The American Society of Plastic Surgeons found that Americans spent almost $16.7 billion on cosmetic surgeries in 2020 alone. Considering that many elective procedures were canceled or rescheduled during 2020 due to the COVID-19 pandemic, $16.7 billion is a whopping amount to be spent by Americans. It should be noted that this number would likely be larger if every patient who wanted cosmetic surgery could finance the associated costs or if such procedures were accessible despite the health risks that plagued the year.
Why Should Patients Finance Cosmetic Surgery Procedures In-House?
There are countless reasons why an individual may choose to become a plastic surgery patient. The ability to look better, feel more self-confident, experience a greater sense of happiness, and live a higher-quality life represent just a few reasons why patients choose to undergo cosmetic procedures. Patients may want to reduce scarring or blemishes, tighten their skin, or change their body’s overall shape to look more aesthetic according to their own standards or societal expectations.
Unfortunately, many cosmetic surgeries are considered elective, which restricts their ability to be paid for by health insurance agencies. Even medically-necessary procedures are challenging to have covered by insurance. Patients may have to fight with their medical insurance agencies for months or even years -proving that alternative treatments and medication have not resolved their pain- to be considered a potential surgical candidate. Otherwise, cosmetic surgeries cost thousands of dollars, which can result in debilitating debt faced by patients who must pay out-of-pocket.
While some surgeons offer a lower price for their services, this may indicate that they lack the credentials and experience necessary to provide their patients with their ideal results. Either way, patients who undergo cosmetic procedures must lose out on wages while healing and continue to pay their monthly bills in addition to their procedures’ costs. If patients can finance their surgeries in-house, they can decrease their stress, budget for their lives, create positive relationships with their surgeons, and obtain their surgeries more quickly than if they had to pay upfront.
Which Plastic Surgery Procedures can be Financed In-House?
This is up to the discretion of the surgeon and practice. Some of the plastic surgery procedures which are commonly able to be financed in-house include: liposuction, body lift, facelift, rhinoplasty, breast augmentation, and scar removal. The surgeries listed above range from minimally invasive to highly invasive, each requiring different techniques and different expected recovery times. The cost of each surgery reflects the amount of skill, tools, surgical staff, and time required.
Plastic Surgery In-House Financing Options
Traditional In-House Financing
To finance cosmetic procedures in-house, patients and surgical providers establish payment plans in a direct contract, rather than a patient having to apply for financing options such as credit cards or loans through outside financial companies. Some of the perks associated with plastic surgery financing are that payment plans generally have low- or no interest, no prepayment penalty, and clearly outlined monthly charges. Additionally, when compared to credit cards or loans, in-house financing is beneficial for patients because medical practices only run a soft credit check, which does not affect applicants’ credit. It is simple for patients to apply for in-house financing online, from anywhere, in just a few minutes!
Hybrid In-House Financing
Hybrid in-house financing takes place when an outside company works, on behalf of a medical practice, with a patient. This third party is in charge of ensuring that patients with in-house financing meet all legal and contractual requirements of their payment plans. Essentially, even though patients can sign up for in-house financing through the medical practice with whom they are working, their payment plan is outsourced so that medical practices do not have to act as financial companies.
Hybrid in-house financing is more straightforward for patients than financing via an independent company. Under hybrid contracts, patients are usually required to pay interest, but this interest rate is typically lower than financing through an outside company. The payment plans created via hybrid in-house financing can be altered after a contract is made if surgeons approve such changes. Therefore, if a patient becomes economically burdened by outside costs, they can continue to live their daily lives without worrying about missing their due payments, dropping their credit score, and tarnishing their credit history.
Conclusion
In the past, millions of Americans have been unable to access plastic surgery in order to achieve the body of their dreams because of the tremendous costs associated with undergoing cosmetic procedures. Now, with so many financing options available, patients may be overwhelmed by the pressure to make the best financial and physical choices. Thankfully, in-house financing options give patients the ability to enhance their bodies with the help of the most well-qualified surgeons who allow their patients to finance procedures over a few months.
While traditional in-house financing is appealing because of minimal fees and interest, this option is relatively uncommon because of the financial risk to surgical practices. Namely, such practices could be forced to close if patients do not repay their debts on time, if at all. Further, many traditional in-house payment plans operate similarly to putting an item on layaway. Patients only undergo cosmetic operations after completing the monthly payments totaling the amount of their upcoming procedure. This can delay procedures by months or years, which is longer than many patients would like to wait.
Alternatively, hybrid in-house financing is more commonly offered by surgical practices because it benefits all parties involved in the transaction. The patient gets their surgery and can finance the fees over time; the surgical practice gets paid by a new or loyal customer; the financing company who manages the payment plan collects a small expense to provide services and remain in business. Visit the Denefits website today to learn more about how any patient can get financing for cosmetic surgery.
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