Now You Can Stop Storing Patient Loan Applications

May 2, 2016

Patient financing services should support your practice by increasing the financing options available to your patients while saving you time and money.  Instead, the leading companies in the patient financing industry provide patients with healthcare credit cards, which are both time-consuming and costly for your practice.

With healthcare credit cards, the process of providing your patients with access to financing is very complicated. Your office must not only personally sign and date each loan application, but also save and file a paper copy of each application for approximately 6 to 7 years! This method of patient financing will cost your office valuable time that you could use towards helping your patients.

Assuming your office received one application per day with a healthcare credit card, you would be required to store over 38,880 pages of paper over a 10-year period. This is over 388 pounds of paper and would fill up 4 vertical filing cabinets with 4 drawers each. Storing applications will also take up a significant amount of space in your office.

Most healthcare cards give your office a choice to either retain these records or ship them back to the credit card company, resulting in hundreds of dollars in shipping costs. Dealing with paper applications will also cost your office a significant amount in wages to process, file and box up and ship every single application.

Prosper Healthcare Lending, (PHL) is changing the way healthcare providers view patient financing. Instead of offering borrowers healthcare credits cards, Prosper will provide them with access to simple interest installment loans. These loans are completely paperless, meaning the healthcare provider does not need to store applications indefinitely and there is no need to print and personally sign each application.

PHL also operates an easy to use online provider dashboard giving your office access to real-time tracking on loan inquiries, detailed reporting, unlimited training and support, and access to our live lending consultants through Live Chat (instant messaging).

Prosper will save your practice time and money by providing access to responsible patient financing options.

Patients can apply for a loan directly from a link on your practice website. They can also check their rate quote online in seconds without hurting their credit score. And finally, your patients will never be hit with harmful retroactive interest or hidden fees.

Prosper Healthcare Lending is disrupting the patient financing industry by offering an innovative, easy-to-use patient financing platform for healthcare providers.  Through Prosper, you will be able help more patients receive the treatment they want or need without wasting time from your busy day with extra administrative hassle.  To learn more about how Prosper can save your practice time and money call 888-602-6066 to schedule a free web demonstration.

*All loans funded by WebBank, a Utah-chartered industrial bank, member FDIC.

Fixed Rate Installment Loans Vs Credit Card Loans

Which Type of Patient Financing is a Better Fit for Your Office?

The high cost of healthcare can be overwhelming. Many patients often wonder how they will pay for the treatment they want or need. Patients in the cosmetic surgery, bariatric surgery, fertility and dental industries regularly turn to credit cards to pay for treatments and procedures, but it may not be the most financially sound choice for them or your practice.

Financing treatments with healthcare credit cards could cost your patients and your practice money.

It’s time to look at a different financing option. Which is a healthier financing choice for your patients and a better option for your practice: credit cards or fixed rate installment loans?

Why installment loans are a healthier option for your patients:

Prosper Healthcare Lending provides patients with access to simple installment loans that charge no retroactive interest. Through Prosper, the patient will receive a fixed interest rate, meaning it will not change for the life of the loan so patients can more easily budget each month. Compare that to our competitors who offer credit cards with a revolving line of credit with harmful penalty fees and retroactive interest. Healthcare credit cards may be a convenient way to pay for smaller amounts over a very short period of time, but they are not a sensible way to finance high dollar procedures over $2,000. By paying for expensive procedures using a credit card, the patient runs the risk of being thrown into debt that could burden them for years.

Why installment loans are a better option for your practice:

Healthcare providers have become numb to paying fees when considering financing options for their patients. Prosper Healthcare Lending has taken a healthier approach. We give patients access to more responsible financing options at zero-cost to the practice on fixed rate installment loans.  Patient financing companies with healthcare cards charge your practice a fee of 3-15% on all funded loans.

See the table below to see how Prosper Healthcare Lending compares with the leading competitor in the patient financing industry:

Prosper Healthcare Lending Leading Competitor
  • Simple interest installment loans
  • Revolving line of credit
  • Fixed interest rates that don’t change for life of the loan
  • Penalty interest rates for late or misses payments
  • Terms of 36 or 60 months*
  • Terms up to 60 months
  • No harmful retroactive interest
  • Charges retroactive interest
  • Inquiry does NOT affect patient’s credit
  • Inquiry DOES affect patient’s credit
  • No practice fees per funded loan on non-promotional products
  • Charges practice fees per funded loan

The financing company your practice refers patients to plays a critical part in the patient’s overall experience. With Prosper Healthcare Lending, you can be confident your patients will receive the best loan options available, reinforcing the positive image you worked hard to create while saving your practice money.

If your healthcare practice is interested in a financing company that makes sense for you and your patients, call for a free web demonstration.

* Annual Percentage Rates (APR) range from 5.99% to 36.00%. A borrower’s actual APR will depend on credit score and other factors. All loans funded by WebBank, a Utah-chartered industrial bank, member FDIC.

Loan terms of three and five years are available through Prosper. Annual percentage rates through Prosper range from 5.99% to 36.00% for first-time borrowers, with the lowest rates for the most creditworthy borrowers. For example, a five year $10,000 loan with a rate of 9.68% APR would have 60 scheduled monthly payments of $201. Actual rate depends on credit history, income, and other factors. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to a borrower’s account and that the borrower meets credit and other conditions.

Why Doctors Should Listen to Patient Gripes

Remember when “viral” referred to an actual virus?

 Patient gripes and complaints can go viral in a hurry. It’s been said that healthcare providers can quell the spread of criticism with one simple act. Listening.

Widespread changes in healthcare in recent years have led to confusion, frustration and uncertainty for patients and providers alike. Patient complaints and frustrations can fester over time with each visit to the doctor’s office.  For better or worse, you are the face of the healthcare system for your patients and as a result, their frustration can be unwittingly unleashed on you and your staff.

Now more than ever, doctors need to take the time to listen intently to a patient’s concerns and have a system in place to document and remedy patient objections.

3 compelling reasons why doctors should listen:

  1. The Megaphone Effect

There was a time when unsatisfied patients would share their complaints with their family and their immediate friends.  Imagine an individual griping about your office with a small group of people in their normal speaking voice.  Now imagine giving the same person a megaphone! The message is now amplified and can be clearly heard by many others from far away.

Today’s online review sites for physicians and dentists are the megaphone, making it easy for a patient to broadcast their complaints about anything from front office staff to building cleanliness. We’ve certainly heard of patients complaining about other patient financing companies. Their complaints can be seen by thousands, regardless of their legitimacy. Online reviews can either positively promote your practice, or cause significant harm.

  1. Empowered patients

Knowledge is power. The Pew Research Center’s Internet & American Life Project study found that 72%[1] of internet users have researched health related information online within the past year.  Unprecedented access to health resources and a growing number of provider choices means patients are better informed and are less likely to consider the experience they had in your office as acceptable.

Since socially active patients have a real and measurable impact on the cash flow and success of your practice, it makes sense to genuinely engage with them about their concerns or grievances.  See our blog post XXX for ideas on how to more effectively engage your patients.

  1. Quicksand

Increasingly empowered and assertive patients understand there are other avenues for expressing their concerns besides online forums or social media.  Their concerns can escalate into formal complaints to government or licensing bodies and can even find their way into the courts. Just over 2 years ago a major class action decision resulted in a $34 million judgment against a well-known patient financing company.[2] You can imagine how the court’s decision could reflect poorly on the healthcare providers who may have recommended financing through that company to their patients. Again, the importance of doctors listening intently to a patient’s concerns should be emphasized.

It’s much easier to address concerns as they begin to surface rather than allowing them to escalate.  A doctor’s direct involvement with an issue can often diffuse the situation and even turn the disgruntled patient into a champion.

Additionally, it is important to talk to your staff on a regular basis to get their view on the most common patient concerns they hear. This will help you uncover information to which you may not be privy.

We all know complaints are going to happen.  With this knowledge it is important to plan to both document and resolve concerns in person and online.

If you and your staff are hearing complaints about your current patient financing provider, consider a healthier approach. Prosper Healthcare Lending provides access to transparent and responsible fixed rate installment loans with no retroactive interest and no hidden fees. To find out how you and your patients can have a better patient financing experience, click here for an online demo.

 

[1] http://www.pewresearch.org/fact-tank/2014/01/15/the-social-life-of-health-information/

[2] http://www.consumerfinance.gov/newsroom/cfpb-orders-ge-carecredit-to-refund-34-1-million-for-deceptive-health-care-credit-card-enrollment/

Experience the New Provider Dashboard

April 20, 2016

After 6 months of development, countless user testing sessions and a titanic effort, Prosper Healthcare Lending is launching an updated provider dashboard with remarkable improvements.

Whether you’re currently using Prosper’s patient financing platform, or thinking of signing up with us, the new dashboard is worth a look. One of our goals is to relentlessly simplify and improve patient financing, and the new provider dashboard is a giant leap forward in that endeavor.

These are 3 of the more notable and impactful upgrades, but as you start using the dashboard we’re confident you’ll find the entire experience to be a substantial improvement. More

Painless Patient Financing Checklist

March 29, 2016

pen-checklist

Is patient financing hurting your referral business?

Patient financing is crucial in helping your clients receive the care they need.  When patients know payment plans are an option they are more likely to proceed with the treatment or procedure.  The industry is growing with more choices available than ever before. Financing options range from healthcare credit cards to unsecured installment loans.

Selecting the third-party company to provide your patients financing plans is an important consideration and there are a variety of reasons why. More

The Patient Financing Industry has Changed

March 16, 2016

Are you attending the Hinman Dental Meeting in Atlanta this year? Is your practice tired of being charged endless fees to provide your patients access to financing? If you answered yes to both of these questions, make it a priority to stop at the Prosper Healthcare Lending booth while attending the show.

Prosper Healthcare Lending is disrupting the patient financing industry that in the past has seen little competition, More

Finding Hope Through Affordable Healthcare

March 8, 2016

What would you do if someone you loved was in need of life altering treatment but couldn’t afford to pay for it? Check out our newest patient case study to see what one man did for his daughter and her family! More

3 Chicago Attractions to Visit Before You Leave the Midwinter Meeting

February 22, 2016

Are you in town for the Chicago Dental Midwinter Meeting? Here the top 3 Chicago attractions worth visiting on your trip.

1. Millennium Park

No visit to Chicago would be complete without a stop at Millennium Park.  When you hear about a friend visiting Chicago, chances are you will see a photo of them next to the Crown Fountain and the Cloud Gate, better known as “The Bean.” More

DentalPlans Announces Partnership with Prosper Healthcare Lending, providing Plan members with access to financing

December 3, 2015

DentalPlans announces a partnership with patient financing platform, Prosper Healthcare Lending (PHL), to give members access to a healthy financing option for dental procedures.  DentalPlans connects students, seniors, parents, families and businesses online to compare the best dental savings plans in their area and find one that fits their unique dental care needs. Prosper Healthcare Lending’s platform will be integrated into DentalPlans.com to make dental more affordable for patients.

Dental savings plans are an affordable alternative to dental insurance. More than 100,000 participating dentists nationwide have agreed to accept a reduced, pre-negotiated fee from dental savings plan members. Depending on the plan, members can receive 10- 60 percent off of a wide variety of dental services, including orthodontia and cosmetic procedures.

Bill Chase, Vice President, Marketing at DentalPlans said the following: “We are excited to be partnering with Prosper Healthcare Lending as we share the same goal of helping Americans receive the dental care that they need to enable a healthier lifestyle.  With PHL, we will be able to give members access to a healthy financing option for any additional cost associated with their dental procedures.”

Financing dental care makes treatment possible for patients who would normally not be able to afford the procedure. PHL provides access to healthy loan options that contain no retroactive interest and no pre-payment penalties.  Patients can even check their rate without affecting their credit score. The process is fast and easy. The individual can apply for a loan directly through the dental plans site on device and can receive a pre approval decision within seconds. They then can complete the process entirely online and receive the funds for their treatment in as few as 3 business days.

Richard Russell, Head of Business Development at Prosper Healthcare Lending said this about the partnership: “We are thrilled about our partnership with DentalPlans. PHL is the best and most patient friendly option for accessing available loan options. Through this partnership we are able to provide a financing program for DentalPlans members so that they can receive the services they need at the time they need them.”

About Prosper Healthcare Lending

Based in the “Silicon Slopes” of Salt Lake City, Utah, Prosper Healthcare Lending is a leading patient financing company for healthcare providers in the cosmetic dentistry, bariatric surgery, fertility, plastic surgery, and other industries. PHL has pioneered the cloud-based Financing as a Service (FaaS™) model, which delivers significant cost savings to providers. PHL also provides an easy-to-use online financing solution for patients that they can access from the provider’s office, at home, or on any mobile device. Healthcare providers throughout the country utilize PHL’s innovative patient financing platform in order to help Make Healthcare Affordable™ for their clients. Prosper Healthcare Lending is a subsidiary of Prosper Marketplace, a leading peer-to-peer lending platform.  All loans made by WebBank, an FDIC insured Utah-chartered Industrial Bank.

About DentalPlans

DentalPlans, founded in 1999, is a leading dental and health savings marketplace in the U.S., helping more than a million people to affordably access quality healthcare services. Our mission is to empower consumers with the tools, information, and services that they need to live happier, healthier lives. For more information, visit us at www.dentalplans.com and find us on Facebook, Twitter, Pinterest and YouTube.

 

Fertility Treatments Not Covered by Insurance are Leading to Debt, Prosper Survey Finds

July 7, 2015

Healthcare is one of the fastest-growing areas for the online lending industry. About 43 million Americans have overdue medical debt on their credit reports and half of all overdue debt is from medical expenses. Clearly, this is an area where people need more options to be able to afford the care they need. That’s a big reason why Prosper Marketplace acquired American Healthcare Lending, now Prosper Healthcare Lending, earlier this year. More

Helping Patients Through Bariatric Surgery Financing

May 13, 2015

The bariatric surgery industry is continuing to grow rapidly as more and more Americans face obesity. Being overweight is known to cause a number of health problems, which some individuals can treat with diet and exercise alone. However, for others, weight loss might not come as easily making weight loss surgery an attractive option. According to the American Society for Metabolic and Bariatric Surgery, weight loss surgery can benefit the patient in a number of ways including improving or resolving high blood pressure, sleep apnea, asthma and other obesity-related breathing disorders, arthritis, lipid (cholesterol) abnormalities, gastroesophageal reflux disease, fatty liver disease, venous stasis, urinary stress incontinence, pseudotumor cerebri, and more. There are also many psychological benefits associated with surgery such as an increase in self-esteem and self-confidence.

With all the benefits of bariatric surgery, patients are often disappointed to learn that insurance cannot cover the cost, or the process of receiving coverage is long and complicated and includes months of testing. If the patient receives help from their insurance, many will still face out-of-pocket costs from high deductibles. Patients are in need of an affordable financing program they can use to get the treatment they need and back on track towards a healthy lifestyle. More

American Healthcare Lending is now Prosper Healthcare Lending

April 27, 2015

Leading patient financing company, American Healthcare Lending (AHCL) announced today that it has officially changed its name to Prosper Healthcare Lending (PHL). This change comes after AHCL was acquired in January by Prosper Marketplace, which operates the largest privately held online marketplace for credit. PHL will continue to offer the same services to its provider locations and will introduce an additional innovative new financing platform in the cosmetic surgery, fertility, bariatric surgery and dental industries. More

AHCL to showcase Patient Financing Platform at the PCRS Annual Meeting

March 12, 2015

American HealthCare Lending (AHCL) will showcase its innovative patient financing platform for fertility and reproductive clinics at the 63rd Pacific Coast Reproductive Society (PCRS) Annual Meeting. This event will take place March 11-15 in Rancho Mirage, CA, and will highlight cutting edge research in the areas of reproductive medicine and infertility. At the event, American HealthCare Lending will demonstrate how it helps Make Healthcare Affordable™ through its cloud-based patient financing solution. More

AHCL to Showcase Patient Financing Solution at Minimally Invasive Surgery Symposium

February 26, 2015

American HealthCare Lending (AHCL) will showcase its innovative patient financing platform at the 15th Annual Minimally Invasive Surgery Symposium (MISS). This event will take place February 25 – 28, at the Red Rock Hotel in Las Vegas and will offer compelling lectures, surgical video presentations, and lively discussion and debate by world-renowned experts on advanced laparoscopic techniques for managing metabolic disorders, hernia, foregut and diseases of the colon. American HealthCare Lending will demonstrate how it helps Make Healthcare Affordable™ through its cloud-based patient financing solution. More

American HealthCare Lending to Attend The 2015 NATSAP Annual Conference

February 4, 2015

The National Association of Therapeutic Schools and Programs (NATSAP) is a not-for-profit membership organization composed of residential treatment centers, therapeutic boarding schools, and wilderness programs geared primarily to assist troubled teenagers and their families. Each year NATSAP hosts a conference that includes three days of general sessions, keynote sessions, plenary, and breakout sessions. The leading behavioral health financing company, American HealthCare Lending (AHCL), will attend the conference to exhibit its innovative financing platform and how it makes behavioral health treatment affordable. More

Affordable Adoption Financing From American HealthCare Lending

January 28, 2015

Individuals looking to adopt are thrilled with the thought of bringing a new child into their family. However, many are shocked and somewhat discouraged when they realize exactly how much the whole adoption process can cost. American Adoptions reports that the most common question they receive is, “How much does it cost to adopt a child?” There are several factors that determine the exact amount, but more often than not the cost is more than expected. More

American HealthCare Lending Joins Prosper Marketplace

January 27, 2015

Prosper Marketplace officially acquired American HealthCare Lending today to deliver greater resources to the patient financing industry.  All American HealthCare Lending clients will continue to receive the same top-of-the-line service and no change in the finance offerings for now, but will see added benefits in the near future.

Please see the links below for more details:

Press Release 

Bloomberg 

NY Times

The Wall Street Journal 

American HealthCare Lending to Exhibit Cosmetic Surgery Financing Platform at the AACS Annual Meeting

January 15, 2015

American HealthCare Lending (AHCL) will be showcasing its cosmetic surgery financing platform at the 2015 American Academy of Cosmetic Surgery, (AACS) Annual Meeting. This prestigious event will take place January 14-17 in New Orleans and will feature world-class keynote speakers, groundbreaking education, and cutting-edge exhibits. American HealthCare Lending will explain how it helps Make Healthcare Affordable™ by providing financing to those facing large out-of-pocket plastic surgery expenses. More

Make Healthcare Affordable with Cosmetic Surgery Loans from American HealthCare Lending

January 12, 2015

According to a study conducted by the American Academy of Facial Plastic and Reconstructive Surgery, cosmetic surgery is growing rapidly with a 10 percent increase in rhinoplasty in 2013 over 2012, as well as a 7 percent increase in hair transplants and a 6 percent increase in eyelid surgery. The numbers, once recorded from 2014, are expected to be even higher.

Although plastic surgery can help people look and feel their best and is sometimes critical, there are people that still do not consider it an option because of the high cost and lack of insurance coverage.  More

American HealthCare Lending to be featured on NewsWatch

December 18, 2014

American HealthCare Lending (AHCL), the premier patient financing company in the healthcare industry, will appear on NewsWatch, a 30-minute television show that regularly features top technology products and services. More

Fertility Financing for High Cost of Treatment

Infertility is a problem that affects about 15 percent of the population in the United States. According to the National Survey of Family Growth, 1 in 8 couples, (or 12% of married women) have trouble getting pregnant or carrying a pregnancy the full term. Although treatment for infertility is commonly available with improving rates of success, many couples cannot go through with it because of the high costs. More