in case they need assistance when they pursue care. Offering more payment options can boost your practice’s business while helping patients get the care they need or want.
If you want to grow your practice and make your service accessible to most patients. Offering financing and payment options for everyone.
Cosmetic Financing & Payment Options
There are many financing and payment options that your practice can implement to gain more patients. Since most cosmetic surgeries can cost thousands of dollars, many patients will need help paying for them. Cosmetic surgeries are often elective procedures, so commonly, your patient’s insurance will not cover everything they get done. That means most of their care will require out-of-pocket payments. It’s difficult for them to pay if their financial situation is tight.
There are multiple payment options available that your patients can use, including loans and payment plans. Each option has unique factors that will benefit patients in distinct ways since everyone’s financial situation creates particular needs. Their rates and terms are different, making each option have appealing specifications depending on your patient.
Loans
When patients require financial help for any procedure. The most common form of medical financing they can get is a personal/medical loan.
Loans are most common because multiple lenders offer medical loans with numerous terms to suit everyone’s needs. Patients find loans helpful because when they use them, their procedure is paid in full, allowing them to get the care they need and pay back the lender later. That helps your patient get everything they need while your practice gets all the money upfront.
The biggest downside with loans is that the financial institutions. It’s back the loans struggle to approve many people due to bad credit. Depending on the loans your patients have access to, some will have better luck than others with approval.
Many practices that offer cosmetic surgeries are starting to partner with lenders that can help secure financing. These different loan providers can help people when they need to get a loan for their procedure.
Payment Plans
Payment plans are another financing option that your practice can start using to help patients.
If you offer a payment plan, you will have a unique financing option for all your patients with more flexibility. Payment plans work great for patients because your practice or a third-party provider can manage them. That helps get your patients quick approval since your practice holds a considerable role in the complete lending process.
The one downside to payment plans is that since they are not a loan, you will only get a down payment to start and will not get paid in full until your patients make their payments. So, when using payment plans, you will have to wait to get your total amount back until the end of the payment term. However, if you look at the bright side, it is one of the best ways of incoming revenue for the future irrespective of getting new patients or not.
Another incredible thing about payment plans is that you are more involved throughout the approval process. Many cosmetic practices are offering payment plans since they help patients get financing when necessary. Instead of turning leads away, like others, you can turn those lost opportunities into new patients for your practice.
Patients Need Financing
Since patients usually require financing nowadays because cosmetic procedures and care are expensive. You must offer a financing solution for your patients.
Often, patients’ insurance does not cover cosmetic surgery, causing most of them to look for financial help outside to get the care. Even though a patient’s insurance does not believe that cosmetic surgery is essential, it is significant to them. Their appearance can help them get a brighter future and leverage any missed opportunities. Without a financing offer, your patients may not be able to achieve the look they want.
Sometimes, people get injured or hurt somehow and need some elective cosmetic surgeries to feel like themselves again. When that is the case, financing helps them to pursue that feeling and gives them a new chance to look the way they want. Their insurance will not support them, so when your practice has a financing offer they can take advantage of, you can be their saving grace in those times of need.
Even if someone’s insurance covers cosmetic surgery, they often only cover a portion of the costs instead of the entire procedure. That is another situation where patients may struggle to pay the remaining costs, making a pay over time plan perfect for them that you can offer. The more payment options your patients get, the more they will enjoy their experience at your practice and recommend more people to visit you.
Grow Your Practice
Not only does financing help your patients access more options, but it helps your practice achieve higher goals in the cosmetic industry.
You might be wondering, does offering a financing option make that big of a difference? The answer is yes because you are opening the door to more opportunities you did not have before. Instead of having one way for everyone to pay, you give people several options.
When you offer multiple payment options to everyone, you show patients that you are flexible and willing to work with them. There are so many practices where patients feel as if they are insignificant and that if they cannot pay, the doctor simply will not help them. Whether that is true or not, patients feel as if they are alone when those situations occur. The doctor-patient relationship can get complicated when there are payment issues at hand.
The most significant upside to offering a financing solution is that you can start turning lost money-making opportunities into more profit. with financing options for your patients, you can give them a second chance to pay for their cosmetic surgeries, attracting more revenue for your practice in the long run.
You promote that you offer a financing option that people will be more inclined to visit your practice they know you will give them more options. Patients know that you will work with and treat them better. They will feel more confident about getting their procedures from you while affording them without stress.
You can start growing your practice by offering financing solutions to help more patients.
Start Financing More Patients
You can start cosmetic surgery financing all your patients immediately when you sign up with Denefits!
Denefits is a complete payments software that helps you set up payment plans for all your patients. While other lenders have strict guidelines for their borrowers, Denefits guarantees to finance everyone. Denefits’ payment plans do not require any credit checks on patients. They guarantee approval for patients of all financial backgrounds.
It takes over the accounts receivable and billing for your practice, keeping all your payments and dues in check and collecting them. Instead of stressing over all the financed money, you can focus on the quality care you give to all your patients. While turning lost opportunities into earned revenue, you can help your patients get everything they need.
