Financing for Your Medical Spa Patients
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Perhaps it is true that the medical spa aesthetic industry is beginning to bounce back, as indicated by the post on Allergan's increase last quarter.
I do know that in our practice we have seen an increase in patient flow. However, while the patients are gaining interest and beginning to come in for consults, one major problem still exists for some. Financing.
With the credit card companies raising interest rates for some, and all out cancelling accounts for others, the method of using one's credit card for paying for aesthetic procedures is not as easy as it once was.
Awhile back I posted on Care Credit sending "Dear John" letters to many practices. The practices that Care Credit retained found that the criteria in financing approval had been increased making it difficult, if not impossible, for some patients to finance their procedures. I do have to say, though, that I am beginning to see Care Credit lax their criteria a bit as more of our patients are beginning to receive financing.
We use a couple of finance companies who have imposed these new credit limits on our patients. I had sent out emails to colleagues in the industry inquiring as to who they're having more success with. I ended up adding a brokerage finance company, MyMedicalLoan.com, who delivers a patient's financial application to a variety of finance companies. Our representative told me that if they can only get the procedure amount partially financed with one company, then they will propose the remainder of the balance of the procedure to the other companies. In some instances, there may be two or three finance companies involved with the patient making one payment to MyMedicalLoan.com.
How has it worked out for us so far? On average, for every five patients we send them, approximately two or three receive financing. As it is now, we have more patients waiting for better financing options.
So, the patients are beginning to come in again and we are faced with providing sufficient financing options. I encourage anyone to share their experiences with others on financing options that are truly benefiting their patients and their practice.
Paula D. Young RN runs internal operations and training at Young Medical Spa and is the author of the Medical Spa Aesthetics Course, Study Guide, and Advanced IPL & Laser Training course for medical estheticians and laser technicians.
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