Beginner's Guide to Offering Finance on Private Medical Procedures

Who Will Benefit Most From This Guide?

Are you a private medical provider or thinking about upgrading your clinic? Maybe you're curious about how you can make healthcare easier for your patients. If so, this friendly guide is just for you! We'll tackle the essentials of offering finance for private medical procedures in the UK, keeping things light and easy to follow.

What Does 'Offering Finance' Really Mean?

Simply put, offering finance is giving your patients a way to pay for treatments in smaller, more manageable chunks, rather than all at once. Think of it as a helping hand, making important medical procedures more accessible, no matter a person's budget.

Why Helping Patients Spread the Cost Matters

Not everyone can cover the cost of elective surgery or dental work upfront. Here’s why offering finance can be a win-win:

• Opens up access to treatments for more people.
• Makes your services stand out from the competition.
• Helps patients reduce money worries, so they can focus on their health.
• Can grow your patient base and boost your business reputation.

Remember, a flexible approach shows your patients you truly care.

How Does Finance Work for Private Procedures?

Let’s break it down nice and simply:

1. Partner with a finance broker: Work with a company (like Kandoo!) that specialises in affordable retail finance.
2. Patients choose their plan: You’ll offer payment plans, so patients can spread their costs over a set period.
3. Quick decisions: Finance is usually approved quickly, meaning less admin for you and no long waits for your patients.
4. Payment goes to you upfront: The finance company pays your clinic, so there’s no chasing late payments—while the patient repays the loan over time.

Real-Life Example: Meet Sarah

Sarah needs a private knee procedure, but the total price tag (£3,500) is a stretch right now. Her clinic offers a 12-month payment plan. Sarah applies, gets accepted, and pays just over £291 each month—spreading the cost while getting the care she needs, when she needs it.

Busting the Jargon: Key Terms Explained

• Finance Broker: A middle person who arranges finance between patients and lenders.
• Retail Finance: Payment solutions for consumer purchases (like medical treatments), paid off over time.
• APR: Annual Percentage Rate, which is the real cost of borrowing (including fees and interest).
• Eligibility Check: A quick look at a patient’s financial details to see if they qualify for a finance plan.
• Repayment Term: The length of time someone has to pay off their loan.

Frequently Asked Questions

Do patients need good credit to be approved?
Most brokers will run a credit check, but there are payment plans designed for a range of credit backgrounds.

Is the application process complicated?
Not at all! It's often digital, quick, and user-friendly, with clear instructions from start to finish.

Who pays the clinic?
The finance provider pays your clinic, so you get your funds quickly.

Are there any risks for my business?
Working with a reputable broker means they take on the risk of non-payment, not you.

Can I offer finance on all procedures?
Usually, yes—though some brokers might have a minimum or maximum loan amount.

Ready to Make Healthcare More Accessible?

Keen to find out how you can help more patients while building your business? Reach out to a finance specialist like Kandoo today. We're here to answer your questions and support you every step of the way. Let’s open the door to easier, more inclusive private healthcare—together!