Top 3 Reasons Your Med Spa Should be Offering Patient Financing
I just recorded a future podcast episode on how to offer patient financing to your patients. Our guest was Melinda Kosareff from Denefits. While it was fresh on my mind I wanted to share 3 reason you absolutely need to provide patient financing options.
Denefits offers an amazing service to practices and you can hear all about that in the podcast episode. In the mean time, enjoy this video while getting a leg-up on your competition.
Let's talk about those top three reasons you should be offering patient financing...
Here are the 3 Reasons Your Med Spa Should Offer Patient Financing or Payment Plans
Reason Why Your Med Spa Should Offer Patient Financing:When a new patient comes in for consultation, they already kind of have an idea what they want, what they’ve been looking for, how they want to look, how they want to feel. When they come in, they may have an idea about the price.
Once you give your prospective patient the quote, they may be sticker shocked or even think to themselve “I cannot afford it at this time”.
Or maybe really want the procedure and they understand the value but they maxed out their credit cards and they don’t have enough to pay for it AT THE MOMENT.
You should have the ability to make your services available to them. Now, if you don’t offer finance options or a payment plan for your med spa services and they simply don’t have the funds to move forward – they’re going to move to another office that does or one that is less expensive.
You then you just lose a patient… right?
Reason Why Your Med Spa Should Offer Patient Financing:Well, it’s not only that one service that you’re losing out on! You’re losing the future services. As you know, most patients are loyal. Especially if you’re med spa is providing an incredible experience while making them look and feel better. They will get multiple procedures done.
If they’re coming in for botox or cool sculpting, they will need a series or multiple procedures. For most, it’s lifelong maintenance. So if you lose them on that first initial foot in the door, you’re going to lose them on everything.
Reason Why Your Med Spa Should Offer Patient Financing:Sometimes the patient just needs to be able to justify investing in themselves. Let’s face it your services are seen as a luxury to most.
A lot of times if it’s a big dollar or a big ticket, I should rephrase that. If they see it as a big ticket item, they may feel guilty, or even think to themself “How dare I invest that money in myself. It could be going towards the family. My car needs something. I could be paying off some bills.”
So there is this internal struggle. They have guilt that they’re trying to justify and if the money really isn’t there or if they have credit available, maybe it is just a little bit.
If your med spa offers patient financing, instead of paying off one big fee, they now can have these smaller monthly payments. They’re no longer looking at a huge dollar amount. They’re looking at – okay- I’m paying whatever it is. $50, $100, $300 a month.
The smaller ticket amount is sometimes a little easier for them to swallow or justify to themselves or their spouse.
Using a patient financing service like Denefits, you will be able to bring in more revenue while rapidly scaling your Med Spa!
Here is a quick recap on why you cannot afford NOT to offer payment plans to your patients:
- First, if they really can’t afford your services, they’re going to go move on to somebody that either has a payment options for them or somebody that is less expensive that doesn’t do as great of a job as you do.
- Second, you’re not only losing out on that first procedure that they couldn’t afford, but you’re losing that longterm customer, those repeat procedures or those other areas or body parts or other injectables that they’re going to need.
By now, I hope your starting to understand the importance of offering patient financing or payment plans.
- Lastly, for justification to themselves. I know that might sound silly to some people, but being a woman, I kind of understand that and feeling that this is a selfish purchase even though it’s not. But some people internalize it as a selfish purchase and when they have to make that big dollar amount instead of little monthly payments where they could justify it to themselves or to their spouse.
If you lose a new patient, you are not just loosing a sale! If Med Spa has provides incredible results - You're loosing a life long customer!
There's a lot of different providers out there. Denefits is one that there's absolutely no risk to you and everybody gets approved. Check Melinda and the rest of her team out!
I'll talk to you soon. Have a great rest of day!