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Hearing Aid Financing for Providers
With approximately 48 million Americans experiencing hearing loss, accounting for around 20% of the population, it is crucial for business owners in the hearing aid industry to provide financing solutions to their customers. By offering financing, you not only simplify the process of acquiring essential hearing devices but also demonstrate your commitment to their overall well-being. Here are some valuable insights on how to effectively offer financing options to your customers.
The Benefits of Audiology Financing with PowerPay
PowerPay is a hearing aid 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 financing?
There are many benefits for patients when financing hearing aids. Some of these include:
- No upfront costs. Patients can get the treatment they need without having to pay any upfront costs.
- Lower monthly payments. Financing can help patients lower their monthly payments so that they can afford their hearing aids.
- Access to more expensive options. Financing can help patients afford more expensive hearing aid options that they may not have been able to otherwise.
How it Works
As a dedicated healthcare provider and business owner, we understand the demands on your time. — that’s why we pride ourselves on making the enrollment process as simple as possible. When you enroll your business with PowerPay, our team will provide comprehensive training, equipping you to offer loans to your patients seamlessly We also offer a range of resources to help your business get started, including mobile links, printed guides, excellent customer service, marketing assistance and even on-demand assistance for any loan-related inquiries.
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. Our team will promptly review their applications within 24 hours and assist them in selecting the right loan product, including collection of identity, all necessary loan documents, process of stipulations for any applications that might need more work, and funding. For more support, we have a team on stand-by from 8 AM – Midnight (EST) everyday!
PowerPay’s Concierge service is available for healthcare professionals new to patient financing or seeking additional resources to manage the loan process, our Concierge service is here to assist you. By opting for Concierge, your practice will benefit from a dedicated personal finance manager who will handle the time-consuming tasks associated with the loan process on your behalf
of Americans have less than $600 in savings.
of hearing aid dealers report financing increases their average sale.
of cardholders feel promotion financing makes their larger purchases affordable.
Why You Should Offer Hearing Aid Financing at Your Practice
There are many benefits to offering loans to your customers. Here are a few:
- Grow your client base. Offering loans can help you attract new patients who may not have been able to afford your services otherwise.
- Increase customer satisfaction. By offering financing, you can make it easier for your patients to get the treatment they need. This will likely lead to increased customer satisfaction.
- Improve cash flow. Offering loans can help improve your business’s cash flow by providing you with payment upfront.
Why might a patient need to finance their hearing aids?
There are many reasons why a patient might seek an ulterior method for affording their hearing aids. In some cases, they might not have enough money upfront to pay out of pocket. It is also possible that their insurance plan does not cover audiology. Whatever it may be, offering healthcare financing can help provide another option to allow your patients to receive the care they need.
Other Patient Payment Options
In addition to loans, there are other payment options available for patients. Some of these include:
- Using a line of credit
- Credit Cards
Based on your patient’s unique financial situation, they should choose the payment method that works best for them. By offering healthcare financing as an option, you can give your clients another means of affording their eye care.
General FAQ for Offering Hearing Aid Financing to Customers
Who is eligible for hearing aid financing?
Anyone who has a hearing loss and is in need of a hearing aid may be eligible for financing through a variety of programs.
Generally, most people who are eligible for hearing aids are also eligible for some sort of financial assistance. This includes seniors, veterans, and those with disabilities. There are also special programs available for children who need hearing aids.
What are the benefits of offering financing?
There are a number of benefits that can come from offering financing to your customers.
First and foremost, it can help you close more sales. If customers know they can finance their purchase through your business, they may be more likely to buy from you instead of a competitor who doesn’t offer financing.
Secondly, it can help build customer loyalty. Customers who finance their purchases through your business will often feel more invested in the product or service and be less likely to shop around in the future.
Finally, offering financing can help increase your revenue and profit margin since customers often end up spending more when they take advantage of financing options.
Will my customer's credit score be impacted if they apply for a hearing aid loan?
It depends on the lender. Some lenders will report a patient’s borrowing activity to credit agencies while others will not. It’s best to ask the lender directly about their reporting policy when choosing the best loan provider to partner with.
What loan options does PowerPay offer for my audiology patients?
We offer loans of a maximum $25,000 in a 6 month to 5 year term with rates starting at 8.99% and 6 to 24 month promos. There are no prepayment penalties and we will work directly with your patients to determine which plan is best for their unique financial needs.
How does PowerPay compare to other hearing aid financing options?
The most common alternative hearing aid financing option is a healthcare credit card. However, these come with high interest rates and often affect your patient’s credit score. With PowerPay, your patients are able to pay within flexible terms and in set dollar amounts. In comparison to other third party financing programs, we offer competitive rates; for example, for a $5,000 loan we offer 12 month payments at $104.17 with 36 remaining at $137.44 whereas our competition offers 48 payments of $162.98.
Will financing through PowerPay affect my customer's credit score?
No! While other financing options might, at PowerPay we perform soft credit pulls to ensure your patient’s credit will not be affected for hearing aid loans.
Visit the PowerPay business FAQ to learn more about offering customer financing for hearing aids, as well as answers to other frequently asked questions.