May 2, 2016

Which Type of Patient Financing is a Better Fit for Your Office?

The high cost of healthcare can be overwhelming. Many patients often wonder how they will pay for the treatment they want or need. Patients in the cosmetic surgery, bariatric surgery, fertility and dental industries regularly turn to credit cards to pay for treatments and procedures, but it may not be the most financially sound choice for them or your practice.

Financing treatments with healthcare credit cards could cost your patients and your practice money.

It’s time to look at a different financing option. Which is a healthier financing choice for your patients and a better option for your practice: credit cards or fixed rate installment loans?

Why installment loans are a healthier option for your patients:

Prosper Healthcare Lending provides patients with access to simple installment loans that charge no retroactive interest. Through Prosper, the patient will receive a fixed interest rate, meaning it will not change for the life of the loan so patients can more easily budget each month. Compare that to our competitors who offer credit cards with a revolving line of credit with harmful penalty fees and retroactive interest. Healthcare credit cards may be a convenient way to pay for smaller amounts over a very short period of time, but they are not a sensible way to finance high dollar procedures over $2,000. By paying for expensive procedures using a credit card, the patient runs the risk of being thrown into debt that could burden them for years.

Why installment loans are a better option for your practice:

Healthcare providers have become numb to paying fees when considering financing options for their patients. Prosper Healthcare Lending has taken a healthier approach. We give patients access to more responsible financing options at zero-cost to the practice on fixed rate installment loans.  Patient financing companies with healthcare cards charge your practice a fee of 3-15% on all funded loans.

See the table below to see how Prosper Healthcare Lending compares with the leading competitor in the patient financing industry:

Prosper Healthcare Lending Leading Competitor
  • Simple interest installment loans
  • Revolving line of credit
  • Fixed interest rates that don’t change for life of the loan
  • Penalty interest rates for late or misses payments
  • Terms of 36 or 60 months*
  • Terms up to 60 months
  • No harmful retroactive interest
  • Charges retroactive interest
  • Inquiry does NOT affect patient’s credit
  • Inquiry DOES affect patient’s credit
  • No practice fees per funded loan on non-promotional products
  • Charges practice fees per funded loan

The financing company your practice refers patients to plays a critical part in the patient’s overall experience. With Prosper Healthcare Lending, you can be confident your patients will receive the best loan options available, reinforcing the positive image you worked hard to create while saving your practice money.

If your healthcare practice is interested in a financing company that makes sense for you and your patients, call for a free web demonstration.

* Annual Percentage Rates (APR) range from 5.99% to 36.00%. A borrower’s actual APR will depend on credit score and other factors. All loans funded by WebBank, a Utah-chartered industrial bank, member FDIC.

Loan terms of three and five years are available through Prosper. Annual percentage rates through Prosper range from 5.99% to 36.00% for first-time borrowers, with the lowest rates for the most creditworthy borrowers. For example, a five year $10,000 loan with a rate of 9.68% APR would have 60 scheduled monthly payments of $201. Actual rate depends on credit history, income, and other factors. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to a borrower’s account and that the borrower meets credit and other conditions.