The Business Benefits of Offering Financing for Elective Procedures
Published April 28, 2025
The Business Benefits of Offering Financing for Elective Procedures
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Patient financing options are increasing in popularity throughout the medical industry as patients find themselves navigating the rising costs of healthcare. As most medically necessary services are covered by health insurance, elective procedures are usually paid out of pocket and that may have some cost-conscious patients hesitant to proceed.
Financial barriers and cost objections can leave elective medical practices struggling to stay afloat as more patients put off the care they need until their finances are more stable. But waiting is bad for healthcare providers who specialize in elective medicine and fewer patients means slower growth and an increased risk to the long-term health of the business.
Patient Financing and Your Elective Medical Practice
Many patients who are seeking cosmetic surgery, whether it’s a breast augmentation, a tummy tuck, or eyelid surgery, already understand that such cosmetic procedures are out-of-pocket expenses. But the patient still comes in for the initial consultation and once they hear the cost of the work, they become less enthusiastic about the endeavor. Sure, the procedure they want will improve their quality of life and benefit their physical and mental well-being, but the cost is too great a financial burden and they are left weighing their options.
In most cases, the upfront costs overpower the need for the care and the patient elects to put off their life-changing medical procedures until some undetermined date to be decided upon later. Unfortunately, that date rarely arrives and your elective medical practice fails to generate revenue that is necessary for business growth.
If this becomes a routine occurrence with patients and your practice, how long will it take before you are forced to close or sell the practice?
Medical providers who consistently fail to generate revenue don’t last long in today’s medical marketplace and any avenues you may explore to prevent that from happening to your business should result in a steady income from a wide range of clientele.
The best choice is offering patient financing options that benefit the patient and the business alike. A patient financing program like those offered through a financing company like Fund My Contract can dramatically improve the financial health of your elective medical practice and turn a failing business into a thriving enterprise with robust, steady growth brought on by increased leads, steady cash flow, and the kind of patient satisfaction that results in more new clients and returning clients than ever before.
The Many Benefits of Offering Financing Options
Many patients seeking elective medical procedures no longer have to wait until their financial situation improves when your practice offers affordable financing with payment options such as low monthly payments, flexible repayment terms, and favorable rates.
Your hesitant patient who wants that tummy tuck or any other type of plastic surgery can cover the cost on a payment plan that is designed to empower the people who put their trust in your medical knowledge and expertise. When patients have access to the care they want through transparent and easy-to-understand financing options, it leads to better health outcomes for them and faster growth and success for your medical practice.
Increased Conversions
Put your patient at ease with financing options that cater directly to his or her particular needs and you can see a marked rise in conversions. The cost of some cosmetic procedures can be in the thousands and when a patient has to pay that bill in one lump sum, he or she is more likely to retreat instead of pressing ahead with the procedure.
But if you can help the patient avoid paying the full price out of pocket upfront with financing options that give your patient more choices, he or she can feel more comfortable knowing the costs are more affordable. Financing gives your patient the opportunity to pay for the elective medical procedure over low monthly payments that can work with any monthly budget.
More choices for covering the cost of plastic surgery means more conversions and more revenue that helps your medical practice grow at your pace.
Higher Transaction Amounts
Patients know their elective procedures are most likely never covered by their health insurance. So the patient is already expecting to pay out of pocket, but that doesn’t mean he or she is willing to break the bank for a breast augmentation or dental implants. Chances are the patient scrimped and saved just to afford the work they need and while he or she still wants the best care possible, that patient isn’t ready to spend more than is necessary.
This economical approach to care may be a detriment in the long run as the patient is forced to compromise on certain aspects of the treatment. Maybe the materials used in an implant won’t last as long as another type of material or the recovery services after a surgical procedure are reduced because the patient can only afford a certain level of care that isn’t as comprehensive. It all comes down to finances and how much the patient can afford to spend.
The more frugal the patient, the less revenue your practice brings in. Your commitment to the patient’s well-being isn’t reduced, of course, but the package of services you are able to provide becomes limited.
But offering patient financing options as part of your medical practice can increase invoice amounts for patients of all financial backgrounds. When the patient knows that he or she doesn’t have to foot the entire bill all at once, the patient is more likely to approve the higher-quality materials and opt in on the deluxe or comprehensive service package that costs a bit more because the patient can pay in full over time instead of all at once.
That puts more revenue into your elective medical practice and your business continues to grow at a rapid rate.
Rising Cash Flow
A medical practice with stagnant or interrupted cash flow is going to have a difficult time maintaining the day-to-day operations of the practice much less stimulate constant growth. Cash flow problems are a big hurdle to long-term success of any business, medical practice or otherwise, and that can be a component of late payments and unpaid invoices piling up.
But with financing options made available to your patients, the cost of your services becomes more manageable and affordable and the patient is no longer in arrears with your medical practice.
Even more advantageous to the condition of your medical practice’s cash flow, when you offer financing to your patients, your practice gets paid upfront and in full. Once a patient is approved and the funds are available, you are paid for services rendered. So your cash flow remains consistent and your business keeps on growing.
Patient Trust Through Transparency
Financing helps you build trust with your patients. They feel more at ease knowing they can come to you for their medical needs and rely on the financing programs you offer to help cover the costs of the treatments and procedures you provide.
Building trust requires transparency, whether it’s in the diagnoses and medical procedure recommendations you offer to the patient or the financing programs that you make available to them. A simple and straightforward financing program is transparent and easy to understand.
Financing should never be confusing and if the process seems suspicious to the patient, he or she is more likely to walk out the door and go to another elective medical practice for their procedure. Trust and loyalty are hard to come by until they are earned outright and when your patients are satisfied with your services – and that includes your patient financing programs – they are not only ready to return for future procedures and services, but they are eager to recommend your practice to family, friends, colleagues and so on.
Prospective patients read online reviews of previous patients and those recommendations play a big role in a new patient’s decision as to schedule an appointment with your practice or not. When your financing options are as transparent, honest, and upfront as your bedside manner, your medical practice becomes more popular, more profitable, and enjoys more growth in less time.
Are You Ready to Grow Your Medical Practice?
Then it’s time to call Fund My Contract. We are the industry leader in customized, innovative financing solutions for medical practices that are looking for stronger growth through increased revenue, consistent cash flow, and satisfied customers.
Our network of enthusiastic lenders are ready to work with your elective medical practice to develop various financing options that meet your patient’s financial needs so you can meet their healthcare needs.
You know your patients best, so your input is critical in devising the financing programs you provide with features that may offer low monthly payments or flexible repayment terms that allow the patient more time to reimburse the lender of choice.
Contact us today to learn more about how Fund My Contract can accelerate business growth and keep your medical practice on track for overwhelming, long-term success.
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