patient financing
Patient Financing That Simply Works
A financing solution that works for you – not the other way around.
Here at BACMAC, our goal is to offer a turn-key resource for Health Care Providers seeking a financial plan for their patients who need a means for payment of services. We have partnered with The HELPcard and Compass Payment Solutions to present a best-in-class financing system that truly works for you and your patients.
The HELPcard®
Established in 1983, The HELPcard® Patient Finance Program serves prime and near-prime patients desiring to finance surgical procedures and treatments. Patients will complete a simple, short application. You will then submit their application to The HELPcard® via phone, fax, or online application. Within minutes (or seconds, if you use the online application), a line of credit will be granted to qualified applicants. This credit line can be used immediately.
For The HELPcard® doctors who desire it, The HELPcard® also offer Billing Program Options.
For 33 years, The HELPcard® has assisted our doctors by designing tailored programs which provide low monthly payment options to their patients. The HELPcard® proactively searches for ways to approve your patients – both those with great credit and those with less than perfect credit. Since we have decades of experience tailoring programs based on the needs of our doctors, you do not have to change your processes to use The HELPcard® program. We will give you a program that fits in your already-developed setting.
The HELPcard® offers customized programs. Our specialty is providing very dynamic revolving lines of credit for almost any type of opportunity.
Some of The HELPcard® services include:
The HELPcard® Patient Finance Program specializes in financing patients with A, B and C credit.
Increase case acceptance by offering affordable monthly payments to your patients.
By offering The HELPcard® Patient Finance Program you will:
The HELPcard® practices nationwide have proven that breaking down treatment plans into easy-to-budget payments helps their patients afford the recommended treatment. By adding monthly payment options to your practice, you can experience immediate growth and increase your cash flow.
Compass Payment Solutions
By combining a loan processing technology platform with a team of dedicated Professional Finance Managers, Compass will operate as your back office Finance Department.
With this format, your clinic can submit an application by phone or through the web site. The finance paperwork will be received by your assigned Finance Manager at Compass and you will then be sent an immediate “pre-determination”. Next, your Compass Finance Manager will submit the request to every possible lender, and within 15 minutes, you will get the response(s) back.
When approved and closed, you will be paid 100% of your fee, with no chance of recourse!
Stop Paying High Lender Fees
We have one basic philosophy as it relates to fees: Why should a health care provider have to pay a fee to a finance company for a patient who needs a loan to pay for their services?
We offer…
Compass maintains a stand-ready staff specific to your account. To fully utilize this we request that your practice process a minimum of one loan a month through our system in order to keep your account active.
The bottom line is simple: You quote your best cash price for services, and submit an application. We then process the application and send you an approval with a 100% pay-out of that price.
Patients Always Get The Best Rate & Terms
Compass does not benefit financially based on the Interest Rate or Terms! That puts Compass on your side and the side of your patients.
We are often asked what are the Interest Rates and Terms a patient will be offered by the lenders. That answer is simple; they will get the best deal for which they qualify!
Our Vendors Offer Two Kinds of Loans
1) Revolving lines of credit: Rates ranging from 5.9% to 27.9%. However, they usually offer 0% introductory terms for up to 18 months. The standard Care Credit deal is a widely used example of this.
2) Fixed Installment Contracts: Most installment contracts have shorter terms (up to 48 months) with a fixed interest rate no higher than 18% and as low as 8%.
How Do I Get Started?
Compass patient financing has created a simple, turn-key system that is as easy to set up and use for your practice as it is for your patients. Just fill out the simple one page enrollment form and you will have a dedicated Finance Manager on the line. The application is entirely online (nothing to download or install) and your patient will have a list of potential lenders within minutes.
Simple One Page Application
Your patients need care and Compass works with them to find the best possible loan. Generous Interest Rates and No-Interest Introductory Terms allow for great flexibility. Your patients can rest easy knowing they have secured the best terms available to pay for their healthcare.
Market Overview
In today’s market, patients are confronted by higher out of pocket costs for medical treatments. Many patients are opting to finance their care through other financing companies, but with stringent credit guidelines those with less than perfect credit often will not qualify for financing. AMS has the solution to this dilemma by offering a financing option which will help the doctor retain those patients who would normally be lost due to a lower credit score.
This plan allows the provider to offer his or her patients diverse and affordable funding options.
How Compass Stacks Up
Compass Solutions Other Patient Financing Options
100% pay for services 80-90% pay for services
Financing for patients with credit scores down to 630 Financing for patients with credit scores down to 730
Dedicated Finance Manager for all accounts An automated system
Multiple lenders compete for your patients’ business A single lender offering limited options
No up-front cost to the provider Provider pays a fee for patient financing
The Bottom Line
Each practice is different and at BACMAC, we will sit down with you for a focused consultation. To see just how much your practice can be making in additional revenue:
A financing solution that works for you – not the other way around.
Here at BACMAC, our goal is to offer a turn-key resource for Health Care Providers seeking a financial plan for their patients who need a means for payment of services. We have partnered with The HELPcard and Compass Payment Solutions to present a best-in-class financing system that truly works for you and your patients.
The HELPcard®
Established in 1983, The HELPcard® Patient Finance Program serves prime and near-prime patients desiring to finance surgical procedures and treatments. Patients will complete a simple, short application. You will then submit their application to The HELPcard® via phone, fax, or online application. Within minutes (or seconds, if you use the online application), a line of credit will be granted to qualified applicants. This credit line can be used immediately.
For The HELPcard® doctors who desire it, The HELPcard® also offer Billing Program Options.
For 33 years, The HELPcard® has assisted our doctors by designing tailored programs which provide low monthly payment options to their patients. The HELPcard® proactively searches for ways to approve your patients – both those with great credit and those with less than perfect credit. Since we have decades of experience tailoring programs based on the needs of our doctors, you do not have to change your processes to use The HELPcard® program. We will give you a program that fits in your already-developed setting.
The HELPcard® offers customized programs. Our specialty is providing very dynamic revolving lines of credit for almost any type of opportunity.
Some of The HELPcard® services include:
- Revolving loans
- Private label cards
- Access to a unique processing platform
- "Plug-and-play" consumer application link for eCommerce
- And much more!
The HELPcard® Patient Finance Program specializes in financing patients with A, B and C credit.
Increase case acceptance by offering affordable monthly payments to your patients.
By offering The HELPcard® Patient Finance Program you will:
- Increase acceptance of full comprehensive treatment plans
- Be able to focus on practicing medicine, not banking
- Significantly reduce the cost and time of in-house billing and collections
- Assist patients with the increasing cost of "out of pocket" expenses
- Create a line of credit for patients to receive ongoing treatment without reapplying
- Ensure a competitive edge by offering promotional options, such as deferred interest or reduced interest options
The HELPcard® practices nationwide have proven that breaking down treatment plans into easy-to-budget payments helps their patients afford the recommended treatment. By adding monthly payment options to your practice, you can experience immediate growth and increase your cash flow.
Compass Payment Solutions
By combining a loan processing technology platform with a team of dedicated Professional Finance Managers, Compass will operate as your back office Finance Department.
With this format, your clinic can submit an application by phone or through the web site. The finance paperwork will be received by your assigned Finance Manager at Compass and you will then be sent an immediate “pre-determination”. Next, your Compass Finance Manager will submit the request to every possible lender, and within 15 minutes, you will get the response(s) back.
When approved and closed, you will be paid 100% of your fee, with no chance of recourse!
Stop Paying High Lender Fees
We have one basic philosophy as it relates to fees: Why should a health care provider have to pay a fee to a finance company for a patient who needs a loan to pay for their services?
We offer…
- No Enrollment Fees!
- No Monthly Fees While Your Account is Active!
- 100% Pay-out on every closing!
Compass maintains a stand-ready staff specific to your account. To fully utilize this we request that your practice process a minimum of one loan a month through our system in order to keep your account active.
The bottom line is simple: You quote your best cash price for services, and submit an application. We then process the application and send you an approval with a 100% pay-out of that price.
Patients Always Get The Best Rate & Terms
Compass does not benefit financially based on the Interest Rate or Terms! That puts Compass on your side and the side of your patients.
We are often asked what are the Interest Rates and Terms a patient will be offered by the lenders. That answer is simple; they will get the best deal for which they qualify!
Our Vendors Offer Two Kinds of Loans
1) Revolving lines of credit: Rates ranging from 5.9% to 27.9%. However, they usually offer 0% introductory terms for up to 18 months. The standard Care Credit deal is a widely used example of this.
2) Fixed Installment Contracts: Most installment contracts have shorter terms (up to 48 months) with a fixed interest rate no higher than 18% and as low as 8%.
How Do I Get Started?
Compass patient financing has created a simple, turn-key system that is as easy to set up and use for your practice as it is for your patients. Just fill out the simple one page enrollment form and you will have a dedicated Finance Manager on the line. The application is entirely online (nothing to download or install) and your patient will have a list of potential lenders within minutes.
Simple One Page Application
Your patients need care and Compass works with them to find the best possible loan. Generous Interest Rates and No-Interest Introductory Terms allow for great flexibility. Your patients can rest easy knowing they have secured the best terms available to pay for their healthcare.
Market Overview
In today’s market, patients are confronted by higher out of pocket costs for medical treatments. Many patients are opting to finance their care through other financing companies, but with stringent credit guidelines those with less than perfect credit often will not qualify for financing. AMS has the solution to this dilemma by offering a financing option which will help the doctor retain those patients who would normally be lost due to a lower credit score.
This plan allows the provider to offer his or her patients diverse and affordable funding options.
How Compass Stacks Up
Compass Solutions Other Patient Financing Options
100% pay for services 80-90% pay for services
Financing for patients with credit scores down to 630 Financing for patients with credit scores down to 730
Dedicated Finance Manager for all accounts An automated system
Multiple lenders compete for your patients’ business A single lender offering limited options
No up-front cost to the provider Provider pays a fee for patient financing
The Bottom Line
Each practice is different and at BACMAC, we will sit down with you for a focused consultation. To see just how much your practice can be making in additional revenue:
- Consider the last 15 patients that went unapproved for financing or simply could not afford treatment. How much revenue did your practice miss out on?
- For each treatment that a patient received financing for, how much did your practice have to pay for their financing?
- Add those numbers together and if you would like to see that revenue added to your practice.
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To learn more, please call 800.240.9473 today.
