Launching, growing, and even maintaining an elective medical practice can be costly. Whether it’s building out a new office, purchasing state-of-the-art imaging equipment, or hiring additional staff –expenses add up quickly. And with the rising costs of elective medical procedures, affordability is a barrier for patients seeking care. Even most successful practices can feel cash flow strain. They need a solution to bridge the gap.
Tailored consumer financing solutions help serve more patients so practices of all sizes thrive and grow. When implemented effectively and with the right partner, consumer financing offers both immediate relief and long-term strategic benefits. This guide explores the benefits of financing for elective medical practices as well as how to implement financing in your office to increase bookings and revenue.
Why Offer Consumer Financing in Elective Medical Practices?
Affordability is a major obstacle for medical patients. Even households with insurance must balance healthcare costs against regular monthly expenses. But for elective procedures, when the only option is a lump sum cash payment, many individuals postpone or forego care because the price point is simply too high to manage along with preexisting day-to-day financial responsibilities.
Many medical practices provide procedures that aren’t covered by insurance. Their patients need affordable, accessible payment plans that allow them to receive the care they need at a price point that fits their budget. The following types of clinics benefit from consumer financing programs that increase affordability, bookings, and revenue:
- Bariatric centers
- Med spas
- Cosmetic surgery practices
- Pain and neurology centers
- And more!
Elective medical practices and clinics must find solutions to overcome pricing obstacles and objections. Consumer financing through a trusted partner like United Consumer Financial Services creates a clear pathway for patients to book their appointments now, rather than waiting until they can save cash or needing to charge their treatments to a high-interest credit card.
UCFS serves a variety of elective medical practices, including pain management practices like Coastal Pain and Neurology Centers and neuropathy treatment facilities like Optimal Health Center. With more than four decades of experience and industry-specific financing expertise, we know how to cater to the unique needs of elective medical practices, helping you book more patients and increase revenue from day one.
Benefits of Offering Consumer Financing to Elective Medical Patients
Both patients and providers win when consumer financing is available. Below, we explore the benefits of offering consumer financing and how you can improve the client experience with low monthly payments.
1. Benefits For Patients
- Increased affordability for treatments not covered by insurance. Many procedures and surgeries that drastically improve quality of life are considered elective: dental implants, bariatric surgery, pain management, cosmetic surgery, and more. Payment plans are vital for patients who must pay for their care out of pocket. A low monthly installment plan from UCFS makes your services more accessible and affordable to a broader range of patients.
- Flexible payment options reduce financial stress associated with a big-ticket purchase like elective medical care. The less stress and more comfortable patients feel paying for treatment, the more likely they are to book –– and book quickly.
- Faster access to care instead of delaying or foregoing treatment. Consumer financing helps patients book their treatments sooner. Instead of trying to save lump sum cash or charge their procedures to a high-interest credit card, affordable payment plans from UCFS empower patients with a prompt approval notice that allows them to book with you same-day.
- UCFS frequently approves higher dollar amounts, meaning when a practice uses CareCredit by Synchrony, patients can’t get the treatment they want. With CareCredit, UCFS merchants say consumers could pay over 35% APR. With UCFS, a patient is typically approved for the full dollar amount and with a lower APR.
2. Benefits For Practices
- Expand patient base by removing financial barriers. UCFS boasts high approval rates and low monthly payments, helping your practice reach more customers than traditional payment options or other financing firms with impossibly high interest or approval criteria.
- Improved cash flow and reduced collections risk with end-to-end loan management. UCFS handles the full lifecycle of the loan, compensating your business just one to two days after the contract is fulfilled. We handle payment collection, so you don’t have to worry about profits waiting in accounts receivable.
- Strengthened patient trust and loyalty that results from exceptional customer experiences. Happy patients are among the most effective marketing tools for your practice. By providing a fast, simple application, a prompt credit decision, and low monthly payments, you help create a positive experience that plants the seeds of long-term loyalty, glowing reviews, and positive word-of-mouth advertising.
How to Successfully Implement Consumer Financing in Your Practice
All parties benefit when clinics provide consumer financing options, but it’s crucial to note that how you implement your financing program is just as important as providing financing in the first place. Your business is one-of-a-kind, and you need a consumer financing partner that can not only meet but also anticipate your needs. United Consumer Financial Services has more than 45 years of industry-specific experience that allows us to help our elective medical practice clients successfully implement consumer financing, empowering sustainability and growth with every contract signed.
Below are the ways your practice can integrate financing options to serve more patients and increase consultations and bookings:
Evaluate financing providers and compare offerings – The first step in implementing consumer financing at your clinic is to find the right partner to meet your needs. Consider these factors as you evaluate financing vendors:
- Thorough onboarding and training practices
- Cost structure transparency
- Total disclosure of all fees/no hidden or surprise fees
- High approval rates
- Competitive interest rates
- Total management for the full lifecycle of the loan
- Accessible customer service
Your financing partner is an extension of your clinic, business, and brand. Making the right choice will directly determine the patient experience and positively influence their decision to choose you for future needs and recommend your services to friends and family.
Train staff to present financing confidently and clearly – Introducing payment options early and often in patient interactions positions them to book your services, treatments, and procedures with confidence. Elective medical practices will maximize their financing programs when staff are properly trained to present financing confidently and clearly from the first touchpoint with patients.
UCFS provides one-on-one and one-to many training to our merchants, ensuring you understand the ins and outs of our financing programs so you can optimize revenue with affordable monthly payment plans. We also provide resources that you and your team can review as needed to stay abreast of your options and how to best educate and engage with your client base.
Leverage a mobile-first approach to streamline the process – Installment loans bring convenience, affordability, and peace of mind to patients. Because elective medical care isn’t typically covered by insurance, choosing to undergo these treatments requires a significant financial investment. Any friction or obstacles in the purchase process can derail a patient’s commitment to their treatments, which results in lost bookings, sales, and revenue for your practice.
UCFS’s online application means patients can apply for financing in-office or online in the comfort of their own home. In just minutes, we send a credit decision. From there, you can book treatments, procedures, or surgeries, and create a clear payment plan. Employing a mobile-first approach to consumer financing streamlines purchase and helps your teams close the sale –– and book more patients –– faster.
Marketing your financing options – For financing to work –– that is, for your financing program to boost sales and revenue –– patients need to know it’s an option. Marketing your patient financing program is an essential piece of successfully implementing financing in your practice.
Patients are attracted to affordable payment plans. By marketing financing options, your practice can attract more individuals seeking realistic payment plans that make your services accessible. When you partner with UCFS, you gain access to marketing materials that engage patients both in-office and online, helping you increase conversions at every interaction.
Offer Financing for Your Elective Medical Practice Today with UCFS
Implementing a consumer financing program helps you grow your elective medical practice while paving the way for more patients to undergo life-changing care. Explore financing with UCFS today to make care more accessible and affordable for your patients as you expand your business.
