Understanding Elective Medical Services and the Power of POS Lending
Elective medical services have seen a surge in demand in recent years, with patients seeking ways to improve their health, aesthetics, and well-being. As more individuals turn to treatments like chiropractic care, Botox, peptides, hormone therapy and wellness therapies, the need for accessible financing options grows. Point-of-sale (POS) lending is a powerful tool for elective medical businesses, enabling patients to pursue these treatments with manageable payment plans. In this post, we’ll break down what constitutes “elective medical” and explore the benefits POS lending offers to these businesses and their patients.
What Are Elective Medical Services?
Elective medical services encompass treatments that patients choose to undergo for personal wellness, aesthetic goals, or quality-of-life improvements. These services are typically not covered by standard health insurance, making them out-of-pocket expenses. Here’s a breakdown of popular elective medical services:
Chiropractic Care: Chiropractic services help alleviate back pain, neck pain, and other musculoskeletal issues. While not always covered by insurance, many patients choose chiropractic care for its holistic and non-invasive approach to pain relief.
1. Aesthetic Injectables (Botox, Fillers): Cosmetic injections like Botox and dermal fillers have gained popularity for their ability to reduce wrinkles and improve facial volume. Patients often return for touch-ups, making it an ongoing investment for aesthetic maintenance.
2. Peptide Therapy: Peptides, small chains of amino acids, are used for various health benefits, including muscle growth, fat loss, and anti-aging. Peptide therapy is often categorized as elective and isn’t typically covered by insurance.
Dermatology Treatments: Services like chemical peels, microdermabrasion, and laser treatments fall under elective dermatology. These treatments improve skin tone, texture, and overall appearance, appealing to patients seeking long-term skincare solutions.
3. Hormone Replacement Therapy (HRT): HRT is often pursued by patients looking to alleviate symptoms related to hormone imbalances. Treatments can be costly and ongoing, making financing options appealing to patients.
4. Dental Cosmetic Procedures: Services like teeth whitening, veneers, and bonding are considered elective as they’re usually not medically necessary. Patients often seek financing to manage the cost of these transformative dental procedures.
5. Vision Enhancements (LASIK, PRK): Laser vision correction surgeries are popular among patients looking to reduce dependence on glasses or contacts. Because these are elective, they are often paid out-of-pocket.
6. Wellness and Regenerative Medicine: Regenerative treatments like platelet-rich plasma (PRP) therapy, IV therapy, and stem cell treatments are increasingly popular for their potential to improve recovery and overall health.
These services share a common characteristic: they offer benefits that many patients consider essential to their quality of life but are not typically covered by insurance. As a result, POS lending has become a valuable resource in making these services more accessible.
The Benefits of POS Lending for Elective Medical Services
For elective medical businesses, offering POS lending at checkout can enhance the patient experience and drive business growth. Here’s how:
1. Increased Sales and Treatment Plan Adoption: Offering POS financing options enables patients to spread out the cost of treatments over time. This affordability makes them more likely to commit to higher-priced treatment plans or multiple sessions, directly increasing the average transaction value.
2. Improved Conversion Rates: When patients know they have access to financing, they’re more likely to proceed with the treatment they want rather than holding back due to cost concerns. POS lending can reduce “sticker shock,” increasing the likelihood of conversion, especially for new patients.
3. Enhanced Patient Retention: Elective treatments often require multiple visits or follow-up sessions, whether it’s for aesthetic maintenance or long-term wellness goals. Financing options give patients more freedom to commit to ongoing treatment, increasing retention and building a stable, recurring revenue stream for the business.
4. Competitive Advantage: Elective medical is a competitive field, with numerous providers offering similar services. POS lending can give businesses an edge by making treatments more accessible and affordable for a broader audience, helping them stand out and attract more patients.
5. Positive Patient Experience: Financial accessibility can make a significant difference in patient satisfaction. Offering convenient payment plans can ease the financial burden on patients, leaving them with a positive experience they’re more likely to recommend to friends and family.
Implementing POS Lending in Elective Medical Businesses
For businesses looking to implement POS lending, there are several factors to consider:
Selecting a Full-Spectrum Lender: Choose a POS lender that offers options across the credit spectrum, from prime to subprime, to ensure financing is accessible to as many patients as possible. Enable Financing is the leader in POS lending offering a waterfall of top lenders for elective medical merchants.
Integrating Seamlessly: Ensure that your POS lending provider integrates smoothly with your checkout process—whether online or in-office—to offer a streamlined experience for patients.
Educating Staff and Patients: Make sure your staff is trained to explain the benefits of financing options. Patient education on POS lending can play a critical role in converting interest into bookings.
Final Thoughts
Elective medical businesses stand to benefit significantly from POS lending. By offering flexible financing options, they make their services more accessible to patients, increasing average transaction sizes and driving higher conversion rates. Patients, in turn, benefit from enhanced access to the treatments they want and need. For businesses offering services like chiropractic care, Botox, peptides, and more, POS lending is a powerful tool that aligns with patient needs while fostering growth and a competitive edge in the market.
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