How to Offer Plastic Surgery Financing to Patients

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In the United States, cosmetic surgery is a $10 billion industry that grows every year. Even during the pandemic in 2020, U.S. citizens spent around $9 billion on aesthetic plastic surgery.

Nevertheless, plastic surgeons are finding it challenging to keep up with the demand for their services. Although the demand is on the rise, competition is stronger than ever. More importantly, many clinics struggle with maintaining competitive prices.

This is why some clinics offer financing options to patients who don't have the funds upfront. Plastic surgery financing opens the gate for people who want plastic surgery but can't afford it right away while still providing an opportunity for clinics to make more money in the process!

Suppose your clinic doesn't offer plastic surgery financing options, and you're not flexible with payment plans. In that case, it can be difficult to stay on top of the competition. This article aims to explain how you can improve your plastic surgery business through consumer financing.

Plastic Surgery Financing Overview

Not so long ago, only people with deeper pockets could afford plastic surgery. Thanks to recent advances in technology, cosmetic surgery became acceptable to others as well. Breast augmentation, hairline correction, and body lifts are just a few examples of procedures that introduced new methods and equipment that made plastic surgery more affordable.

But even with advances, for most Americans, especially those who rely on personal loans for medical costs, plastic surgery remains beyond its reach.

The main reason is that almost all health insurance options don’t cover elective cosmetic procedures. People who want to improve their physical appearance often go with unsecured personal loans to pay the costs. 

An unsecured personal loan means that there isn't collateral for the loan. Instead, the borrower supports the loan with their assets, and the minimum loan amount depends on the borrower's credit score and credit history.

An average breast augmentation, for instance, costs around $6,525 in the United States, and other surgical procedures such as body lift can go all the way to $15,350, according to the same report. Keep in mind that the costs often don't cover extra fees such as anesthesia, hospital fees, and other healthcare fees.

As unsecured personal loans, plastic surgery loans typically go from $1,000 to $50,000. Still, it can vary depending on credit scores. Clients' credit scores also impact the interest rate, monthly payments, origination fee, and other medical credit elements.

Furthermore, patients can be hesitant to use traditional payment options. Credit cards usually come with a raised interest rate, meaning that even if the client uses a credit card, there are possible extra expenses of monthly interest rates and prepayment penalties.

Additionally, bad credit history means that lenders are less likely to provide the needed financial loan.

To attract more customers to your clinic, you need to provide payment options outside traditional financing. The more opportunities you provide, the more likely the customer will land at your doorstep and pay for the service.

Cosmetic Surgery Financing Benefits

To ensure your business stays afloat, you need to offer top-quality service first and foremost. But there are more quality plastic surgery clinics today than ever before, and it's subject to change in the future even further. Thus, when comparing clinics that offer a single way of payment to clinics that have several plastic surgery financing options, the latter usually enjoy several advantages. Some of the benefits are:

  • Bigger Patient Pool: Providing loan offers means providing service to customers with various financial backgrounds. The first client type is customers who can afford to pay for plastic surgery as a one-time payment either with cash or a credit card. But by focusing on that single group, you're stripping yourself from the second client type. The second type is people who theoretically can't afford a one-time payment or don't qualify for a conventional loan due to a poor credit score. But realistically, they have the financial power to pay for the service.  By limiting your payment options, you're directly pushing that client group away. Instead, it's better to convert them into paying customers.
  • Better Annual Revenue Gain: More users means bigger revenue. By covering all client types, you're creating more financial funnels for your business. If customers know that they can make the monthly payment for cosmetic surgery such as breast augmentation, they are more likely to accept. In the plastic surgery business, many clients are usually on the ropes when making the decision. Since they can't pay with a medical credit card, even if they have one, flexible payments can push the client in the right direction, thus increasing your overall annual revenue gain.
  • More Referrals: Although most small businesses focus on online and traditional marketing to spread the word, the reality is that referral is the king. Actually, customers are four times more likely to buy if referred by a friend. Research shows that referrals and a positive review have more power even than solid brand awareness. Following the same logic, more payment options mean more happy customers. And suppose the happy customer has a friend looking for cosmetic surgery. In that case, they are likely to refer your clinic to that friend, especially if the friend falls in the second client type and doesn't want to use credit cards to pay for cosmetic procedures.

It's no surprise that clinics that offer plastic surgery financing enjoy these benefits. As such, many clinics will try by offering internal loans. 

What Are Internal Loans?

Offering internal loans can be a reliable way of improving your financing options and patient financing.  Internal loans are a solution where a plastic surgery clinic provides personal loans and monthly payments without traditional credit transactions.

This way, the clinic becomes the lender that creates its plastic surgery financing solution. The business ensures that credit and loan transactions go smoothly both for the client and the clinic. That also means that the clinic takes on a heavy responsibility.

Keep in mind that you need to meet legal requirements to provide a loan to clients. Additionally, even though you want to be flexible, you still need to consider which clients qualify for the credit loan. Meaning, you need to have a solid financial background to assess which clients meet minimum monthly requirements.

Clinic employees need a strong understanding of loan policies and enforce them correctly since a minor error can result in a heavy hit to you as a lender. The penalty can be either financial or legal in the form of severe sanctions.

Clinics that decide to offer internal loans usually ask for an origination fee on their service. Meaning, clients need to pay a certain percentage of the total surgical cost in advance. The next step is to check the client's credit score and credit history to deduct if the customer qualifies for a plastic surgery loan.

Before you decide to take the internal loan road, let's check the possible challenges you might face.

Internal Loan Challenges

For cosmetic surgery clinics, numerous challenges can quickly occur if offering internal loans. You're the one handling and are the loaner providing an indirect personal loan amount.

Although this doesn't seem similar to a conventional personal loan at first glance, you still need to consider all traditional elements such as credit score.

Here are major challenges you're likely to face if you decide to take the route.

Loan Defaults

When providing a loan, you might provide one even though the customer doesn't necessarily qualify for a specific loan amount. This can result in loan default. Loan defaults happen when a client with a loan term doesn't pay the monthly payment on time.

For clients, loan defaults often result in severe credit score cuts and the impossibility of receiving future credit.

Although you might think that the debt isn't your worry, this can negatively affect your plastic surgery clinic. Not only do you have to somehow come up with the loan money, but you now also have to get it back.

Furthermore, although it often isn't your fault that the patient can’t afford plastic surgery financing, it can harm your company's branding in the eyes of other clients.

Default Rates

For lenders, default rates are a crucial measuring tool in determining credit risk exposure. If a lender has a high default rate, they often need to reassess their lending procedure. As such, the default rate can quickly stack up with just a couple of clients who fail to pay the loan and end up in debt.

Additionally, default rates are usually higher in healthcare financing compared to financing via a third-party lender. Although the default rate is a great way to keep an eye on your loss potential, it’s often too late if the default rate rises.

The default rate is the overall percentage of all loans that a lender writes of due to failed payments and can also refer to a higher interest rate forced on a client who misses their monthly payments on a loan.

To summarize, it can be hard to keep an eye on your default rate when simultaneously running a plastic surgery clinic.

Patient's Income & Credit Score

As mentioned earlier, it can be difficult to make rational decisions when you provide loans and offer cosmetic surgery services. It's essential to keep an objective approach when deciding if a client does qualify for personal loans and can pay the service.

The primary assessment is to check the patient's credit score, credit history, and current income. Since there are situations where a patient may be capable of paying the service, even with a bad credit score, it takes robust financing knowledge to make the right call.

Inexperience can lead to bad decisions that have adverse financial effects both on you and the patient.

Furthermore, a wrong decision cripples you in two ways. First, a patient that can't pay off the debt means a direct financial loss for you. Second, it can hinder you from providing the loan to a patient who can pay off the loan amount.

Financing Plastic Surgery Alternatives

Fortunately, there are alternatives if you're looking to provide plastic surgery financing but lack the experience necessary to judge a patient's credit score, the origination fee amount, or medical credit.

External Loan Programs

Opposite to internal loans, cosmetic surgery clinics can opt-in for external loan programs. External programs are often more accessible since you're not the one handling different medical financing options.

In other words, you allow third-party lenders to handle assessing client's credit score, possible payment plans, and loans. Finally, you don't have to worry about potential legal or administrative issues, resulting in a more streamlined and healthier financing planning.

For medical loans such as plastic surgery, the most typical external financing program is flexible finance plans. In other words, a plan tailored to the needs of a specific clinic and its potential customers.

This is a great way to tailor financial options to your customers and maximize your revenue since you won't use a general plan. Consumer financing can vary between industries, and you must go with one that fits your customer pool.

Third-party lenders often vary. For plastic surgery clinics, it's usually best to go with a  third-party lender that emphasizes the customer-first approach. The more a lending company pays close attention to customer's specifics, the better the chances that you'll offer reasonable financing solutions that benefit everybody.

Flexible Finance Plans Advantages

The most obvious benefit is that you're employing the service from a third-party financing provider who has vast financing knowledge and lending experience. But this main benefit spills over into other secondary benefits that play a massive role in your company's success. Here are some of the key benefits.

Better Conversion Rates

The better your flexible financing plans are, the greater the chance that you'll land a patient who not only is willing to pay but, more importantly, is capable of paying the service. This immediate boost your conversion rate can have a tremendous positive impact on your business.

Flexibility means paying attention to customer's needs but also capabilities. It is a sensitive balance between providing financial opportunities without compromising your revenue.

Some patients might be okay with certain monthly payments and the interest rate, but the origination fee can be why they decide to cancel the service. But, if you have a flexible plan that allows you to juggle the origination fee and monthly payments, it can provide that push the client needs to accept the plastic surgery offer.

Better Customer Loyalty and Retention

Research shows that a slight 5% increase in customer retention can increase revenue anywhere between 25% to 95%. A returning customer equals a paying customer for whom you don't have to pay secondary fees such as marketing costs.

It's no surprise that a single patient does more than one plastic surgery in their lifetime. A person going for a buttock lift might also come back for a breast augmentation or a breast implant removal.

If, besides quality service, you also offer reassuring financing options and personal loans, you can be sure to boost your retention.

Although plastic surgery is rising in popularity, people are still careful and won't go with the first cosmetic surgery clinic they find. This is usually your chance to build loyalty with customers and ensure they come back when they have to.

Better Market Competitiveness

Plastic surgery is a highly competitive market. Furthermore, people are willing to travel long distances (even cross-border) to get the best service possible.

Cosmetic surgery tourism is growing 25% per year, and the main reason is that customers can pay up to 80% less in other countries. That means that customers are willing to risk quality for a more negligible cost. In other words, even though people undergo plastic surgery for their looks, they still think about money.

By providing flexible personal loans, you're not only beating the domestic competition but international as well.

Picking the Right Plastic Surgery Third-Party Lender

When deciding on a third-party lender, you need to look out for a couple of things. As discussed previously, you want to go with one that pays close attention to your customers' needs and financial capabilities.

Always research and get to know the provider first to ensure their values and morals sync with yours. Going with a lender who only partners because they get their pie cut can mean that the lender ignores your needs. Commonly, this can result in generic medical credit plans that are the opposite of flexible.

Another thing to ensure when picking a third-party lender is to go with fair fees and who doesn't use prepayment penalties. Prepayment penalties are the fee a financing provider uses to force the borrower not to pay off their loan too early. This way, the lender can collect interest thanks to a slower payment schedule and negatively impact your brand.

Fortunately, it doesn't take much research to find the right provider if you know what you’re looking for.

Here's how to team up with Time Investment and create a financing solution tailored to your company's needs.

Time Investment & Flexible Plastic Surgery Financing Plans

Time Investment Company is a seasoned finance company with over 40 years of experience in consumer financing for plastic surgery clinics.

Since we have close ties with companies in different medical, healthcare, and cosmetic sectors, we know what clinics and clients need.

We know current customers’ paying possibilities and how to attract the right customers to your clinic and ensure they become returning customers.

Time Investment Company allows clinics to offer affordable payment solutions that benefit both you and your customers.

We are proud of our streamlined and straightforward process of providing loans. As soon as your patient confirms the order, we release the entire loan amount to you to get the necessary capital.

To learn further how you can start your flexible plan, schedule a call with one of our members, who'll be more than happy to explain the process in detail.

Create a Tailored Plastic Surgery Financing Plan

Plastic surgery is a high-potential business with long-term benefits. But to reap the benefits, first, you need to create a strong position in the market. A sure way to establish yourself is by making it easy for customers to pay for your service.

Get in touch with our strategic team, and they will help you create a custom plan for your business, so your customers get exactly what they need.

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Learn more about how our clients boost sales with our flexible options

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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.

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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.