You know that flexible payment plans make your services accessible to the greatest number of patients. By offering patient financing for your cosmetic surgery practice, you empower patients to choose the procedures they want on their timeline.
As you consider patient financing, you must choose a financing firm that knows, anticipates, and meets your needs and those of your patients. The United Consumer Financial Services team walks through the “must-haves” for cosmetic surgery financing partners and what you need to know to choose a firm that will support your practice.
Understanding the Cosmetic Surgery Market
The global cosmetic surgery market is valued at $68.9 billion and is expected to soar to $145.7 billion by 2030; in less than a decade, the market is predicted to double. That means cosmetic surgery practices will see a massive uptick in patients coming to them for care.
Below we list the most popular cosmetic surgery procedures in the U.S. according to Johns Hopkins:
- Breast augmentation
- Breast implant removal
- Breast lift
- Buttock lift
- Chin, cheek, or jaw reshaping
- Dermabrasion
- Eyelid lift
- Facelift
- Forehead lift
- Hair replacement or transplantation
These are just the top ten procedures. Individuals, both men and women, seek cosmetic surgery to improve self-esteem, reduce pain, and enhance their appearance.
And because most cosmetic surgery isn’t covered by insurance, these individuals often pay out-of-pocket for these life-changing surgeries. But with many Americans unable to cover these costs upfront, patients need financing options to make cosmetic surgery possible.
Every cosmetic surgery practice, regardless of specialization, must provide patient financing. Many individuals must postpone or abandon cosmetic surgery without flexible payment options, resulting in lost revenue for your practice.
Understanding how to choose the best financing company for your cosmetic surgery practice empowers you to partner with a firm that provides services best suited to your practice and patients.
Choosing a Financing Company for Your Cosmetic Surgery Practice
The financing firm you choose for your practice will impact your practice. From your administrative team to your patients, financing plays a critical role in how your practice operates. Read on to learn what to look for when choosing a financing firm for your cosmetic surgery practice.
Simple, Streamlined Application
As you consider various financing partnerships, it’s essential that you choose a firm that offers a simple, patient-friendly application process.
Electing to undergo cosmetic surgery is a weighty decision with physical, emotional, and financial considerations. You want to take every step to ensure the process is effortless for the patient, including the application for financing.
A fast, simple financing application allows patients to apply for flexible payment while in your office. When the application is uncomplicated and unintimidating, patients are more likely to complete their paperwork in-office and schedule their procedures that day, maximizing revenue for your practice.
Prompt Approval Times
In addition to straightforward online application, you want a financing firm that offers fast approval times. As mentioned above, patients enter cosmetic surgery conversations with concerns and hesitations. If you can provide a notice of approval within minutes of submitting the credit application –– you’re significantly more likely to secure that patient and schedule their procedure.
Clear, Consistent Repayment Terms
Patient satisfaction relies heavily on their understanding and expectation of their repayment terms. Your financing partner must clearly outline loan terms that remain consistent throughout the repayment process. Patient financing repayment terms are a set dollar amount for a set number of months – usually 18, 24 or 36 months as opposed to a medical revolving credit card with a patient paying the minimum payment each month with a balance that doesn’t seem to go down. Explaining these terms and options can help patient satisfaction and instill confidence in existing and future patients.
Low monthly affordable payment options empower patients to choose the procedures they want without the burden of covering the lump-sum upfront costs in full.
A Proven Track Record with Cosmetic Surgery Practices
When you choose a financing provider, you’re putting your practice’s reputation at stake. Patient interactions with your financing partner inform their opinions of your practice. Existing and future patients will judge your practice according to their experience with your physicians, nurses, staff, and your financing partner.
Your practice has much on the line as you consider financing firm partnerships. You need a business backed by decades of industry experience and a team specially trained to handle patient payment questions and concerns.
Your cosmetic surgery practice’s health and long-term growth depends on your choice of financing partnership. United Consumer Financial Services delivers financing solutions that meet patient and practice needs.
UCFS handles payment plans, repayment and collection, and patient questions. Our customer service team is available 7 days a week to answer questions and ensure your customers feel confident and comfortable with their payments. And because our team handles all the customer service regarding repayment, your office is freed up to spend more time caring for patients and running your practice.
UCFS has been serving medical practices like yours for years. We have supported cosmetic surgery centers and offices with our proven track record of financing solutions. You can trust that we deliver the services you’re looking for and will provide the support your patients want, need, and deserve. When your reputation depends on it, you need a financing firm to support your efforts and reinforce your professionalism, compassion, and service.
Give Your Patients the Financing Options They Want and Need
Cosmetic surgery patients need affordable, practical, and realistic payment options. By partnering with a financing firm like UCFS, your elective medical surgery practice allows patients to receive transformative procedures now. Contact the team at UCFS to explore patient financing for your cosmetic surgery practice and grow your business starting today.