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When you think of financing, what is the first thing that
comes to mind? For most, you think loan or line
of credit. How do you go about getting one of these? A credit check would be run which now means you
are
being judged by your creditworthiness. This creditworthiness will be the deciding factor on
approval,
dollar amount available, or a decline. Medical loans are likely the most expensive way to cover your
medical costs, and you must have excellent credit to qualify for the lowest rates offered by
lenders.
Denefits changes the way you finance patients. You never have to turn anyone away with Denefits
because
there are no credit checks, so you can throw creditworthiness out the window! Denefits financing
software allows you to place all of your patients on an easy monthly payment plan providing the best
option to cover emergency or planned medical procedures like root canals or plastic surgery or pay
for
high
deductibles and out-of-network charges.
Payment Plans
- No Credit Checks
- Monthly Payments minus fees
- 10% fee
- You can charge your own interest
- Make even more money over time
- Guaranteed Payments
- Instant Approvals
- Finance Anyone for any amount
- Customizable Interest Rates
- Flat $30 Enrollment Fee to the patient
- Guaranteed Payments
- Monthly Recurring Revenue
- Secure HIPAA Compliant Financing System
- Get paid on a daily basis
- Social Payments - Patients get help making payments during those hard times by family, friends and other kind-hearted individuals
Traditional Loans
- Credit Checks
- Upfront Payment minus fees
- Large Fees
- Cannot charge your own interest
- Loose money upfront
- Interest Rates as high as 29.9%
- Approvals can take up to 10 days
- Minimum Loan Amounts Needed
- Fixed Interest Rates up to 36%
- Origination fee up to 6% of Loan
- Non-Guaranteed Payments
- 60 to 70% Patients Declined
- Loan/Line of Credit
- Limited Duration options available
- No earning include, this costs you a percentage of the loan
Please see the calculator below for a reference of how much revenue you make by not turning away patients.
Number of Patients denied financing per month
{{patient.value}}
Patients
Average amount of denied treatment
$ {{amount.value|number: 2}}
Rate of Interest on Denefits
{{interest.value|number: 2}} %
Let's see how your practice did in
{{monthDisplay}}
You Lost
$ {{(denefitsTotal)|number:2}}
Number of Patients financed per month
{{patient.value}} Patients
Average amount to be financed
$ {{amount.value|number: 2}}
Rate of Interest on Denefits
{{interest.value|number: 2}} %
Let's see how your practice did in
{{monthDisplay}}
You {{gain>=0?'Gain':'Lose'}}
$ {{(gain)|number:2}}
Lenders: Charge 15% of financed amount
- With Denefits if you were to finance 10 patients per month at $2,000 each with an interest rate of 10% over 12 months you would increase revenue by $265,131.60 after 12 months.
- With traditional lenders, if you were to financing 10 patients in one month at $2,000 each you would end up getting $16,000.
The best part is that this is just over one month. If you multiplied these by 12 months then you would have the following numbers:
Denefits:
{{month.value*patient.value}} Patients would make you: ${{denefitsTotal|number:2}}
Traditional Financing Companies:
would make you: ${{lenderTotal|number:2}}
That is a loss of ${{denefitsTotal - lenderTotal|number: 2}} with traditional financing companies
Others
Provide software which has credit checks and only approve nearly 30% of the patients who apply for credit. Charge high-interest rates and high fees to the providers so they are left with nearly 20% less than what they should be getting.
Denefits
When you think of financing, what is the first thing that comes to mind? For most, you think loan or line of credit. How do you go about getting one of these? A credit check would be run which now means you are being judged by your creditworthiness. This creditworthiness will be the deciding factor on approval, dollar amount available, or a decline. Medical loans are likely the most expensive way to cover your medical costs, and you must have excellent credit to qualify for the lowest rates offered by lenders.
