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Financing for Elective HealthCare Procedures

Financing for Elective Healthcare Procedures

When it comes to healthcare financing, elective procedures can be some of the most expensive. If you’re a medical provider looking into financing options for your practice, it’s important to explore all of your options. There are a number of different lenders who offer healthcare financing, and each one has its own set of terms and conditions. It can be difficult to find the right loan for your needs, but it’s worth taking the time to do so. In this article, we will discuss some of the best healthcare financing options available to medical providers. We’ll also cover some of the things you should keep in mind when choosing a healthcare financing option.

What is an elective procedure?

An elective procedure is any type of medical procedure that is not considered medically necessary. In other words, it’s a procedure that you choose to have done for cosmetic or personal reasons. There are a number of different elective procedures that medical providers offer, and the cost of these procedures can vary widely. Elective procedures include plastic and aesthetic surgery, medical spa treatments, dentistry, vision, fertility treatments and more.

Why might a patient need to finance an elective procedure?

There are a number of reasons why patients might need to finance an elective procedure. In some cases, patients may not have the money upfront to pay for the procedure. In other cases, patients may want to spread out the cost of the procedure over time. Whatever the reason, there are a number of different financing options available to patients.

Does insurance cover elective procedures?

In most cases, insurance does not cover elective procedures. This is because insurance companies typically only cover procedures that are considered medically necessary. However, there are some exceptions to this rule. For example, some insurers may cover elective procedures if they are considered medically necessary to improve the patient’s quality of life.

What is the typical cost of an elective procedure?

The cost of an elective procedure can range from a few hundred to thousands of dollars and can vary widely, depending on a number of factors. Some of the things that can affect the cost of an elective procedure include:

  • The type of procedure being done
  • The experience of the surgeon
  • The geographic location
  • The fees associated with the procedure
  • The Anesthesia used during surgery

What are the best payment options for elective procedures?

There are a number of different payment options available for patients who need to finance an elective procedure. Some of the best options include:

– Paying out of pocket: If you have the money upfront, paying for the procedure out of pocket is usually the best option. This is because you will not have to pay any interest on the loan.

– Using a line of credit: A line of credit is a type of loan that allows you to borrow money up to a certain limit. You can use the money you borrowed to pay for your procedure, and then repay the loan over time. Line of credit loans typically have lower interest rates than other types of loans, making them a good option for patients who need to finance an elective procedure.

– Credit cards: Another option for financing an elective procedure is to use a credit card. This can be a good option if you have good credit and can get a low interest rate on your card. However, it’s important to be aware that you will have to pay the full amount of the procedure, plus interest, back to the credit card company.

– Personal loans: Another option for financing an elective procedure is to take out a personal loan. This can be a good option if you have good credit and can get a low interest rate on your loan. However, it’s important to be aware that you will have to pay the full amount of the procedure, plus interest, back to the lender.

– Healthcare financing: Healthcare financing is a type of loan that is specifically designed to help patients finance elective healthcare procedures. Healthcare financing can be a good option for patients who need to finance an elective procedure but may not qualify for other types of loans. Healthcare financing can also be a good option for patients who need to finance multiple elective healthcare procedures at once.

As you can see, there are a number of different payment options available for patients who need to finance an elective healthcare procedure. Patients should talk to their healthcare provider to discuss the best payment option for their specific situation.

Elective Healthcare Services

Dentistry

Clear Aligners, Cosmetics & Orthodontia, General Dentistry, Gingival Contouring, Implants, Orthodontics, TMJ, Veneers

Vision

Cataract Surgery, Conductive Keratoplasty, LASIK, Lens Replacement

Fertility Treatments

Donor Eggs and Embryos, Gamete Intrafallopian Transfer (GIFT), In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), ​Intrauterine Insemination (IUI), Zygote Intrafallopian Transfer (ZIFT)

Plastic & Aesthetic Surgery

Abdominoplasty, Body Contouring, Coolsculpting, Breast Augmentation, Eyelid Surgery, Facelift, Liposuction, Mini Facelift, Mommy Makeover, Nose Job/Rhinoplasty, Plastic Surgery, Reconstructive Surgery, Skin Tightening, Tummy Tuck

Medical Spas

Acne treatments, Age spots, Body sculpting, Chemical peels, Coolsculpting, Hair replacement, Hair Restoration, Injectables and Fillers (Botox® Cosmetic, Dysport™, Xeomin®, Juvederm®), IPL/ Laser treatments, Laser hair removal, Laser resurfacing and light therapy, Microdermabrasion and Micro Needling (PRP), Spider and varicose vein treatments, Tattoo Removal

Introducing Concierge

Our newest service, PowerPay Concierge, was developed to help doctors maximize their consumer financing program. Having worked with over 6,000 merchants and thousands of borrowers, we took the most effective techniques and built a team that handles all aspects of a loan from application to funding.

Your concierge is your own personal finance manager that will help you sell, process, and close every one of your loans. This free program is available to practices that don’t have a finance team but know the value and importance of consumer financing.

50%

of Americans have less than $600 in savings.

67%

of medical practitioners report financing increases their average sale.

91%

of borrowers feel financing allows them to make a larger purchase.

What are the benefits of financing with PowerPay?

PowerPay is the leading provider of healthcare financing for elective procedures. PowerPay offers a number of different financing options for patients, including lines of credit, personal loans, and healthcare financing. PowerPay also offers a number of different payment plans to help patients afford their procedure. To learn more about PowerPay and how we can help you finance your elective healthcare procedure, contact us today.

– No hidden fees or HCP fees: PowerPay does not charge any hidden fees or healthcare provider fees. This means that you will only have to pay the amount that is listed on your loan agreement.

– Helps patients get the surgeries and procedures they need more affordably: PowerPay offers a number of different financing options to help patients afford their procedure.

– Providers receive payment right away: When you finance your procedure with PowerPay, you will receive payment for the procedure right away. This means that you will not have to worry about following up or chasing down patients for payment.

– There’s also financial management help for coordinating loans with patients: PowerPay offers a number of different financing options to help patients afford their procedure.

How does it work?

Enrolling is easy! Don’t worry- we will be with you throughout the entire process. Once you’ve enrolled and been approved (can take a few days) to offer PowerPay loans, training will be provided for you and your team, along with resources including mobile links, marketing assistance, printed guides, excellent customer service, and on-demand assistance for any loan.

Once you and your team have been trained, you can start offering loan products to your patients. Using a simple application link, your patient can apply for a loan. Once approved, our team will assist with loan product selection, sending loan documents, collection of identity & procedure documents, processing of stipulations for applications that may need a little more work, and funding. We have a team standing by from 8 am – Midnight (EST) everyday to help you.

Win More.

help patients get the procedures they want by offering lower monthy payments

Keep More.

stop paying fees to banks and finance companies

Earn More.

no more compromising on price – upsell the procedure your patient really wants

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HealthCare Financing for Medical Professionals FAQs

What's considered an elective healthcare procedure?

Any treatment or procedure related to cosmetic surgery, dentistry, fertility treatments, medical spa and vision qualifies for financing. The following is a list of what PowerPay finances:  

Dentistry: Clear Aligners, Cosmetics & Orthodontia, General Dentistry, Gingival Contouring, Implants, Orthodontics, TMJ, and Veneers.

Cosmetic Surgery: Abdominoplasty, Body Contouring (CoolSculpting), Breast Augmentation, Eyelid Surgery, Facelift, Liposuction, Mini Facelift, Mommy Makeover, Nose job/Rhinoplasty, Reconstructive Surgery, Skin Tightening, and Tummy Tuck.

Medical Spa: Acne Treatments, Age Spots, Body Sculpting, Chemical Peels, Coolsculpting, Hair Replacement, Hair Restoration, Injectables & Fillers (Botox® Cosmetic, Dysport™, Xeomin®, Juvederm®), IPL/Laser Treatments, Laser Hair Removal, Laser Resurfacing & Light Therapy, Microdermabrasion & MicroNeedling (PRP), Spider & Varicose Vein treatments, and Tattoo Removal.

Fertility Treatments: Donor Eggs and Embryos, Gamete Intrafallopian Transfer (GIFT), In Vitro Fertilization (IVF), Intracytoplasmic Sperm Injection (ICSI), Intrauterine Insemination (IUI), and Zygote Intrafallopian Transfer (ZIFT).

Vision: Cataract Surgery, Conductive Keratoplasty, LASIK, and Lens Replacement.

Emergency Veterinary Services:  expensive services related to your pet including dental emergencies, gastrointestinal obstructions, stomach torsion, ear canal surgery, ruptured bile duct, intervertebral disc disease, pyometra, high-rise syndrome, hip replacements, ACL rupture, knee ligament, cancer, bladder stones, long term stays,

What HealthCare loan programs do you offer?

Our healthcare financing program provides instant approvals for most elective medical procedures.  Some of the highlights of our medical healthcare loans include:

  • No Dealer Fee Options
  • 9.99% rates
  • 6 month to 6 year terms (and everything in between)
  • Maximum loan of $60,000
  • No prepayment penalties
  • Unsecured loan
  • No high-interest credit cards

Why should I offer healthcare financing?

50% of all medical treatments and procedures over $5,000 are financed.  Additionally, over 30% of all patients research financing options before making a healthcare decision.  Offering financing helps your patients make expensive procedures more affordable.  By translating a large, expensive treatment or procedure into a low monthly payment, you’re less likely to lose patients because of pricing, and you’re less likely to see patients worrying about costs. 

How can I offer healthcare financing to my patients?

The best option is for your practice to work with a finance company that specializes in healthcare.  PowerPay is a great option because we do not charge the practice anything for offering financing to your patients.  There is no merchant fee.  We also offer low and reasonable rates to your patients. Patient healthcare financing will help your patients pay for expensive elective procedures by converting the total cost into affordable monthly payments.  PowerPay’s platform is really easy to use plus we offer a free concierge service that will help you your staff and your patients get the healthcare services they need and want both quickly and easily.

Will applying for a healthcare loan affect my patient's credit?

While some loan applications and credit checks can affect a patient’s credit, PowerPay performs soft credit pulls to make sure that your patients never have to worry about their credit score. It can’t hurt to apply with PowerPay.

What are the best ways to educate my patients about healthcare financing?

Most consumers know when they need financing but don’t realize that your practice offers a program like PowerPay.  Just letting consumers know that you offer financing is the first step.  When you enroll with PowerPay, we will provide you with free marketing materials to help your patient understand the details of the loan they are applying for. We also offer ongoing and free training for your practice.  We know you are busy… that’s why our team is here to help from 8am to 12am (Midnight) daily. Our team is available to answer any questions your patients have.

Are there any costs to enroll or use PowerPay healthcare financing?

No.  There are no costs to the merchant. Enrollment, setup and merchant fees are all free.  There are no costs for the practice to use PowerPay and offer loans to your patients.

When does the practice get paid and how do we get paid?

The practice will be paid 100% of the agreed-upon treatment plan  2-4 weeks prior to the procedure.  Funds will be sent electronically via ACH,   Every medical practice is a little different but in all cases, you will be paid in advance of the procedure.  See your sales rep for details.

If a patient misses a payment is there any risk or penalties for my practice?

No!  Your practice is never responsible for consumer loan payments.  There are no penalties or fees if a patient pays us late.

What happens when a procedure is delayed, canceled, upgraded or downgraded?

If a patient delays a procedure your practice simply keeps the money that you have already been paid and just reschedule the procedure as you normally would.  If a patient cancels, we will require funds to be returned. Any general changes to the procedure plan (upgraded or downgraded) will need to be updated and approved by PowerPay. Our team is extremely flexible to fit your practice and patients’ needs.  As an example, if a patient decides they can’t wait on that rhinoplasty or facelift on the day of surgery, simply update the patient’s profile on your personal PowerPay log-in page and funds will be sent over as soon as they are approved for the new additional procedure.

How much time does it take between consultation, procedure and payment?

With PowerPay’s online, instant approval process, your patients can be approved and funding can be sent as soon as the same day of the consultation. Don’t postpone your surgeries while waiting for payment any longer!

Offer Patient Financing for Elective Healthcare Procedures with PowerPay FAQ

Read PowerPay FAQ for HCPs to learn more about offering patient financing for plastic and cosmetic surgery, as well as answers to other frequently asked questions.