Many times, a medical procedure or service can be too expensive for a patient to pay for all at once. This is why many patients choose to use financing to offset the up-front cost of the procedure. By dividing the cost into smaller monthly payments, even high-end medical procedures can be made much more affordable.
Unfortunately for medical providers, many of these patient financing options come with a variety of fees that make using them more expensive than they appear at first glance. These fees can include:
An enrollment fee is a one-time fee that a financing company charges the merchant just for signing up with their program, with the implicit promise that anything you spend on enrollment will be earned back later. These fees can vary by company, and can run as high as several hundred dollars.
Once you’ve paid the enrollment fee, you’re also on the hook for a monthly licensing fee. This is a fee the financing company charges you for things in order to keep using them, and covers the services the financing company provides like credit checks, customer service support, and collections services if necessary.
Much like credit card purchases, each funded loan also comes with fees that are charged to the merchant. This fee will vary on the amount the patient borrows and the individual patient’s circumstances, and is generally calculated as a percentage of the total loan amount. Depending on the patient’s credit tier, these fees can range from 3 percent to as high as 15 percent!
Financing Without the Fees
Add up all the fees, and the financing option that’s supposed to help your business grow could be costing you thousands of dollars each month. LendingUSA was created to give medical providers a new, money-saving way to offer easy patient financing. Unlike other financing companies, LendingUSA charges no enrollment, monthly, or minimum fees, and offers no-cost promotional financing for all prime loans.
That means potentially hundreds of dollars saved with every patient financed. A medical practice that finances just four or five patients each month could see year-end savings in the tens of thousands of dollars by using LendingUSA. Plus, we can approve up to 30% more applicants than the leading competitors, so your practice can generate extra revenue on top of the existing savings.
Enroll now with LendingUSA today, or call 800-574-9945 to speak with one of our representatives, and learn how we can help you grow your business.