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Offer Financing to Your Cosmetic Surgery Patients
It’s no secret that cosmetic surgery procedures can be expensive. In fact, the average cost of a cosmetic surgery procedure can range anywhere from a few hundred dollars to tens of thousands of dollars. If you’re a cosmetic surgeon who is looking for financing as a payment option, this article will help you consider the best options for your business.
What is a cosmetic loan?
A cosmetic surgery loan is a type of loan that helps patients finance their cosmetic surgeries. There are a few reasons why a patient might need to finance a cosmetic surgery. For one, the cost of cosmetic surgery can be prohibitively expensive for some patients. Additionally, insurance companies typically do not cover cosmetic surgery procedures because they are considered elective.
What are the benefits of offering cosmetic financing through PowerPay?
PowerPay is a cosmetic financing company that offers several benefits to both patients and providers by working directly alongside them. Some of our highlights include:
- No hidden HCP/ office fees
- Quick payment solutions to help your patients cover their procedures
- Receive payment right away with our instant approval process
- Financial management help for coordinating loans with patients
- No more chasing down customers for payments
How do my patients benefit from PowerPay financing?
There are many benefits for patients when they finance their cosmetic procedures through our loan program. Some of these include:
- No upfront costs. Patients can get the procedures they need without having to pay any upfront costs.
- Lower interest rates and flexible repayment terms. We offer affordable loan options based on their financial situation.
- Afford procedures they’ve always wanted. That face lift is no longer out of reach!
Offer financing for removal of excess flesh from the abdomen.
Body ContouringCool Sculpting
Offer financing to your patients for the removal of excess fat in stubborn areas.
offer financing to your patients for breast enhancement.
Offer financing for droopy eyelids repair.
Offer financing for removal of unwanted wrinkles.
Offer cosmetic surgery loans for removal of excess fat from under the skin by suction.
Offer cosmetic surgery loans for the correction of sagging skin around the neck and jawline.
Offer cosmetic surgery loans for the improvement of the physical changes that linger long after pregnancy.
Offer cosmetic surgery loans for nose jobs.
Offer cosmetic surgery loans for reconstructing or repairing parts of the body through the transfer of tissue.
Offer financing for reconstructing a part of the body changed by previous surgery.
Offer financing for the improvement of skin laxity and crepiness of the skin.
Offer financing for the removal of excess flesh from the abdomen.
of Americans have less than $600 in savings.
of dealers report financing increases their average sale.
of cardholders feel promotion financing makes their larger purchases affordable.
Offering Cosmetic Surgery Financing for Medical Professionals FAQ
What types of cosmetic surgeries can be financed through lending institutions?
Cosmetic Surgery Loans are financing loans that cover any medical-related costs associated with surgeries including doctor fees, anesthesia expenses and hospitalization. A few of the specific surgeries covered include tummy tucks, breast augmentation, breast reduction, nose jobs (i.e., rhinoplasty), eyelid surgery (aka blepharoplasty), chin jobs (i.e., mentoplasty), and face lifts are just a few of the procedures covered by cosmetic surgery financing.
To find out exactly which surgeries and procedures are eligible for a loan, contact potential lending providers. It’s important for financing options because many patients have difficulties saving up large sums of money for this expensive lump sum upfront.
How can I offer cosmetic surgery financing to my patients?
There are third-party lenders that work with cosmetic surgery centers to offer patients loans for their surgical procedures. The patient applies for a loan in advance of the surgery, the financing company then takes time to review the loan’s application and provide an approval or denial before any potential surgery is performed. Notably, this requires coordination on the part of the patient, who needs to apply for a loan through a lending partner, but the best lending partners will work alongside your practice to ensure your patients acquire all the information they need before deciding on a cosmetic surgery loan.
If my patient applies for a cosmetic surgery loan, will it impact their credit?
It depends on the loan provider. Some do hard pulls (which can ding your credit score), and some do soft pulls (which don’t impact your credit score). It’s a good idea to ask the loan provider if they do a hard or soft pull, so patients know what to expect.
What is the typical timeframe before a cosmetic surgery loan needs to be paid back in full?
Cosmetic surgery loan providers offer a variety of repayment terms, so it’s important to compare offers before selecting a provider. Some loans may need to be repaid within 12 months, while others may have a repayment period of up to 10 years. It’s important to remember that the longer the repayment period, the more your patients will end up paying in interest. So be sure to ask the lender about any associated fees and whether or not there is an early payoff penalty.