Best Medical Financing Options to Offer

Over the years, medical financing continues to be one of the services that have experienced incremental growth among practitioners in the United States. 

According to stats shared by Ibis World, the market size for medical financing has grown at a rate of 1.8% as of 2021 with calculated revenue of $10.2B.

Credits: Ibis World

That said, with healthcare clinics opting for this financial solution for their patients, it can be difficult to figure out which medical financing option will help to position you among your competitors in the best possible way.

In this post, we will break down the top financing options for medical clinics as well as the benefits and drawbacks that they may present to you. That way, you can determine whether they are the right fit for your business needs.

Let’s dive right in. 

The Importance of a Medical Financing Business Strategy

Before breaking down the types of medical financing options ought there for clinics interested in offering these services to their patients, it's important to center your choices around a solid strategy.

Your strategy should provide you with a vision as to the kind of results you wish to expect from the finance solutions that you offer.

In doing so, not only will you be able to better align the financing options you provide to your overarching business objectives, but it will also make it easier to determine metrics and key performance indicators (KPIs) that provide you with clear insight into the success rate of your chosen financial service.

Let's take a closer look at some of the main elements that make up a medical financing business strategy.

Patient Acquisition Goals

Before you decide on the medical financing option you wish to offer to patients, it's important that you have a clear idea of the number of patients you wish to attain during a given period.

Naturally, this can be a difficult task on its own. However, the way to get around it is to set realistic medical financing goals for your business. The acquisition goal you develop is usually formulated in a sentence such as:

"I want to acquire at least X number of patients over the next six months."

Once you have an idea of how many new customers you are targeting in a given period of time, think about what type of medical financing options will best suit their needs and make them more likely to purchase from your company.

This is because medical financing options in and of themselves are a way to make your clinic a more attractive service provider and thus pull in more customers.

Key Performance Indicators

Once you have the acquisition goal laid out, then clear and precise KPIs help to gauge performance.

Every medical finance service provider should know exactly what they're looking for when selecting which metrics matter most to their success rate.

Key Performance Indicators (KPIs) are specific pieces of data that help measure performance and establish goals. In the case of medical financing options, you might keep track of how many visits each customer has made or how much income they have generated until they stop using your service, a concept known as customer lifetime value (CLV).

Customer Retention

Customer retention is the measurement of a medical firm's ability to keep customers from switching providers.

This metric is usually reached through a variety of channels such as customer surveys, feedback loops, and support services. If you don't have any information on how many people are leaving your company or why they're doing so, it can be difficult to figure out what actions should be taken in order to increase retention rates.

However, medical financing services constitute an element of a solid strategy for retention as it affords customers an attractive solution to continue using your services.

Knowing this is important since customer retention is usually the cornerstone of a clinic's strategy for longevity since it is more costly to acquire a new customer than it is to retain an existing one.

Customer Satisfaction

The natural complement to customer retention is customer satisfaction. This entails providing a medical experience that meets the customer's needs and expectations in every way.

This includes excellent customer service, cleanliness, quality of care, high-tech medical equipment as well as billing practices with an eye on clarity and transparency.

A satisfied patient will be much more likely to continue using your services which is good news for everyone involved.

Therefore, the medical financing plan you offer must be packaged in such a way that it satisfies the pain points or challenges that your patients typically face when seeking this type of solution.

This is why it is important for medical firms to have a solid understanding of the needs that their patients are trying to satisfy.

That way, you will be better able to select a financing option that best matches their needs.

Medical Financing Options

Usually, medical firms can choose between one of two main options for patient medical financing: an internal financing program administered and managed directly by your company or one that is managed externally by a third-party financial lending institution.

Let's take a look at each one.

Internal Medical Financing Programs

An internal medical financing program is run by medical firms themselves, typically with a dedicated finance staff or medical billing department.

In doing so, the medical firm assumes full responsibility for managing and administrating all financial transactions that are involved in the program.

To offer this program, the medical service provider needs to draft up and approve a medical financing policy on their own which lays out all the terms and conditions to which both the firm and its patients will be subject once they enter into a formal financing agreement. This policy will need to be regularly updated to reflect any changes or modifications that may be brought into effect.

Challenges of Internal Medical Financing Programs

These programs are common because they provide the medical firm with full control over what type of financing options and rates to offer patients. Therefore, since there is less personnel involved in the decision-making process, it is easier to determine and amend financial policies.

However, there are several downsides to these types of programs.

Here's a breakdown of each one:

  • Time-consuming & resource-dependent: This process takes time and resources for companies to build out these internal medical financing systems in-house, without any help from outside sources. This means additional staffing costs and overhead expenses can add up quickly as well if you do not manage it appropriately.
  • Cost of medical financing: This is a disadvantage when it comes to determining how much money they are making on each procedure. If this program makes them more or less than what their current reimbursement system does, then there’s an issue that needs to be addressed immediately before things get out of hand and turn into debt for your company.
  • Lack of flexibility with rates: It can be difficult to provide flexible medical financing options since these programs require hard numbers in order to function properly. That means you're stuck at whatever rate was set upfront without any room for negotiation or change, which may not always satisfy patients (or make sense financially).
  • Marketing costs will skyrocket: One of the disadvantages of internal flexible finance programs is that marketing costs tend to be elevated because the firm assumes advertising costs for medical financing to your patients. While that may not be an issue for some companies, it can easily add up if the program doesn't yield enough customers and income to make a profit.
  • Logistics are difficult: The logistics of running an internal medical finance program is also complicated because there's no one-size-fits-all solution as each firm will have its own set of rules and regulations on how this type of service should run. Plus, there's always the risk that someone within your company could exploit loopholes in these programs.

Third-Party Finance Plans

In light of the several challenges experienced by firms that offer medical financing options, the second and more preferred option is third-party finance plans.

Third-party finance plans are medical financing option that's managed by a third party, such as medical insurance providers or medical finance companies.

There are several benefits associated with this type of financial plan:

  • High efficiency: The firm will have more time on its hands to focus on other parts of the business instead of having to worry about running an internal medical finance program.
  • Customer-centric solution: You can dedicate yourself to customer service since it becomes easier for you to offer your clients different options in terms of how they pay for their treatments with this type of plan.
  • Cost-Effective - It also provides some cost efficiencies because all payments are collected through one source (the third party).

The best type of finance plan that medical firms can offer for patients with a third-party finance company is flexible finance plans.

Understanding Flexible Finance Plans

A flexible finance plan is a type of medical finance option that patients can utilize for themselves or their family members and to cover the cost of medical treatments based on terms and conditions.

There are several benefits to offering flexible finance plans as a medical finance solution for your patients. These include:

  • Possibility for increased income streams: Medical financing plans may allow medical providers to offer medical care for patients with poor credit or no credit, thereby increasing the number of clients they can serve. This is especially important because many patients cannot access medical treatment due to a financial or credit handicap.
  • Ideal for customer acquisition and to generate interest: Flexible medical financing can be used to enable your patients to pay off medical bills over time. When a patient has medical expenses, this type of medical finance plan gives the opportunity for the patient to buy their way out of debt and into healthcare. All in all, it has a positive impact on sparking interest within customers to utilize your services.
  • Variety in terms: These plans are flexible so they can accommodate different needs and budgets, both for your firm as well as for your customers. Therefore, you stand a better chance at delivering a wider range of solutions that match the different pain points that one or more segments of your patient market may experience.

Choosing A Medical Financing Lender

While flexible finance plans are a solid choice to help offer medical financing to your patients, they are only as good as the lender with whom you partner.

Some medical financing lenders are better than others. If you don't take the time to do your research to know which medical financing lender is right for you and your patients, then this can be a waste of time and money.

Here's how you can align with a legitimate and professional third-party finance lender to deliver the kinds of solutions your patients are looking for.

Flexible Finance Plans With Time Investment Company

Time Investment Company is a financial institution with a trajectory of more than forty (40) years assisting businesses across the United States to secure the financial solutions the best suit their needs.

For years, we have partnered with companies in the medical and healthcare industry as third-party lenders to deliver attractive and functional flexible finance plans for patients looking to finance a medical operation or service.

Our flexible finance plans are customer-centered solutions custom-designed to make financing your services easier, more accessible, and more desirable so that you can increase your service orders and pull in more revenue.

As a family-led financial institution grounded in core values that emphasize fair treatment and optimal service, we understand how important it is for medical firms to secure the full capital owed to them on their services as soon as possible.

With Time Investment Company, as soon as your patient is granted financing approval, we release the full amount owed to you immediately while we assume the task of handling the repayment schedule with your patient.

It's a win-win since you get to offer a solution your customers love with little-to-no risk in return.

Partner With Time Investment Company for Medical Financing Today

Medical financing is a lucrative yet complex initiative that can only be successful if you align with the right third-party lender.

Time Investment Company can help you deliver just that with our flexible finance plans.

Schedule a strategy call with us today to charter the path for a win-win financial solution today.

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Sara Hafeman

With years of experience in the consumer financing industry, Sara Hafeman currently leads marketing and partner development at Time Investment.

Rick Mumford

Regional Sales Manager

Rick is an entrepreneurial sales management strategist with a 30+ year record of achievement in the highly competitive Fenestration marketplace. Specializing in dealer network sales, Rick is adept at driving growth of company revenues, improving sales team performance, and building strong relationships with customer base. His Core Competencies include strategic sales planning, market expansion, relationship management, and high impact sales presentations. Though Rick was referred to Time Investment, he was extremely interested in our values and the enormous opportunity for growth. Rick accepted his new position as   Regional Sales Manager in September 2023.

Outside of work, Rick enjoys spending time with his family and engaging in activities such as hunting fishing, golfing, and church.   He believes Time Investment offers him the opportunity to achieve a balance between his family and professional goals. Time Investment’s focus on exceptional servicing of our customers, a core value, resonates with Rick. This value, above others, drives our customers to want to continue to use Time investment’s platform and expand their opportunities with us, and is a key component to Rick’s decision to join our team.

 

Tonya Schmirler

Senior Manager Loan Servicing

Tonya is the Senior Manager of Loan Servicing at Time Investment, having started in 2023.  With over 20 years of experience in the finance industry, she held various positions in collections, customer service, and operations leadership roles.  At Time Investment, she finds the sense of community, influence, and emphasis on quality and customer satisfaction to be the most rewarding aspects of her role.  Tonya personally interacts with clients and customers by prioritizing their needs and ensuring a high level of service. 

In her personal life, Tonya enjoys spending time with her family, riding motorcycles with her husband enjoying the Wisconsin scenic back roads, fishing, and reading.  She resonates the most with the Time Investment value of excellence, believing it to be the heart of everything we do. Tonya strives to achieve excellence in all relationships, going above and beyond, delivering quality, and continuously improving.  

Ben Hafeman

Concierge I

Ben Hafeman began his career at Time Investment Company (TIC) as a seasonal worker in the summer of 2020.  Over the years, he has developed robust skills in the customer care and collections department, gaining a solid understanding of loan processing and underwriting.  In spring 2024, he graduated from the University of Wisconsin- Whitewater with a Bachelor of Business Administration.

 

Currently Ben works full-time as a Concierge Representative.  He finds the growth opportunities and supportive staff at TIC particularly rewarding, application how colleagues are always willing to assist with any issues or concerns.  His Daily responsibilities involve interaction with Dealers, entering new applications, and addressing inquiries to ensure efficient and effective service.

 

Outside or work, Ben enjoys hiking, spending quality time with family and friends, and collecting Legos.  He has a passion for exploring new areas and aspires to travel the world, embracing new experiences and cultures.

 

The Value that resonates most with Ben is Excellence and Integrity. He believes that striving for excellence means exceeding Dealers’ expectations and ensuring that all interactions are seamless and efficient. This commitment to high standards is crucial for fostering positive relationships.

 Integrity is equally important to Ben; he asserts that being honest and straightforward with Dealers is essential.  This transparency helps build trust and solidifies relationships. By prioritizing these values, Ben aims to create a collaborative and trustworthy environment that benefits both himself and the Dealers he works with.  

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As Director of Business Development, John Hafeman heads our sales team at Time Investment Company. He’s been with TIC for 29 years.

Prior to joining TIC in 1993, John was an outside sales representative for a Wisconsin-based office supply company. He started with TIC as a collection and customer service representative. But his hard work, dedication, and integrity earned him numerous promotions, and he was soon heading up the entire customer service and collection department.

At the same time, John was putting his sales experience to work, working with Tom on the dealer development and dealer relations side of the business.

Today, John oversees all aspects of business development at Time Inc., working tirelessly to build and cement the company’s relationships with contractors, dealers, home improvement firms, water treatment companies, and anyone else whose customers need an affordable financing solution.

Of all the Time Investment Company Core Values, the ones that resonate with John the most are Fun and Generosity, as these two have been keys to getting him through the many trials and challenges along the way.

“Being generous with our time, talent, treasures, and having fun along the way is what it’s all about to me!” says John.

Outside of the office, John enjoys fishing, hunting, and the great outdoors of Northern Wisconsin. He is an avid golfer and member of the West Bend Country Club.

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Wendy DuBois

Concierge II

Wendy is a veteran with the Time Investment Company. She started in 1999 at our collections desk and was soon promoted to dealer services. Later in her tenure at TIC, she did underwriting and management. Twenty-three years later she is working in dealer concierge, providing outstanding customer service to our dealer clients.

Wendy chose to join TIC while she was working in a daycare facility. A friend working here told her to apply… and the rest is history!

Her hobbies include watching her children play sports, spending time with her family, and traveling.

The TIC Core Values she cherishes the most is Fun. “Don’t you want to come to work and love your job and the place you work for?” she asks. With the fun aspect, you are not just clocking in, doing your job, and going home. You’re making new friends, loving your job, and all while having fun!”

Monica Sabala

Concierge III

Monica Sabala has a passion for helping others. Which is what attracts her to work in customer care and collections. She now works in the Concierge office at TIC, an inside sales position, setting industry standards in the customer experience field.

She joined the Time Investment Company because it was “a great fit that offered flexibility, remote work, and the opportunity for growth.”

Outside of the office, she treasures family time and sharing the love of the Lord.

TIC’s core value that Monica relates to most is Excellence.

“Living a life of excellence is the standard. It’s seen in everything — attitude, preparation, and execution. To see it in my workplace is very motivating!”

Joe Peplinski

Concierge III Lead

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Joe worked his way through college as Junior Golf Coordinator for the Mary Hafeman Golf Experience in Mequon, Wisconsin. After graduating in 2019, Joe joined TIC as an inside sales representative. He has since been promoted to Concierge III Lead, where he strives to provide best-in-class service to our valued dealer clients.

Joe saw the opportunity at TIC as a great experience to start at a finance company and build his resume. He holds a degree in Business Management and Marketing from Edgewood College.

His hobbies include playing sports and traveling. Of all the Core Values at TIC, Joe likes to focus on Service and Excellence. “The company is all about relationship building and being a team player,” he says. “We are all working together to achieve our goals. I believe this sets us apart from most finance companies. We have that personal touch instead of hearing an automated voice. You will be able to talk to a real person and go over anything in regard to an account.”

Zachary Hafeman

Concierge Manager

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Zach started working at Time Investment Company ever since he graduated from high school 12 years ago. He started out at the company working seasonally while playing Junior A hockey, and then later doing customer verification calls, collections, and cash management duties to learn the business. He continued to work with us while attending college.

Once he graduated, he joined the company full-time, working in the Dealer Services Department. He then took on TIC’s first inside sales position as New Client Growth Strategist and worked in that capacity for three years before being promoted to Concierge Manager in 2022.

Zach enjoys playing golf, and hockey, watching TV shows and movies, spending time at the lake, and watching Packer games.

Integrity is the TIC Core Value that he holds as the most crucial. “I find it the most important to always be upfront, truthful and trustworthy with not only business customers but also with everyone I interact with on a daily basis,” he says.

Mark Willis

Regional Sales

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With more than 30 years of financial services experience, Mark Willis is a proven, successful leader with a long, winning track record of results in finance, business, and home improvement.

Mark joined TIC in 2021 after being referred by Mike Farrell. A driven self-starter, Mark came to Time Investment Company having achieved years of success as a self-employed consulting and sales professional.

He served as a product sales and solutions manager at Toshiba and was Vice President of Store Operations and Product Management at Axcess Financial. Prior to that, Mark had more than a decade of successful management at Walmart, where he last worked as Senior Director of Category Management, Strategy, and Product Development.

His hobbies include playing golf and making home improvements. He has a bachelor’s in business/corporate communications from Abilene Christian University and an MBA in Management and Operations from Babson F.W. Olin Graduate School of Business.

The cove value that particularly strikes a chord with Mark is Service. “It’s all about taking care of our dealers,” Mark says.

David Bocian

Regional Sales

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David brings more than 30 years of professional experience in both the home improvement and consumer finance industries, making him an ideal match for the Time Investment Company and our customers. Over the years, David has worked with national lenders on both sides as a dealer and as a sales representative.

Prior to joining TIC in January 2022, David was an accomplished operation and finance manager with solid skills in consumer finance, sales, and marketing. He came to us from his position as business development manager at Veracity Strategic Business Solutions in Tampa, Florida. Before that, David was the Director of Sales and Business Development Manager at Castle Credit in Chicago. He also worked for 11 years as the VP of Operations at FJB Associates in Berlin, Connecticut.

David chose to come work for us here at Time Investment Company when he got a surprise call from a recruiter asking if he would be interested in joining the company. “I was so impressed after the first Zoom call with Mike, Tom, and John. Their knowledge of the industry from the dealer’s perspective fascinated me.”

His favorite hobbies include family time with his wife of 25 years and 3 sons. He also enjoys golfing and watching Steeler Football games.

The TIC Core Value that is most important to David is Integrity. He holds a BA in Political Science and Government from Assumption University.

Nicole Ishay

Administrative Recovery Manager

“The culture here at TIC is something that I am not used to, and I knew I would fit right in,” says Nicole. “Learning new things every day and making an impact in the organization’s growth is what I am most passionate about.”

Outside of work, Nicole loves walking, shopping, and traveling.

The TIC Core Value she holds dearest is Fun. “It helps people to have a more positive mindset, enjoy higher levels of well-being, and better mental health.”

“Fun at work is a key element of employee happiness.” She quips when asked what values here at TIC are most close to her heart, continuing, “I chose Fun as one of the TIC Core values because it helps people to have a more positive mindset, enjoy higher levels of well-being and better mental health.”

Toni Steldt

Loan File Manager

Toni comes to TIC with a strong background in customer service in a variety of contexts – from waitressing to manufacturing.

She chose to join us at Time Investment Company because of our focus on employees and providing them room for growth.

Outside of the office, Toni’s hobbies include camping with her family, having bonfires in the backyard, and motorcycling.

Toni relates most to the TIC Core Value of Fun. “I believe laughter is the best medicine,” she says.

Jamie Phillips

Controller

Jamie spent over 15 years in various roles at Bank of America, culminating in a four-year tenure as Director, Global Principal Investments Finance. In that role, he served as the chief financial officer for BAML Capital Access Funds, where he supported the firm’s growth from $175 million to $1.2 billion in commitments.

He then spent several years as Accounting Director at GMR Marketing before joining the Time Investment team.

Jamie joined TIC because he likes the indirect lending/consumer finance industry, and he likes the culture at our company.

Jamie holds a Master of Business Administration Degree from the University of Chicago.

His hobbies include cooking, hurling, and watching his daughter play sports.

The TIC Core Value of Excellence holds a special place in Jamie’s heart.: “I am always trying to improve and make things better,” he says.

Mary Kelly

Senior Manager, Customer Care

Mary came to TIC after serving as a Customer Service Team Leader at Alta Resources in Neenah, Wisconsin, where she worked for Johnson & Johnson, Kellogg’s, and Purina Pet Care. Before that, was also the Sample Department Manager for the County Materials Corporation, where she experienced driving standard operating procedures as a production foreman. For six years, Mary also ran her own business as a personal chef.

Mary joined TIC because she was ready and excited to move forward with her career in a new industry.

Mary’s hobbies include crocheting, watching movies, going to farmer’s markets, and walking.

Our core value that resonates with Mary the most is Fun! “When the workday gets long, a bit of laughter makes the time go by,” she says.

Michael Blue

Senior Manager, Collections

With 25+ years of call center experience and two decades in collections, Michael has a strong track record of leading teams to increase recoveries on multiple portfolios such as out-of-statute debt, credit cards, medical, auto, and private and government student loans.

Michael comes to TIC after more than 20 years of working in a corporate environment. Prior to joining TIC in 2019, Michael served as the Extended Business Office Manager at State Collection Service. Prior to that, he spent nearly 14 years at the Van Ru Credit Corporation as a collector, supervisor, collection manager, and assistant general manager.

“I love all the people that I work with and the family atmosphere,” he says of the Time Investment Company. “TIC has become my second family and the company focuses on its core values. This company is full of smiles and is a fun place to work!” he says.

Michael enjoys spending his free time with his family and outdoors camping, riding ATVs, and fishing. He feels that he can never get enough sun.

The TIC Core values that he best relates to is Excellence: “I am committed to setting high expectations for myself and my staff to maximize recoveries and minimize delinquency,” says Michael.

Russell Brown

Director of Platform Applications

Russell has more than 30 years of financial services industry experience working with companies of all sizes. He has a long track record of success in operations, process improvement, and consumer protection regulatory compliance. He has skills in change management and transformation initiatives that support customer loan origination and servicing systems, electronic banking, and debit/credit payment solutions.

He also has an extensive background directing highly skilled financial management teams in supporting and achieving company objectives in a variety of contexts.

Russell holds the Certified Compliance Professional credential from the American Bankers Association’s Institute of Certified Bankers.

Outside of work, Russell enjoys traveling, training for the next Marathon, and spin cycling. He also enjoys the warm weather and is a self-described “sucker for a scenic view.”

The TIC Core Value he relates to the most is integrity. “I’ve always been taught to do the right thing and take ownership of your decisions and actions,” says Russell. The best way to engage with people is to treat everyone the way you want to be treated.”

Sara Hafeman

Director of Marketing and Sales Support

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Sara came to the Time Investment Company from the hospitality industry, where she spent 15 years honing her sales and customer service expertise in a variety of positions, culminating in her role as Director of Catering at Marriott Hotels. She joined TIC in 2011, just as the company was set to expand, and needed someone with a deep background in sales and customer service like hers.

That background soon led her into new roles with TIC, including sales support, marketing, and management.

Sara enjoys outdoor activities like hiking, golfing, relaxing by the lake and loves traveling with family.

Of the TIC Core Values, Sara finds the most resonance with Service. “My whole career has been built around serving my customers and building their trust so they know, no matter what, I will take care of them,” she says.

Jayne Peplinski

Director of Human Resources

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The chief talent officer of Time Investment Company, Jayne started with the Time Investment Company in 2004 as a data entry specialist. She was soon promoted to accounts receivable manager, and then to her current position in 2012.

After a number of years working in the public school system, Jayne came to TIC to be a part of a family-owned business and to make a difference, not just for her family and herself, but also for others.

Outside of the office, Jayne’s favorite activities include hiking, listening to music, reading, and spending time with her family.

Her favorite of the TIC Core Values is Fun. She strives daily to contribute to making the Time Investment Company a joyous place to work, where employees feel valued and appreciated. “My team helps to create a fun atmosphere whether it is volunteering opportunities, fundraising competitions, luncheons, or just handing out candy on Fridays,” says Jayne. “We spend a lot of time working so why not have fun while we are here!?”

Todd Figard

Director of Servicing/Chief Compliance Officer

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Todd has more than 20 years of leadership and management experience in the credit and collections field. He has diverse experiences managing a variety of portfolios and debt types, including auto loans, personal loans, medical debt, utilities, credit card collections, and government debt. He has a proven track record of maximizing recoveries of delinquent and charged-off debts.

Todd joined the Time Investment Company after meeting with the owners and senior leadership and noticing and seeing that our vision and values aligned with his own. He enjoys working with others and working for a company that values people and relationships above everything else. Prior to joining TIC in 2018, Todd worked in a variety of collections and operations roles for Van Ru Credit Corporation, culminating in more than a nine-year stint as general manager.

Outside of work, Todd enjoys outdoor activities such as hiking, biking, and swimming. He also enjoys stargazing, traveling, and putting his Nikon P900 camera to good use. A lifelong learner, Todd enjoys listening to audiobooks and podcasts on business, success, spirituality, theology, health, and anything else that will help to learn and to grow as a person, and better serve his family, community, business associates, and customers.

Todd’s favorite of the TIC Core Values is Integrity. “Integrity and Trust are the foundation that other values rest upon,” says Todd. “True integrity isn’t always popular or convenient, but it is the path I have chosen.”

Paul Worachek

Chief Credit Officer

With three decades of experience in the lending and credit industry, Paul is one of our newer leaders on the team. He joined TIC in May of 2022. “TIC has a terrific reputation in our industry and is a family-owned, values-based company,” says Paul, and this reputation is part of what led him to join TIC as the Chief Credit Officer. “This is the atmosphere and culture I enjoy, and our customers appreciate.”

Paul’s career has focused on credit underwriting, leadership, business development, risk management, and customer success. He enjoys creating a positive experience for customers and team members.

Prior to joining the Time Investment Company, Paul was Vice President of Lending at Marine Credit Union and Regional Vice President of Heights Finance Corporation. He holds a BBA in finance from the University of Wisconsin – Whitewater.

Paul enjoys spending time with his family and friends. He especially enjoys the family cottage trips, annual family apple picking, trips to the Caribbean, and getting to as many Packers, Badgers, and Brewers games as possible. When he isn’t working, you will find Paul outside enjoying a round of golf, going for a walk, or just working in the yard.

Paul’s favorite of the TIC Core Values is Fun:

“Having fun at work is critical in making the other four Values thrive,” says Paul. “We work hard each day striving for excellence, and it is important to enjoy the journey.’

Jonathan Gelhaus

Chief Information Officer

As Time Investment Company’s chief technologist, Jon has more than two decades of information technology experience in the consumer finance and commercial insurance industries. His career focus is on leading effective digital transformation and leveraging technology to create more efficient business workflows. Over the years, Jon has held roles in data security, infrastructure, data warehousing and business intelligence, application development, compliance, and information security.

Prior to joining TIC in 2021, Jon held C-level roles in a private equity-owned consumer finance company where he was a key member of a management team driving double-digit year-over-year growth which ultimately led to a successful sale of that business and a profitable exit for the PE firm.

In 2021 he joined TIC’s leadership with a focus on personal relationships that drive success, not only for our company but also for our dealers and contractors.

Jon’s hobbies include touring the country on his motorcycle, traveling, baking, and camping with his wife of 23 years and 3 young adult children. He lives in West Bend.

His favorite TIC Core Value is Generosity.

“It is not enough to only be successful,” says Jon. “You also need to use that success to make your community a better place to be.” Jon is committed to fostering and nurturing personal relationships that drive success not just for TIC, but also for our dealers and contractors.

Mike Farrell

Chief Operating Officer

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Mike Farrell came to Time Investment Company in 2017, for the opportunity to create unique company growth in the indirect lending industry. He has more than 20 years of experience in banking and commercial lending.

Prior to joining TIC, Mike was the managing director of BlueTrail Finance from 2015 to 2017. Mike spent eight years as President, COO, and CFO of Axiom Bank in Orlando, Florida. Before that, he had a 19-year career at Fifth Third Bank, including experience in business development and finance roles. Mike holds a B.S.B.A. from the University of Dayton and an M.B.A. degree from Xavier University.

His hobbies include cycling, golfing, and hanging out at the beach.

Mike’s favorite of the TIC Core Values is Service. “I have always believed in building valuable relationships.”

John Hafeman

Vice-President, Director of Business Development

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As Director of Business Development, John Hafeman heads our sales team at Time Investment Company. He’s been with TIC for 29 years.

Prior to joining TIC in 1993, John was an outside sales representative for a Wisconsin-based office supply company. He started with TIC as a collection and customer service representative. But his hard work, dedication, and integrity earned him numerous promotions, and he was soon heading up the entire customer service and collection department.

At the same time, John was putting his sales experience to work, working with Tom on the dealer development and dealer relations side of the business.

Today, John oversees all aspects of business development at Time Inc., working tirelessly to build and cement the company’s relationships with contractors, dealers, home improvement firms, water treatment companies, and anyone else whose customers need an affordable financing solution.

Of all the Time Investment Company Core Values, the ones that resonate with John the most are Fun and Generosity, as these two have been keys to getting him through the many trials and challenges along the way.

“Being generous with our time, talent, treasures, and having fun along the way is what it’s all about to me!” says John.

Outside of the office, John enjoys fishing, hunting, and the great outdoors of Northern Wisconsin. He is an avid golfer and member of the West Bend Country Club.

Tom Hafeman

President

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Tom Hafeman began his career working alongside his brother Mike, doing collections for another finance company. He then took a year off to caddie for his sister Mary, a pro golfer in the LPGA. (Mary won the Women’s Eastern Amateur Tournament in 1981).

Shortly after Tom returned to a more traditional career path, the Time Investment Company was born.

“My brother Mike dreamed of starting his own consumer finance company, and I was just along for a short ride,” says Tom. Here I am, 39 years later, the President of the company, and living the American Dream!”

As a veteran of nearly 40 years with the company, Tom credits his success at TIC to the solid foundation in collections and sales that he and his brother developed over the years.

Outside of work, Tom has a passion for big game hunting and bowhunting and is active in wildlife management. He also enjoys traveling and spending time with his family.

As President of Time Investment Company, Tom played a big role in defining the company’s five Core Values: Service, Excellence, Integrity, Fun, and Generosity, and strives to live them every day.

Mike Hafeman

Chief Executive Officer

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As one of the original co-founders of the Time Investment Company in 1981, Michael Hafeman has a lifelong passion for entrepreneurship. After cutting his teeth working in collections for another consumer finance company in the late 70s, Michael realized that contractors and home improvement companies had a huge unmet need for a first-rate consumer finance company to work alongside with to help make their services affordable for middle-class customers.

“I felt there was a great need for a quality financing partner,” Michael explains. “We would create success by building long-term beneficial relationships not just with contractors, but also with doctors, dentists, and anyone who provides services people need but can’t always afford to pay cash for up front.”

An expert both in consumer finance and life safety industries, Michael was the CEO of the Dallas-based MasterGuard Fire Safety Solutions, an international fire alarm wholesaler, from 1994 to 2000.

His hobbies include spending time with his family, traveling, golfing, and exercising.

Michael relates most strongly to the TIC core value of “Fun:” There’s a cherished poster hanging in the company conference room with a quote from Walt Disney saying, “it’s kind of fun to do the impossible.”

Michael loves what he does, and his energetic and infectious attitude helps make the rest of us love it, too.