In 2021, there was a total of $14.6 billion in revenue from surgical and nonsurgical cosmetic procedures in the United States. Due to the elective nature of these surgeries, health insurance companies neglect to cover a single dime. This leaves patients solely responsible for the entire bill.
As a result, plastic surgeons must work more directly with patients when it comes to payment. To streamline the financial process, credit report services offer a way to enhance financing options and improve patient trust. Here are five ways plastic surgeons can revolutionize their current financial practices.
Unlike other medical procedures, patients have limited to no financial support for elective cosmetic procedures. Traditionally, health insurance companies do not cover plastic surgery, which leaves patients solely responsible for whatever care they receive.
A rhinoplasty — also known as a nose job — can cost anywhere from $2,500 to $15,000 depending on the surgeon’s experience, where you live, and the type of procedure. Unfortunately, many prospective patients do not have the funds to cover the entirety of the surgery upfront.
By eliciting a credit report, surgeons can evaluate a patient’s creditworthiness and create individualized financing plans that are tailored to their financial capabilities. Working with your patients in this way makes cosmetic procedures more financially accessible and increases the likelihood of patients undergoing procedures with your practice.
One of the largest benefits of credit report services is that they minimize financial risk for your practice. It allows plastic surgeons to make informed decisions regarding a patient’s financial situation and credit history. You’ll have additional information about whether you are working with financially responsible individuals that you wouldn’t have otherwise had.
By instituting this additional checkpoint, you decrease the likelihood of payment defaults or non-payment entirely. You can feel confident about the financial stability of the practice with this safeguard in place!
Most patients will come in for a consultation looking to learn more about their financial options right away. Money can feel like the elephant in the room, and the best way to build trust with a patient is to be financially transparent from day one.
Some patients may not know that their health insurance company won’t pay anything toward their surgery, and they may also have some sticker shock when they see the bottom line. You can lead this discussion by openly discussing everything from credit reports to financing plans.
Overall, when patients feel well-informed and confident about the financial components of their procedures, they are more likely to move forward. Walking your patients through every step — from the exact cost to a soft pull credit report to financing options that work for them — will allow them to feel comfortable choosing you and recommending you to their friends.
Have you considered offering in-house financing options, but you’re afraid of taking on the financial risk? Using credit report services may give you the additional information you need to do it right.
Run credit reports on all your prospective patients and use this information to weed out the ones that have questionable credit histories. For those left, you can offer tailored financing options and enhanced affordability.
Offering financing plans can help to sway hesitant patients who deeply desire these procedures but are struggling with affordability. Easy and accessible in-house financing is a simple way to increase conversions for qualifying patients.
Implementing the use of credit report services at your practice can help you build your reputation and credibility. This policy favors transparent financial practices and allows more patients to get procedures done that they love.
Encourage your patients to share their experiences with their friends and leave online reviews and ratings. This “social proof” heavily influences consumer decisions. Having more recommendations and reviews online regarding your business will boost your practice’s online presence and attract more potential patients.
With the simple step of incorporating credit report services into the financial process, plastic surgeons can enhance financing options, build trust with clients, increase patient conversions, and strengthen their reputation. Stay competitive in your field and consider this new step to improve patient satisfaction.
Soft Pull Solutions provides credit report services without impacting consumer credit — this simple step is a new game-changer for your business!