PSC Roundtable

Redefining Plastic Surgery Financing with PatientFi

Redefining Plastic Surgery Financing with PatientFi

Plastic surgery is more popular than ever despite the fact that aesthetic procedures are not covered by insurance. Many of the most popular procedures are as often functionally driven as they are aesthetically drive; moms, for example, often need their abdominal muscles back after they were stretched in pregnancy Where do would-be patients turn if they cannot afford procedures that will given them an athletic or self-esteem boost? A personal credit card or equity line of credit if you own your home are always options, but each has its downsides, such as high interest rates.

The market has responded and a new option has emerged called PatientFi. The new patient financing company was specifically designed by plastic surgeons with their patients in mind. It creates opportunities for everybody as it assesses your viability on more than just your credit score. Designed for today’s subscription society, PatientFi is an easy way to make your dream procedure affordable without putting your credit at risk. Board certified plastic surgeon Dr. Jason Pozner of Boca Raton, FL discusses the benefits of this cutting edge option with his fellow colleagues Dr. Bruce Van Natta of Indianapolis, and Dr. William P. Adams of Dallas.

More Patients Desire Plastic Surgery

Plastic surgery is on the rise. According the latest statistics from the American Society of Plastic Surgeons (ASPS), there were over 17.7 million surgical and non-surgical procedures performed in the US in 2018. And, so far, 2019 is showing more of the same. Both women and now even men want to look and feel like the best version of themselves possible. This trend dovetails other trends that include conscientiousness regarding diet, physical activity, and mental health.

Procedures may entail something as simple as a Botox injection, or something more invasive like body contouring with liposuction. Regardless of the procedure, more than likely it will not be covered by insurance. Many of these procedures cost more money than some patients have available at one time, or that they want to make available. This is where strategic patient financing comes in.

Why Patient Financing?

Patient financing isn’t anything new to the field. There have historically been many options that patients have used to finance their aesthetic dreams, notably:

  • personal credit cards
  • equity line of credit
  • personal loan
  • medical credit cards
  • retirement accounts

Unfortunately, most of these options have fairly significant drawbacks. The PatientFi system looks to outdo the old guard by being specifically designed to help patients access the latest in health, beauty and wellness, all from the vantage point of the providers themselves. Plastic surgeons are, after all, physicians first.

PatientFi Makes Financing Easier for Everyone

“[PatientFi is] a new player in this market that we think is pretty exciting,” explains Dr. Van Natta. His practice has long offered patients financing options through a couple of local banks that gave them some pretty good terms, but he never offered anything like CareCredit. However, he recently signed up with PatientFi because it’s a trusted, safe solution for patients, allowing them to finance their procedure without putting their credit at risk or getting them into debt.

 

PatientFi is unique because it takes into account more than just your credit score, offering high approval rates by tailoring each financing offer to fit within a patient’s individual budget. Furthermore, this is a company that is digital only. Not only does this allow them to keep their costs down and their speed of approval up, but it also means that PatientFi is on trend.

New Times Require New Financing Options

“This is a natural reflection of these new times,” explains Dr. Adams. Ten years ago, people liked to pay their health club membership, for example, in one annual fee. Nowadays, it’s all about subscription services. “Nobody buys a car outright; they finance it, and it’s just part of life.”

With PatientFi, plastic surgeons can now get in on the trend. While plastic surgery may be more popular than ever, affordability can still be a problem. It is estimated that about 44% of people would have plastic surgery if they had the option of financing it with a monthly due. PatientFi allows them to do just that. Even patients who have plenty of money to pay for their procedure out right would often rather spread the payments over 12 installments a year with no to minimal interest.

PatientFi Helps Protect Patients

There have always been patient financing options, but patients need to understand that if there is way to make money on something, then the banks and the financial people are going to take advantage of it. “Oftentimes, the loser in that is the patient,” explains Dr. Adams. “There are a lot of financing options out there that superficially sound good, but when you get into the weeds, they’re very predatory.” It can be difficult to even get approved and once patients do, they may have a lot of issues especially if they miss a payment. It can really hurt their credit in the long run.

PatientFi is a new option formulated by plastic surgeons for plastic surgery patients, and it’s far more protective of the patient. “I’m excited,” shares Dr. Adams. “We just started using it in our practice.” So far, his patients are loving it.

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