The patient finance company you choose and the way you manage its program will have a big impact on your results. Charles Foushee, program advisor for MEDCASH, recommends you keep theses considerations in mind when evaluating finance plans.

• Seize the opportunity.
Consumers want affordable financing for large purchases, including elective surgery. As these procedures go mainstream, more consumers will seek payment plans. Lenders are offering good solutions. High competition in this market means that it will be easier than ever for you to find a program that’s attractive to you and your patients.
• Know thyself.
Before you look for a financing partner, assess your current practice, gather data and do some analysis. These statistics will serve as benchmarks to track the changes financing will bring to your practice. You will want to know:
-the revenue and costs associated with each procedure (independent of the type of payment)
-the current surgery volume and growth of your practice
-the reimbursement from each form of payment you currently accept
-the average reimbursement based on your current mix of cash, checks, credit cards, etc.
To work out these calculations as easily as possible, you or your administrator can download a spreadsheet from ophmanagement.com.
As you work the numbers, pay special attention to the growth of your surgery volume and your average reimbursement. If your elective surgery program is working, you’ll typically see a small decline in the reimbursement per procedure as your surgery volume increases at an accelerated rate.
• Familiarize yourself with competitors in the market.
What procedures do they offer and at what prices? Find out about their financing programs before you start shopping for yours. Ideally, you’ll want to offer financing that is both competitive and distinctive.
Major patient finance companies in the ophthalmic market include The Hillside Group, Health Capital Finance Group, MEDCASH Health Systems and Unicorn Financial Services.