Maximizing Revenue: Financing Options for Cosmetic and Aesthetic Clinics
Maximizing Revenue: Financing Options for Cosmetic and Aesthetic Clinics
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Patients who are seeking cosmetic procedures are doing so with the goal of improving their appearance for a boost of self-confidence. Plastic surgery can have a positive impact on the patient’s physical and mental health and well-being but when the patient is having difficulty affording the work they really want, it can be a devastating blow to one’s self-esteem.
The alternative is to save up sufficient resources to cover the cost of the work, in full, and that may take a considerable amount of time. It could be weeks, even months, before the patient is financially stable enough to schedule an appointment for the work that he or she needs.
Where does that leave your practice in terms of generating enough revenue to not just grow and expand but to simply survive in a competitive market where there are plenty of other plastic surgeons in your area. Whether they have your level of skill and dedication to providing exceptional patient care may ultimately be irrelevant as patients are seeking the service offerings in which you specialize, but someone else may be providing at a lower cost – with the results to match.
There is a better option. Financing solutions through Fund My Contract can ensure that your patients are receiving the high-quality care you provide while fortifying revenue streams that foster sustainable growth for the long term success of your cosmetic practice or aesthetic clinic.
How Financial Barriers Can Impact Patient Care
Whether it’s body contouring and skin resurfacing or non-invasive services such as dermal fillers or botox injections, the cost of your clinic’s services may not be affordable to all, even if your prices are commensurate with market value.
For potential clients who are unable to afford the services you provide, they can be waiting a long time to get the cosmetic surgery that will do wonders for their confidence. These services are not covered by health insurance and the out-of-pocket commitment can be a big responsibility that could make the client think twice about moving ahead with the procedure. The wait time could be a few weeks or a few years. The fact is, when a client needs to hold off for the time being due to cost, the chances of that client coming back to hire you to do the work become far less likely.
He or she may find a better price elsewhere or ultimately decide not to have the work performed at all.
That puts your clinic or medical practice in a tricky spot. You want to give your clients the care they deserve, but you also have your own financial responsibilities to continue to scale your aesthetic clinic or cosmetic surgery practice and keep it on an upward trend of growth.
The longer your patients decide to wait to hire your services, the longer your clinic waits to succeed. A medical practice with stagnant cash flow is unable to cover its costs for staff and personnel, necessary med spa equipment, and other overhead expenses that must be met.
A cosmetic clinic can only serve the community on which it relies by offering a diverse range of services to meet the specific needs of every client. It takes more than just customizing a treatment plan to suit each patient. In today’s economy, that includes giving them access to financing options that make paying for your personalized treatment plans more affordable.
One appointment for laser treatments may be manageable for a patient, but if he or she needs a succession of future treatments to achieve their desired results, the cost of those services means recurring revenue through repeat business and that can be beneficial to both patient and practice. The only problem is, if the patient can’t afford to keep receiving those treatments, neither party benefits.
Financing for Plastic Surgery
Cosmetic and aesthetic clinics only thrive if their service offerings are reaching a wide array of patients on a consistent basis. You want to be sure that your clinic is the one that patients rely on for a consultation about their concerns and feel confident enough in knowing they are receiving the highest level of care without worrying about how to cover the costs.
Clients who want to refresh their overall appearance or address a specific skin issue turn to your expertise for solving these concerns with effective solutions. But some clients may refrain from seeking out professional consultation due to the costs associated with care. Wouldn’t it be an advantage for both the client and your clinic if you offered financing options that could make those costs more affordable?
When you work with Fund My Contract, you can develop a variety of robust financing programs that make it easier for your clients to get the cosmetic and aesthetic services they need so paying for the work they need is easier to manage and risk-free. Our network of enthusiastic lenders are ready to help you create long-term financing programs that fit the budgetary needs of all your clients, regardless of their current financial situation or the amount they need to finance hiring your services.
Not only are you giving your clients the care they need, you’re also giving your clinic the ability to thrive and succeed.
The Fund My Contract Advantage
A clinic that continues to wait on its clientele is running the risk of failure each and every day it fails to generate income. If this sounds like a dilemma currently facing your cosmetic clinic, you should consider the many ways that working with Fund My Contract can help drive conversions and increase sales faster than ever before. Clients want choices, whether it’s in the type of treatments you offer or the financing programs you provide. When you can give them solutions to these challenges, you are positioning your practice for success.
That’s where Fund My Contract can help. As a member, your clinic is given access to our vast network of lending entities who are ready to develop the loan products that fit your clients’ needs and the more programs you prepare for the public, the more likely you are to attract new clients and retain existing ones at the same time.
You create the financing options that your clinic will offer, you present them to your clientele at the time of a consultation or other opportunity in which you or one of your staff members is reviewing treatment options and the cost of treatment with the client. If the client wishes to go the financing route instead of paying the full balance upfront, out of pocket in one lump sum, you or your representative will then present the financing products your clinic can provide and the client can learn more about each should he or she be interested in financing.
The financing options you create can be tailored for your clientele to ensure that any cost objection or pricing issue can be overcome quickly and easily. Let’s say the client wants to pay for the work over low monthly installments – there’a a financing solution for that. Perhaps the client needs some extra time to make the payments over flexible terms. You can build out a program that caters to that type of client. What if your client would rather pay less for the privilege of participating in a financing program with low interest rates? If your client qualifies for that opportunity, he or she can access a financing program that comes with lower interest rates.
These programs will not have a negative impact on the client’s credit score and, once approved and the funds made available to the client, those resources are spent only on hiring your clinic to do the work for which the client has applied with a lender in the first place.
Fund My Contract gets you paid fast and upfront, when services are rendered. Even though the patient is making payments through an installment plan, your clinic isn’t forced to wait to generate revenue. The bill is paid in full all in one payment and the client is making payments as per the agreement he or she has entered into with their lender.
Are You Ready to Scale for Success?
There is no reason to wait to succeed. Start increasing conversions, boost revenue, and attract more clients with innovative financing options through Fund My Contract. Our team of patient financing experts are available to discuss all of the ways our network of lenders can accelerate your business to new heights and keep you on a consistent path of growth.
More revenue means faster expansion and when you can maximize revenue streams through financing options that make your services more affordable, driving patient satisfaction, and bringing in more business in a shorter period of time. There’s no time like the present to start winning. Call Fund My Contract today and let’s discuss the barriers to conversion that are preventing your aesthetic clinic from enjoying maximum sales and growth.
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