With the cost to the patient of the various refractive laser and refractive lens procedures running as much as $8,000 to $10,000, it is simply smart business to offer prospective patients attractive payment terms for elective procedures. Fortunately, good financing options do exist today, including the popular 0% financing for patients who agree to pay the full amount within a specified time period, usually 18 to 24 months. However, the option of financing must be appropriately and professionally presented by counselors who are thoroughly knowledgeable regarding the details of the financing plan. Patients will have questions, or even raise objections to financing, so it is imperative financing be presented in a clear, consistent manner.

Here, three practice executives who have extensive experience in the area of financing elective procedures provide guidance on how to best present the option to patients. To avoid the confusion among staff and patients that comes with offering the plans of several different financing companies, all of the practices represented in this article offer financing through one company only (CareCredit, a division of GE Capital).

Offer Financing to All

A basic aspect of financing involves identifying patients who should be offered financing. Should it be offered to all or just those who inquire about it? Though a patient paying totally out-of-pocket for a costly elective procedure is clearly a candidate, insured patients with high co-pays and high deductibles may also be interested in this option if they know it is available.

“We know that it is important to offer patient financing to everyone; not simply those who request it,” says Nikki Curtis, refractive counselor at Buckley Chang Eye Institute in Colorado Springs, Colo., “Some patients are not aware that financing even exists.

Offering financing upfront allows them greater flexibility when deciding whether or not to take money from their savings, use a credit card for airline miles, or even just to let their money sit in the bank to continue to draw interest.”

Amy Kennedy, director of marketing for Eye Center South, a multi-location practice based in Dothan, Ala., concurs.

“We offer CareCredit to all patients,” she says. “We want to make it possible for all Eye Center Patients to proceed with any medically necessary procedures and any elective procedures that could correct their vision and change their lives.”

Eye Center South also provides financing for cosmetic procedures and hearing services in addition to offering it to insured patients with high co-pays and deductibles.

“We feel it is best to be upfront with the patient in presenting all payment options available,” says Angela Beerup, executive director of sales and marketing for Durrie Vision in Overland Park, Kan. “It is especially important for us to offer financing because our practice is private pay only and does not accept insurance.”

Presenting Financing

Practices tend to employ unique methods of initially informing patients when financing is available. Both Buckley Chang and Eye Center South display prominent signage relating to financing in the office and exam lanes, but Durrie Vision waits until the one-on-one consultation before informing the patient that financing is available.

“We have signage in our lobbies, in our scheduling suites, in our exam lanes, in our LASIK consultation rooms and in our optical department near the displays,” says Ms. Curtis. “The most important place for presenting the option of financing is in the patient packets we send out. It is also noted at the bottom of our LASIK Consultation Survey that we have patients fill out before their consultation and exam for LASIK.”

“We have signage in our clinic and patient videos that inform patients of our payment plans and financing options,” says Ms. Kennedy.

Durrie Vision has a different approach.

“We do not advertise our financing options, as this is discussed with each patient who is a candidate for a procedure,” says Ms. Beerup. “For our practice, we feel it is best to be reviewed at a time when we are available to guide them and answer any questions they may have. We feel this creates a more personalized patient experience.”

Ms. Beerup says if the patient expresses interest in the financing options available, the counselor will apply for financing directly while the patient is still in the office. This allows the counselor to quickly determine if the patient is approved and to move the sale forward from there.

“When patients are approved, we send them home with disclosure documents and a brochure outlining important account holder information that helps to ensure our patient’s experience is outstanding,” says Ms. Beerup. “When patients are not ready to apply in the office, we will give them a CareCredit brochure that details how financing works to help the patient get the care they want when they want it. The brochure also outlines how to apply.”

Making Key Points

In explaining the financing option to patients, the surgical counselors from all three practices emphasize the affordable monthly payment, especially with 0% financing, and the fact that the procedure they will undergo is an investment in good vision.

“We have found that the best way to approach this is to first mention the monthly payment range available to the patient, based on our surgical fees, and to not immediately quote the entire cost of the surgery,” says Ms. Curtis. “It is much easier for a patient to picture fitting a small monthly payment into their budget than the procedure’s full cost.”

“Any out-of-pocket expense to correct one’s vision is an investment,” says Ms. Kennedy. “We tell all patients that we offer financing options to make procedures possible that otherwise would not be affordable. We offer various payment plans to meet all our patients’ financial needs. We also like to make the approval process as convenient as possible for our patients, so we offer to electronically submit the application upon their behalf after they have provided us the proper information to receive a decision.”

The Approval Process

Patients who apply for financing are evaluated quickly by CareCredit based on their application and credit history. If the patient is approved, he or she can finance the entire procedure with no down payment required, though some patients will choose to finance only a percentage of their entire bill.

Ms. Curtis says approximately 47% of Buckley Chang’s patients year-to-date have used financing for their procedures. “The vast majority choose 24 months with 0% interest,” she notes.

“About 25% to 30% of the patients who discuss financing at Eye Center South end up choosing to finance,” says Ms. Kennedy.

“Approximately 70% of the patients interested in financing end up applying,” says Ms. Beerup. “Of those who apply, approximately 85% are approved.”

Options and Quality of Life

Though practices do give up a small percentage of their patient fees when working with a financing company, the practice executives interviewed for this article believe offering financing increases the volume of elective procedures their surgeons can perform. With a commitment to present financing options properly and with no hidden charges or fees held back, these practices feel they are improving the patient experience and enabling people to have important procedures that enrich quality of life. OP