In-House Patient Financing

Creating and Advertising Short Term Payment Plans can add significantly to Revenues, Profits and your Patient Base…

ExtendCredit.com powers your payment plans and makes it easy to use medical procedure financing to grow revenues, patient loyalty and profits:

A Payment Plan Option from 90 days to 12 months makes necessary self-pay procedures accessible and affordable to many more patients, more often.

Payment Plans help patients pay for large out-of-pocket costs enabling the practice to stay in control of outstanding receivables balances.  Industry studies have shown that over 40 percent of the United States population needed financial assistance for out-of-pocket healthcare costs over $1,000 (GfK Roper Group 2008 study).

An internally sponsored payment plan can negate the need for complex, intimidating, costly and often ineffective 3rd party financing options.  And in today's economic climate obtaining 3rd party financing is more challenging than it has ever been and personal options such as credit cards are proving to be very limited solutions. Over 35%, or 40 million people now have credit scores under 650, and credit card industry surveys have found that over 29% of the United States population doesn't even have a credit card, and of those that do over 15% have no available credit (Cards.com 2007 survey)

Elective and Cosmetic procedures can be successfully and more profitably marketed by advertising a payment plan as opposed to a less attractive cash price.

With an internally sponsored payment plan, you set the interest rate or payment premium, term, amount of the payment and make the credit decision. You serve more patients more often and more profitably.

ExtendCredit.com also drives collection of accounts receivables

Allow your Biller or AR Department to offer payment plans to patients with large outstanding balances due.

Offering a payment plan patients can afford to retire balances due will...

• Allow you to retain more loyal patients.
• Prevent the debt from becoming toxic and ending in collections or a write-off.
• Get cash flowing from these accounts receivables.
• Prevent avoidance of the debt by offering a practical option to pay.

Why ExtendCredit.com?

Today more than ever, patients do not have the excess cash or available credit to pay for unplanned, needed or desired medical procedures.

Patients with inadequate available credit on their credit cards will unlikely qualify for your 3rd party financing options so the ability to offer surgery financing or other in-house medical procedure financing plans allows patients to more seriously consider your services.

Self-Pay, Elective and Cosmetic Services and procedures can be the most profitable as no insurance discount or write off balance will detract from revenues. Offering the patient a simple extended payment plan can make these services even more frequent and more profitable.

ExtendCredit.com complements your 3rd party financing option for expensive procedures and gives you more flexibility and opportunity to accommodate patents needing payment options. Also, payment plans you create and promote will drive incremental revenues and solicit more patients.

ExtendCredit.com does everything for you:

Just log into your ExtendCredit.com account and you can…

• Initiate a payment plan with the term and interest rate you desire.
• Calculate the payment for the patient to accept.
• Generate a credit agreement for the patient to sign.
• Run an optional, instant credit and identity check.
• Activate the payment plan on the system.

The system then:

• Collects the payments as due from the patient and deposits the principal and interest in your bank account.
• Resolves and collects any missed or defaulted payments.
• Provides detailed reports on account status and projected cash flow.