How to Offer Lasik Eye Surgery Financing to Customers
At present, the rising demand for Lasik eye surgery financing is indisputable.
After all, laser eye surgery (or refractive surgery) administered to patients who suffer from myopia, hyperopia, and astigmatism is costly.
According to information shared by WebMD, the average cost of a Lasik eye surgery ranges from $2,000 and $3,000 per eye.
What’s more, these operations are typically not covered by a health or medical insurance plan since they are deemed elective procedures.
The same report issued by WebMD indicates that some 700,000 patients every year opt for this medical procedure, thus implying a fairly large market to which service providers can cater.
What’s more, based on data released by Acumen Research & Consulting which projects an anticipated aggregate market growth (CAGR) of 4.4% between 2021 and 2026, this niche promises greater profit returns in the years to come.
One of the best ways to capitalize on this forecast is by offering Lasik eye surgery financing to your patients.
In the blog post, we break down all you need to know about providing Lasik eye surgery finance services to your patients the right way.
An Overview of Lasik Eye Surgery Financing
Lasik eye surgery financing is a type of payment plan administered to patients seeking better vision (by way of vision correction surgery) that permits them to make staggered payments for their procedure of choice.
The service provider/financing company (be it a public vision care hospital unit or Lasik surgeons in private healthcare firms) is the one who regulates the cost of Lasik surgery as well as the specific types of operations that a patient can access. However, in most cases, Lasik eye surgery providers offer one or more finance plans for the following two categories: eye care/vision and Lasik vision correction respectively. The specific types of operations which fall under both of these groupings are:
- Safety glasses
- New glasses
- Contact lenses
- Dry eye treatments
- Standard (Single Focus) IOLs
- Toric and multifocal IOLs
- Lasik refractive eye surgery
- Cataract procedures
- Routine eye check-ups
For all of the operations listed above, the provider’s finance solutions set the repayment terms, conditions, possible penalties, rates, and annual fees to which the patient must adhere.
Usually, these finance options require the patient to make an initial down payment followed by a series of monthly payments over a fixed period of time.
Why Lasik Eye Surgery Financing Benefits Service Providers
One who provides financing plans to laser vision correction patients enjoys a host of exclusive benefits that all work together to augment your overall business revenue.
- An overall increase in service orders: Due to the elevated cost of Lasik consultation, it is difficult for some patients to access operations from service providers who demand that they pay the entire cost upfront. Staggered payments by way of finance plans allow those patients an easier path to your services, thus giving them an incentive to leverage your services. Naturally, Lasik financing translates into a boost in your service orders and overall business revenue.
- Differentiate yourself from your competitors: In such a competitive industry, an effective finance plan that trumps those of your competing Lasik eye surgery providers makes your business more attractive to your patients and establishes you as an ideal option for your target audience.
- Augmented customer retention and wider target pool: It is a well-known fact of business that customers who have positive, personalized experiences with your company are more likely to leverage your services again and recommend you to others within your target market. Therefore, delivering a compelling finance plan for laser surgery will foster service orders from new customers while inspiring patients to become repeat customers, thus widening your customer retention percentage.
The Dangers of Traditional Lasik Eye Surgery Financing Plans
In today’s world, where patients cannot source a finance plan from a laser eye surgery service provider and wish to offset the cost, they typically use the following options:
- Unsecured personal loans
- Secured personal loans
- Bank loans
- Credit cards
In as much as these options do exist, all of them constitute a financial concession or inconvenience to patients in some way, shape, or form.
To begin with, most of the finance solutions listed above are noted for the elevated interest rates which patients are expected to assume. This is particularly true for bank loans, credit cards, and unsecured personal loans. Usually, these interest rates are non-negotiable and are a serious financial detriment to those who are unable to afford the added monthly medical expense.
What’s more, in the case of secured loans and bank loans, patients are usually required to put some form of asset (be it a house or otherwise) as collateral. This collateral can then be used by the lender in the event that the borrower is incapable of meeting a minimum number of monthly payments. Needless to say, this constitutes yet another issue for patients who either do not have any assets or who are unwilling to use their assets as collateral, for whichever reason. Besides, most times they also do not provide any tax-free benefits for patients.
However, universally, one of the most frequent pain points experienced by patients using any of the aforementioned plans lies in the repayment terms to which they are bound. Apart from the interest rate, these conditions also extend to loan amount, payment period, possible prepayment penalties, and credit approval processes. In most cases, lenders do not provide patients with the flexibility needed to assume lines of financing in a financially comfortable way.
This is where the main issue lies: Lasik eye surgery financing is not flexible since it does not meet the individual needs of the patients for whom they are destined.
This is a golden opportunity for service providers such as yourself to capitalize on the gap which exists in the market and reel in more patients with flexible finance plans.
Time Investment Company can help you do just that. Here’s how.
Time Investment Company for Lasik Eye Surgery Financing
Time Investment Company (TIC) is a US-based finance company that designs and implements various finance solutions for businesses that need them. Among these solutions, we partner directly with service providers to facilitate flexible finance plans which customers can use to pay for services rendered in a financially comfortable way.
At TIC, we have successfully financed well in excess of $775M in loans across 250K businesses. For decades, we have worked directly with Lasik eye surgery service providers, creating attractive, customized finance plans that coincide with the specific financial needs and capabilities of clients. That way, businesses like yours meet customer demands and increase the chances of customer retention and higher service orders.
Uncover the plethora of benefits that TIC-approved flexible finance plans can bring to your overall business revenue.
Takeaways for Lasik Eye Surgery Financing
When done correctly, Lasik procedure financing can yield immense remunerative rewards for service providers when it comes to revenue growth, customer retention, and increased service orders.
We at TIC can assist you from start to finish in designing and delivering flexible finance payment options that’ll bring you one step closer to accessing your services.
Contact us by calling (800) 236-1177 to find out more about how we can help you get these financing options underway at your firm today.