Implementing Eye Care and LASIK Surgery Financing in Your Practice
Time Investment helps make it simple to implement eye care and laser vision correction financing into your practice. After submitting an online application, LASIK patients are able to secure financing within minutes for their eye care and LASIK needs. Keep reading to learn more about the patient demand for LASIK surgery financing, your financing options, and the benefits in your practice of partnering with Time Investment.
Why LASIK Practices Seek Financing Options
Eye care and laser vision correction can be expensive. In 2020, the average cost of LASIK was $2,133 per eye according to a nationwide survey though costs varied by region and customization of surgery. Market studies expect the global personalized LASIK surgery market to grow from 2.38 billion in 2019 to 4.87 billion in 2027. If financed, the average monthly payment is around $200. Your office can capture this potential market by offering LASIK financing.
While monofocal IOLs for cataract surgery are covered by insurance, premium IOLs are an additional cost of 2-3K depending upon specific lens type. The average annual cost for a dry eye patient is $783 but varies widely by treatment. While both of these procedures are considered elective, both cataracts and dry eye can have an impact on vision and quality of life. By utilizing financing, patients can purchase high-quality IOL implants and the dry eye services and care they deserve.
What is LASIK Surgery Patient Financing?
Eye care and LASIK financing is a process by which a patient seeking eye care can access a line of credit or a loan to cover the costs of their treatments. It reduces the upfront cost by allowing your patients to pay in monthly installments over a period of time. Third-party financing companies are focused on the patient experience and offer flexible repayment terms.
While financing plans are customized by your office, covered services may include:
- Dry eye treatments.
- Premium IOLs for cataract surgery.
- LASIK and PRK vision correction surgeries.
- Advanced technology ophthalmic procedures.
In a busy practice, LASIK financing can seem like a burden. It takes staff to explain options and complete the process. With the administrative burden of healthcare, the idea of more paperwork and more staff time seems overwhelming. Time Investment makes LASIK financing simple, convenient, and quick for providers and their patients.
Is There a Demand In Your Practice for LASIK Surgery and Eye Care?
As of March 2020, approximately 50 percent of the U.S. adult population had vision insurance. However, vision insurance plans fail to cover specialty IOLs and dry eye treatments. LASIK is not covered by either vision or medical insurance. These out-of-pocket costs may be substantial and more easily paid for in monthly increments. Therefore, there is a need to provide patient financing. 77% of healthcare consumers say it’s important or very important they know their costs before treatment and 53% want to discuss financing options prior to care. However, only 18% of patients report their healthcare provider discussed financing options with them.
High costs may force patients to delay eye care and forgo important procedures like cataract surgery. They may opt against elective procedures like laser vision correction if their financial situation is not ideal. Third-party LASIK financing provides a solution for immediate care, but future re-payment. With that, LASIK offices should strongly consider patient financing as it improves the customer satisfaction of the patients in your practice.
LASIK Surgery and Eye Care Financing for Patients
If patients do not obtain financing through an eye care provider and/or LASIK surgeon, other financing options include unsecured or secured personal loans, bank loans, or credit cards. These payment options are less convenient than dependent third-party financing and your patients can expect elevated, non-negotiable interest rates. Secured loans may require any asset as collateral to be seized if monthly payments are not met. In addition, your practice can expect a bank processing rate of 2.5% to 3% if paid through traditional financing options.
Repayment terms are not ideal with many financing options. Many penalize your patients for early loan repayment and loan amount, payment period, and credit approval processes are not tailored to the patient’s financial need.
Types of Third-Party Financing
There are three types of patient financing including traditional third-party financing, in-house dental financing, and dependent third-party financing. We will address each type so you may select the best option for your business.
The most common practice is using a credit card to cover the cost of LASIK treatment. The practice receives the funds within 48 hours. The bank assumes responsibility and risk for the charges should the patient not pay.
Disadvantages to third party financing include
- A processing fee is charged to you for the bank’s role in facilitating a transaction.
- A poor credit score or lack of credit approval may prevent your patients from obtaining a credit card.
- Financing with Time Investment is the solution to this problem.
In-House LASIK Financing
LASIK practices may institute their own in-house payment plans to help their patients. The office constructs the plan and the repayment terms. You assume all risk for future nonpayment of performed services.
Most doctors cannot afford to assume the risk. This can be unsustainable and hinder practice profitability. Collections can be difficult and you rarely recuperate the loss.
The LASIK or eye care practice partners with a third-party lender to negotiate the terms and conditions surrounding the offered services would be beneficial to most doctors. Your practice can capture more patients when they are presented with payment options tailored to their financial profile.
Time Investment has been partnering with healthcare businesses to help manage their patient’s payments and increase their profitability. If you feel this would be beneficial to your practice profitability, we would like to discuss a tailored program with you.
Benefits of Using Third-Party Patient Financing
Third-party patient financing is beneficial to your practice for a number of reasons. Most importantly, financing can improve your patient capture rate. Other benefits to third-party patient financing include:
- Patient Retention- Patients need to be captured in the office at the time of service. Once they leave, your practice will likely lose the patient. Instant approvals increase patient retention rates. With a soft pull, approvals may be processed prior to the patient’s appointment.
- Increase in Referrals- Word of mouth is the greatest source of patient referrals. As you retain a greater volume of patients, they are likely to spread the word about the practice’s services and financing options.
- Account Receivable- Your practice avoids the risk of having to assume the cost of patients who fail to make payments. You can offer luxury goods and services without having to manage monthly payments.
- Practice Differentiation- Set your practice apart from your competitors as few LASIK eye care practices offer this service.
- Practice Profitability- The greater volume of patients correlates to greater profitability.
- Instant Payment- Your practice receives the patient’s payment instantly to improve your cash flow.
- Customer Engagement and Practice Appreciation- Social media has increased the importance of customer experience and customer satisfaction. Financing options make your office an easy place for patients to conduct business.
Why Time Investment for LASIK Surgery Financing?
Time Investment is a family-owned investment business operating in Wisconsin. Our partnership enables your LASIK practice to offer a competitive finance package to your patients. For over 40 years, Time investment has financed over $775 million in loans across 250K businesses. As our client, you should expect exceptional customer service, integrity, and excellence in all business practices, and a modern system with features to grow your practice. We have allied with eye care providers and LASIK surgeons to create tailored solutions to meet the financial needs of their patients.
We offer a bespoke solution for each patient depending upon the financial needs. Our loan approval process is quick and efficient and our approval rates are much higher than other lending agencies. Your patients will secure their LASIK financing within minutes.
Doing business with Time Investment is easy.
A partnership with us will increase the profitability of your practice and the satisfaction of your patients. Complete our contact form for more information on the implementation of financing options in your LASIK or eyecare practice.