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Offering Patient Financing for Liposuction: Tips for Medical Providers
Liposuction is one of the most popular cosmetic procedures in the United States. In 2016, nearly 235,000 Americans underwent liposuction, and that number continues to grow year after year. The popularity of liposuction means that surgeons and other medical providers must be prepared to discuss financing options with their patients.
What are the benefits of financing with PowerPay?
As a healthcare professional, your medical practice is benefited in several ways from financing through PowerPay, including:
- No hidden costs or healthcare practice fees from offering financing
- The medical practice will receive payments right away with instant approvals and no need to chase around your patients for payment – we’ll handle all payment follow-ups.
- PowerPay even offers concierge service to help coordinate loan offerings with your patients directly to save you time and help you focus on the health of your patients
- Lastly, offering loans through PowerPay allows your practice to help patients pay for the liposuction they need more affordably
How do my patients benefit from financing?
There are several benefits of PowerPay financing for your liposuction patients, including:
- Ability to afford the surgery they need
- Low interest rates
- Flexible and longterm repayment options
- No prepayment penalties, or added fees for paying your loan off early
How does the PowerPay Liposuction Loan Process Work?
We take pleasure in making enrollment as simple and painless as possible for your medical practice. Our staff will begin training you right away once you enroll with PowerPay.
To help you understand our service, we also provide a variety of resources to assist you including mobile links, printed manuals, marketing assistance, and even on-demand assistance for any loan. Our team prides itself on our excellent customer service.
Once your team has been approved and trained, your patients can apply directly for a loan via our website or yours by simply clicking a link. After applications are reviewed, funds will be released to your practice to cover the cost of your patient’s liposuction. For additional support, we also have a team on stand-by from 8 AM – Midnight (EST) daily!
The PowerPay Concierge service is also available to any healthcare professional who is new to patient financing or who needs more tools to manage the loan procedure. Join PowerPay Concierge and let our dedicated personal finance manager handle the loan process for you.
How can offering loan services to my patients benefit my practice?
Financing a liposuction procedure is a wise decision for several reasons.
First, it allows patients to get the surgery they need without putting a strain on their finances.
Second, it helps to build goodwill with potential patients. Offering loan services can be a valuable addition to your practice and can help you attract new patients.
Third, there’s no concern for you since financing allows you to get paid immediately for procedures and services without having to chase around your patients for payment or worry about whether they can afford lump sum costs.
Why would my patients need to finance their liposuction costs?
Liposuction is an expensive procedure, and many patients cannot afford to pay for it out-of-pocket and oftentimes insurance companies don’t help to cover the costs either. Financing liposuction allows patients to make payments over time, making it more affordable.
There are several other reasons why patients might need to finance their liposuction, including:
- To avoid using credit cards with high interest rates
- To consolidate debt
- To make a large purchase without depleting savings
- To avoid taking out a personal loan from a bank or credit union
What other options do my patients have to pay for liposuction procedures?
There are several financing options available to patients who need liposuction. Credit cards, personal loans, and healthcare loans are all viable options. Each option has its own set of benefits and drawbacks that should be considered before making a decision.
|Credit Cards||Personal Loans||Savings|
|are a popular choice for financing liposuction because they offer low interest rates and flexible repayment terms. However, credit card companies often require a high credit score to be approved for a loan.||are another option for financing liposuction. These loans typically have lower interest rates than credit cards, but the terms are not as flexible.||is another option for liposuction financing, but it is not always the best choice. Using savings to finance liposuction can deplete a patient’s emergency fund and leave them without money if they experience unexpected expenses.|
of Americans have less than $600 in savings.
of plastic surgeons report financing increases their average sales.
of cardholders feel promotion financing makes their larger purchases affordable.
General FAQ: Offering Liposuction Financing to Customers
Why should I offer financing to my patients?
There are a few reasons why medical providers might choose to offer financing to their patients. One reason is that providers can turn an expensive procedure into low monthly payments for patients, helping them to spread the cost out over time.
Offering financing can also be helpful in terms of attracting new patients, since it makes the procedure more affordable to a wider group of people.
And finally, financing removes the need to chase your patients around for payment. With financing, the lender deals directly with the loan borrower, getting you money at the close of treatments and leaving you to focus on what really matters – the health of your patients.
Are there any risks associated with offering liposuction financing?
One of the risks associated with offering liposuction financing is that patients might default on their loans. However, there are a few ways to mitigate this risk. First, you can choose to work with a reputable lender who has experience in offering liposuction financing and who offers a good repayment plan options for patients.
Another way to mitigate the risk of default is to offer liposuction financing only to patients who you feel confident will be able to repay their loans. This can be done by checking their credit score or requiring a down payment.
How can liposuction financing help my healthcare practice grow?
One way liposuction financing can help your healthcare practice grow is by attracting new patients. By offering liposuction financing, you make the procedure more affordable to a wider group of people. This can help you to attract new patients who might not have been able to afford the procedure otherwise.
Liposuction financing can also help to increase patient satisfaction. By offering financing, you give patients the ability to make payments over time, making the procedure more affordable. This can lead to happier patients who are more likely to refer others to your practice.
Finally, liposuction financing can help you to increase revenues. By offering financing, you can turn an expensive procedure into low monthly payments for patients. This can help you to generate more revenue from liposuction procedures.
What kind of patients are interested in liposuction financing?
Patients who are interested in liposuction financing typically fall into one of two categories: those who cannot afford to pay for the procedure upfront and those who do not want to pay for the procedure upfront.
Patients who cannot afford to pay for the procedure upfront often choose liposuction financing because it allows them to spread the cost out over time. This can make liposuction more affordable for patients who might not be able to afford the procedure otherwise.
Patients who do not want to pay for the procedure upfront often choose liposuction financing because it allows them to finance the cost of the procedure and pay it back over time. This can be a good option for patients who want to avoid the upfront cost of liposuction.
PowerPay FAQ: Offering PowerPay Financing for Liposuction Procedures
How does PowerPay help improve cash flow for medical professionals?
PowerPay can help improve cash flow for medical professionals by providing liposuction financing to patients. By offering liposuction financing, you can turn an expensive procedure into low monthly payments for patients. This can help you to generate more revenue from liposuction procedures.
Are there any restrictions associated with using PowerPay to offer liposuction financing?
Yes, there are a few restrictions associated with using PowerPay to offer liposuction financing. First, your medical practice must be enrolled with PowerPay in order to use our services, and secondly, the patient must meet the eligibility requirements for liposuction financing through PowerPay.
What are PowerPay loan terms like for liposuction procedures?
PowerPay offers liposuction financing with terms ranging from 12 to 60 months. The loan amount and interest rate will vary depending on the patient’s creditworthiness.
Visit the PowerPay business FAQ to learn more about offering liposuction financing for your medical practice, as well as answers to other frequently asked questions.