In 2022 Americans spent a whopping 11.8 billion—yes, with a B—dollars on aesthetic procedures, according to the Aesthetic Society. Estimates from the American Society of Plastic Surgery say that in 2022, that amounts to nearly 1.5 million cosmetic surgery procedures performed on the face, body, and chest. In recent years, surgeons have seen the amount of procedures tick up, with a 19% increase in the number of surgeries performed between 2019 and 2022 alone.

Perhaps as part of a cultural shift, we’re seeing more people become comfortable with the idea of cosmetic and aesthetic procedures “just because.”

Based on our industry experience, there is currently less stigma associated with this type of care than ever before. For many individuals, treatments such as fillers and neuromodulators are increasingly integrated into their routine self-care practices. Still, because cosmetic procedures are largely voluntary and elective, patients must foot the bill themselves.

So, even though cosmetic procedures have become more commonplace, that doesn’t necessarily mean they are easily affordable for everyone. Depending on the treatment, costs can range from between a couple hundred dollars for neuromodulators, fillers, or hair removal to thousands for breast augmentations, rhinoplasties, and liposuction. For patients looking to make aesthetic changes, these prices can intimidate and deter them from receiving the care they want.

Aesthetic Care Affordability

In 2021, consumer financial services company Synchrony conducted a study revealing that, on average, patients take more than four months to make decisions about cosmetic care. During that time, patients conduct extensive research on everything from providers and practices to products, procedures, and payment options.

As mentioned earlier, cost concerns are a constant factor for cosmetic patients, and unfortunately, this is a widespread issue in the healthcare sector. Patients are overburdened with the responsibility of their healthcare costs, a result of ever-increasing out-of-pocket costs, high inflation rates, and health plans offering less coverage for more money. It’s all adding up to overwhelm today’s patient. Cosmetic procedures are typically elective and not medically necessary, placing the burden of covering the costs squarely on the patient.

However, as practice leaders, you can reassure patients that they can proceed with their desired care despite the associated costs.

Patient Resources

Prioritizing conversations around costs should be top of mind when a new patient seeks a consultation or referral for care. Especially for people new to cosmetic surgeries, it’s important to set the stage for what they can expect from their first appointment through their recovery process so they can begin planning appropriately. Conversations around costs also should be supplemented with information on the financial resources available to help pay for care once the time comes.

Patients have various options to finance their desired cosmetic procedures and treatments, including:

• Health Savings Account (HSA): This is available to those with a qualifying high-deductible health plan to save pre-tax dollars specifically for healthcare expenses.
• Flexible Spending Account (FSA): This is a pre-tax saving account that can be used for health-related expenses like copays, deductibles, and prescriptions.
• Savings Account: Even a basic savings account can help set aside money for costs not covered by insurance.
• Financing Solutions: Offering in-house or third-party financing solutions, such as the CareCredit health and wellness credit card, give patients the flexibility to pay for their care over time.

Setting up your patients up for financial success also includes making sure every patient has the opportunity to reach their aesthetic goals. If you’re looking for ways to introduce more options for your patients, a third-party solution like CareCredit is an easy place to start. But, ultimately, the goal is to provide resources that make it easier for your patients to afford out-of-pocket expenses and achieve their dream results.

Devon Niccole is the CEO of CosmetiCare and Greg Pierce is senior vice president and general manager, specialty, for Synchrony’s Health & Wellness business, including Synchrony’s CareCredit credit card and recent Allegro Credit acquisition. 

With cost as the biggest barrier to treatment, Galderma and PRIVI are joining forces to offer the aesthetics market a subscription-based membership to help patients achieve and maintain their look while practices are paid in full upfront.

Under this program, patients can receive recurring treatments with Galderma’s products with a new way to pay. PRIVI integrates with ASPIRE, so patients accumulate ASPIRE points and rewards. Practices gain a tool to keep patients coming back under their recommended treatment cadences, driving loyalty and predictable recurring revenue, while ASPIRE works to generate valuable rewards and savings for their patients.

Program officials say the ASPIRE + PRIVI collaboration aims to address the increasing demand for injectables in a crowded market. It seeks to reduce costs, improve patient loyalty to medical practices, and make injectables more accessible to a wider range of consumers looking for consistent and holistic results.

The partnership between PatientFi, a point-of-sale platform for healthcare providers, and Engage Technologies Group, a Software-as-a-service (SaaS)-based technology platform specializing in patient education and practice optimization, aims to bridge the gap between patients and affordable care. With a focus on elective medical services, the collaboration promotes financial accessibility and empowers individuals seeking treatments.

“We are excited about our partnership with Engage Technologies Group and the opportunities it presents to advance our mission of making life-changing procedures and treatments more accessible to patients,” says Todd Watts, CEO and co-founder of PatientFi. “Together, we will empower patients with the information they need to navigate their financing options effectively and improve their overall healthcare experience.”

Engage Technologies Group brings insights and resources to the collaboration, having worked with doctors and surgeons in various medical fields, including aesthetics, says C. Lloyd Mahaffey, CEO and President of Engage Technologies Group.

“Engage Technologies Group is committed to improving patient engagement and practice performance,” Mahaffey adds. “Our collaboration with PatientFi aligns perfectly with our mission, as we strive to provide patients with the knowledge they need to make informed decisions and ensure healthcare practices are optimized for efficiency and profitability.”

PatientFi currently serves a nationwide network of healthcare providers in specialties such as plastic surgery and dermatology. Their point-of-sale platform offers flexible financing alternatives, making it easier for patients to manage out-of-pocket healthcare expenses, company officials say.

Aesthetic practices can use PRIVI’s cloud-based portal to build personalized beauty memberships that can be comprised of neurotoxin, filler, skincare, body treatments, and more —all on a monthly membership plan. Instead of facing large bills each time they visit their aesthetic provider, patients just pay monthly for an annual treatment plan, customized to them.

The global non-invasive aesthetic treatment market is expected to grow from $43.87 billion in 2021 to $49.32 billion in 2022 and is expected to reach $85.64 billion in 2026. Today, there are nearly 40,000 medical providers in the U.S. who offer non-invasive treatments to patients. The largest barrier to continued growth is patient affordability and access to qualified providers who can deliver desired outcomes.

“PatientFi has become a leading provider of payment solutions for large ticket aesthetic procedures, so PRIVI was a natural extension for us,” says Todd Watts, CEO and co-founder of PatientFi. “PRIVI is solving some of the longest standing pain points for the non-invasive aesthetic market—affordability, scheduling, and treatment compliance. PRIVI offers practices a new way to increase business and retain it while dramatically increasing accessibility for patients.” 

Key elements of PRIVI include: 

• Streamlined payments: Enables participating providers to receive payment in full when treatments are rendered, while patients benefit from the convenience of a monthly membership payment. 
• Auto reminders and scheduling: Delivers high patient retention with scheduling tools and automatic reminders to keep patients coming back for ongoing, regular treatments.
• Customized user experience: Offers functionality to customize the membership experience to a practice’s brand and offerings—complete with incentive add-ons and rewards to attract more patients to the membership. 

The partnership brings together two companies to offer faster payment processing, increased security, and more flexible payment options for Boomerang FX clients. The service offering will be initially rolled out to Boomerang FX clients in Canada and the U.S. with plans to expand globally later in the year.

Research suggests aesthetic medicine is experiencing an explosion in consumer adoption and is increasingly recession resilient. Double-digit growth is forecasted into the next five years and the market is slated to surpass $125 billion dollars globally. Recent trends highlight that virtually every age group over 20 years, including both men and women of various socio-economic stature, is seeking out non-surgical aesthetic treatments. 

“We are thrilled to be working with Stripe to provide a more convenient payment processing experience for our clients,” says Jerome Dwight, CEO of Boomerang FX. “With the entrance of 80 million millennials to the already engaged 80 million baby boomers, there is a new digital generation consuming aesthetic medical services—they have distinct preferences for convenience, accessibility and flexibility including desiring the convenience of both online and in-person shopping experiences. Our goal is to provide our clients with innovative tools that keep their patients engaged and returning for repeat treatments. Working with Stripe will help us achieve that goal.”

“We are thrilled to collaborate with Boomerang FX to provide their growing roster of clients with a seamless payment processing experience,” adds James Lambe, general manager for Canada at Stripe. “Our commitment to simplifying and securing payments for businesses of all sizes aligns with Boomerang FX values and expertise.”

Boomerang FX and Stripe will be working together to provide clients with omni-channel payment options, enhanced security, greater flexibility, and reduced time spent on payment processing. 

The announcement comes on the heels of Boomerang FX’s recent release of its 3.0 version software. Key advantages include:

• A Clinic Manager Dashboard featuring real-time tracking of projected and actual revenues, sales mix, staff utilization, and consult to treatment conversion metrics.
• A virtual personal digital assistant that helps clinic managers with important reminders—dubbed Auviya, the virtual assistant incorporates logic-based algorithms and machine learning to continually optimize the clinic profitability and efficiency.
• Inventory modules that track inventory levels in real-time for critical supplies, formulas, and medications with digital reminders and automated online order placements with vendors.
• Digital engagement tools like telehealth, online booking, automated email/SMS retention marketing, and waitlist reminders.
• Payment options through Stripe with custom reporting options on accounts receivables, gift cards, payment plans, and flexible membership tools for pay-as-you-go options.
• Inhouse digital advertising for clinics including custom landing pages with integrated connectivity with Google, Facebook, YouTube, and TikTok to track and drive new patients to local practices.

“Boomerang FX’s focus on innovation is evident in the development of our 3.0 software,” adds CEO Jerome Dwight. “This latest version provides enhanced features and functionality that allow our clients to be more productive and efficient in managing their practices. Choosing Stripe is the icing on the cake, providing a best-in-class payment processing experience to our clients.”

Two individuals with a vested stake in this matter— Todd Watts, CEO and co-founder of patient financing company PatientFi, and Sean Kelishadi, MD, FACS, a board-certified plastic surgeon at Newport Beach, Calif.-based SSK Plastic Surgery and a PatientFi customer—sit down with Plastic Surgery Practice to discuss all things patient financing. After all, they explain, money talks—and greatly influences patient decisions.

Plastic Surgery Practice: To start, what were the most popular cosmetic procedures for your practice in 2022? 

Sean Kelishadi: Post COVID-19, there was a surge of desire for cosmetic treatments and procedures, and we’ve continued to see this heightened interest with our patients. On the surgical side, the most common procedures we perform at our practice are breast augmentation, tummy tucks, and facelifts. On the non-surgical side, many patients are looking to add rejuvenation treatments, like Botox and fillers, along with radiofrequency skin tightening and microneedling procedures; others want to enhance their look with lip fillers. 

PSP: When it comes to “tweakments”—i.e., non-surgical, minimally invasive treatments—who are the patients asking for these procedures and what is the average cost of some of these procedures?

Kelishadi: Non-surgical treatments like injectables or body contouring are more popular than ever. Women and men alike are placing more importance on their own image and self-confidence. When it comes to facial procedures, older patients are seeking treatments like microneedling with radiofrequency or energy based ablative procedures like lasers, which help restore and refresh their appearance so they can look as good on the outside as they feel inside.

For the average woman in her 50s, costs for full facial rejuvenation typically range from $2,400-8,500. For younger patients, it’s all about beautification and preventative treatments like lip filler and Botox. These treatments can cost anywhere from $700-$3,000, depending on the amount of product needed to achieve and maintain their best results.

We’ve also seen a lot of patients seeking body-contouring treatments to help remove fat and tone their muscles to improve their overall appearance. Cost can vary depending on the target area—although we do offer a 3-in-1 BlissMax package that uses laser lipolysis (to reduce fat), electrostimulation (to build muscle), and radiofrequency combined with pulsed elctromagnetic fields (for the ultimate skin tightening) at $900 for an area on the abdomen. This procedure requires several cycles that take place over two months to achieve optimal results, and packages start at around $6,500. Regardless of the procedure, our patients want to natural, restorative look that’s customized for their unique aesthetic needs. 

PSP: Patients seeking cosmetic procedures, including tweakments, have to pay out of pocket. How are most patients financing these procedures? 

Kelishadi: Our goal is always to deliver a personalized approach when designing a treatment plan for our patients. We aim to combine our patient’s desires with the most up-to-date treatment options to optimize their outcome and experience. This can become cost-intensive, so we offer PatientFi, which allows our patients to get what they want now and pay over time on a monthly plan. 

PSP: Todd, you started PatientFi, a patient financing platform, in 2017. Why did you think there was a need for such a platform?

Todd Watts: Despite having patient financing options in the market for decades, affordability is still, by far, the No.1 reason why patients don’t move forward with an elective medical procedure. Meanwhile, research has shown that 40% of patients who didn’t move forward with plastic surgery would have said “yes” if they had known financing was an available way to pay. We asked ourselves, “How are so many prospective patients leaving their initial consult and never hear that they have an option to pay via a monthly payment plan? Even worse, how many patients never come for an initial consult because they assume they can’t afford it?”

We learned plastic surgery practices were only offering financing to those patients who asked for it and/or those who expressed their concern with the price. We set out to solve this problem. 

PatientFi offers more than just patient financing to our plastic surgery practice partners. With PatientFi, plastic surgery practices can start seamlessly price quoting based on an affordable monthly payment versus the full upfront cost. What sounds more affordable: ‘The price for breast augmentation is $8,000, or the price is $199 per month’? Every plastic surgery practice wants to be busier, particularly during trying economic times. PatientFi has proven to help plastic surgeons dramatically increase their case conversion and sales by replacing the barrier of affordability with a simple, user-friendly payment plan. 

PSP: What types of procedures does PatientFi cover?

Watts: PatientFi covers any procedure (or part of a procedure) not covered by insurance. Importantly, this means patients can also finance the associated surgery center costs (e.g., OR, anesthesia) in addition to the surgeon fee and cost supplies. Patients can finance most, if not all, procedures in a plastic surgeon’s office from breast augmentations, mommy makeovers, liposuction to non-surgical procedures like injectables and body contouring.

PSP: Dr. Kelishadi, have you identified any trends among patients who finance cosmetic procedures? 

Kelishadi: We often see patients opt for zero-interest options, which have shorter terms for lower-cost treatments—typically, $5,000 and under. For surgical treatments like breast augmentation, most patients choose longer terms, such as the 36-month, fixed-rate option. 

PSP: Did you offer some type of patient financing or monthly payments in your practice prior to PatientFi?

Kelishadi: We previously offered medical credit cards as a financing option but have since found a better, easier to use solution with PatientFi. 

PSP: How does PatientFi help differentiate a practice? 

Watts: You know a busy PatientFi practice when you see one. A PatientFi practice markets their most popular procedures on an affordable monthly payment. They will market affordable monthly payments through social media, email campaigns, and waiting room TV screens. Book Now, Pay Later: Mommy Makeover for $249/month. Some of the heaviest users of PatientFi are plastic surgeons who are also the most expensive versus their competitors. PatientFi has allowed these esteemed surgeons to reach new demographics without having to reduce their price by a dollar.

PSP: What can providers expect when onboarding PatientFi?

Watts: Everything is easy with PatientFi—for starters, our platform experience is fully digital so there’s no need for practice staff to deal with the frustration of filing paper receipts. From the beginning, we built the platform with the day-to-day workflows of the practice staff in mind. So, practice staff can expect greater efficiency in their day-to-day interactions with the platform. I believe we offer practice staff the most user-friendly patient financing platform available. 

And when staff or patients need support, they can reach an onshore team directly. All our practices receive a dedicated Provider Success Manager to deliver white-glove service and help practices get the most out of using PatientFi. 

We also offer a waterfall approval solution through PatientFi and our second-look financing partner, Genesis Financial Partners. This means higher approvals and happier patients. 

PSP: What is the patient experience with PatientFi?

Watts: Patients can apply in seconds and get approved instantly without a hard credit check. PatientFi aims to be fully transparent and fair—there’s no hidden fees or “gotchas” in the fine print and we do not charge compounding interest. We maintain a five-star Google rating so practices can trust that their patients are in good hands with PatientFi. 

PSP: Have you identified any trends in how a tool like PatientFi can impact patient acquisition? 

Watts: Today’s consumers expect to pay for things in affordable monthly payments. Entertainment, clothing, fitness, and more have all moved in this direction. It’s time healthcare followed suit.

We’ve seen great success in increasing case acceptance for providers by helping them market on monthly amounts. PatientFi practices that promoted breast augmentation on a monthly payment saw two-times growth in case volume compared to those that did not offer PatientFi.

Additionally, in a tightened economic climate, plastic surgery procedures aren’t recession-proof. It’s more important now than ever to have the best financing partner to make procedures more affordable—and embrace promoting monthly amounts, so your patients don’t abandon you for the nearby practice that is adopting more cost-conscious promotion and payment strategies.

PSP: How should plastic surgery practices incorporate a discussion about PatientFi into their patient consultations or their marketing? 

Kelishadi: Bring financing to the forefront of the practice. Proactively promote and present monthly pricing when discussing the total cost of a procedure. We’ve seen substantial success advertising procedures like liposuction and breast augmentation on a monthly amount to show patients how affordable surgical treatments can be. For example, instead of advertising the starting cost of a breast augmentation at $7,500, we will promote it as $199/month.

PSP: Do you have any tips for plastic surgery practices incorporating PatientFi that can help them maximize its impact? 

Kelishadi: PatientFi offers complimentary customized marketing to help practices promote their procedures on a monthly cost. Practices should take advantage of this offering to help drive new patient acquisition and proactively offer a monthly price during consultations to increase case acceptance. This helps empower patients to move forward in a way that makes sense for them financially—without uncomfortable conversations around cost. 

AKASA, a developer of AI for healthcare operations, released findings from a new survey conducted on its behalf by YouGov. The survey findings highlight uncertainty looms among patients about what is included in a bill and if they can pay – two factors that drive the most confusion on medical bills.

However, there are strategies healthcare organizations can take to be proactive and prevent billing surprises from trickling down to patients, according to ASAKA.

More than 2,000 Americans were asked: “On a scale from 1-5 (1 being not confusing at all, 5 being extremely confusing), how confusing are medical bills to understand?”

• 11% found medical bills not confusing at all
• 14% leaned toward medical bills not being confusing
• 37% said they were neutral on the confusion of medical bills
• 19% found medical bills somewhat confusing
• 19% said medical bills were extremely confusing

Additionally, respondents were asked: “Which, if any, of the following is most frustrating about the financial experience after seeking medical care?” They ranked the following statements as their most important frustrations:

• Being able to understand what they’re being billed for (29%)
• Uncertainty if they can pay the bill (27%)
• Not getting bill until weeks after they received service (24%)
• Uncertainty if the final bill will be consistent with the estimate of responsibility (20%)

“The rise of high-deductible health plans, the uncertainty of what’s being billed, the complexities of in- and out-of-network charges, and how much patients are on the hook for makes understanding and managing medical bills challenging for many families,” said Amy Raymond, vice president of revenue cycle operations. “Additionally, as errors in medical bills persist, patients should be diligent in reviewing their bills to ensure they’re getting an accurate bill. I strongly encourage individuals to ask questions of their providers or insurance company before paying a bill.”

The survey also asked: “Which, if any, of the following would be most helpful to you in understanding how much you are expected to pay for care or services?”

• 27% said a call before the procedure from the physician’s office or hospital staff to walk through what’s expected in terms of payment and discuss payment plans offered
• 12% said an online calculator to help determine cost ranges for care or procedures
• 11% said an email from the insurance company to walk through the bill after care or services are rendered
• 9% said a call from the insurance company to walk through the bill after care or services are rendered
• 9% said access to live online customer service through their insurer’s websites
• 8% said a call from the physician’s office or hospital staff to walk through the bill after care or services are rendered
• 24% said none of the above

“These results show that medical billing is still a black box to patients,” said Raymond. “The onus is on healthcare organizations — both providers and insurers — to make medical billing less painful for patients, who may fear going into debt and avoid seeking out care. One critical tool healthcare leaders can leverage to course correct on medical billing and make it more seamless for patients is automation.”

The online YouGov survey, commissioned by AKASA, fielded responses from 2,026 Americans between March 9–14, 2022. The figures have been weighted and are representative of all US adults 18 and older.

“Automation makes it possible to take a lot of the tedious work off the plates of revenue cycle specialists, freeing them up to become patient advocates,” said Raymond. “For example, automating authorization status frees staff up to help with initiating an authorization in a more timely manner while also preventing appointments from getting canceled. Staff can also take on more patient-facing activities like financial counseling to deliver a better experience overall.”

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Akasa, a developer of AI for healthcare operations, released findings from a new survey conducted on its behalf by YouGov, highlighting how patients fail to shop around for healthcare service pricing because they are unaware of publicly available pricing information or do not believe there is competition in healthcare because of limited transparency.

The survey of more than 2,000 Americans found that 64% have never sought out pricing for healthcare services.

When looking deeper into the data, younger adults (18-34) tend to be more likely to research prices (45%) for healthcare services compared to older adults 55+ (27%). Additionally, patients with high-deductible health plans (41%) and individual plans (43%) are more motivated to research healthcare pricing information than other groups.

The survey also found that 58% of Americans would be encouraged to shop around if pricing information was disclosed before necessary healthcare procedures and services.

“There’s clearly a gap between what many healthcare organizations – providers and insurance companies – think helps increase price transparency and the experience of patients in finding price information conveniently and in a manner that is easy to understand,” said Amy Raymond, vice president of revenue cycle operations at Akasa. “This is a deterrent for patients in seeking out the best price like they would in any other industry, which can be incredibly frustrating.”

The YouGov survey, commissioned by AKASA, fielded responses from 2,026 Americans between March 9–14, 2022.

The online survey was conducted at a confidence level of 95% and results for the total sample have a margin of error of +/- 2.18%, while results among those who have sought prices for healthcare services have a margin of error of +/-3.65%. The figures have been weighted and represent all US adults 18 and older.

“Patients want the same modern experiences they get from other industries but healthcare organizations aren’t always equipped for such transformation,” said Raymond. “A positive patient experience starts with the revenue cycle and a seamless front end. Investing in technologies like automation, patient payment portals and streamlined appointment scheduling can help providers engage patients and payers to improve on a number of fronts: enhancing the overall patient experience to be more consumer-friendly, ensuring appropriate reimbursement by managing prior authorizations more effectively, and calculating patient out-of-pocket costs more accurately.”

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The launch of PatientFi Plus with Genesis Credit will allow PatientFi to increase approval rates and offer more patients access to care, including plastic surgery and med spa services, according to company officials.

“PatientFi is relentlessly focused on creating a simple, intuitive experience for our platform users – both patients and providers,” says Derrick Hoag, chief product officer of PatientFi. “Genesis has been the right partner in the second-look financing space to help us achieve our objective to increase approval rates while maintaining what we believe is the best user experience in point-of-sale financing.”

PatientFi Plus will leverage proprietary technology from PatientFi and Genesis Credit to offer a waterfall financing solution within the existing PatientFi consumer application and Provider transaction portal. Moreover, patients will apply and be approved through one process and providers can manage Genesis and PatientFi transactions via one platform.

“We are excited to be working with a leader in point-of-sale patient financing that shares our commitment to affordable financial products,” adds Ed Haluska, chief commercial officer of Genesis Credit.

Weave has signed a multi-year integration partnership with Sunbit, a provider of a buy now, pay later (BNPL) technology for everyday needs and services.

Sunbit’s technology will power BNPL solutions for healthcare practices across the U.S. The partnership integrates Sunbit’s technology and Weave’s communications platform to help patients access needed care by paying for their treatment over time.

The solution offers fair and transparent payment terms without fees of any kind.

“Collecting payments is one of the most important patient interactions in a small healthcare practice,” said Branden Neish, Weave’s chief product officer. “Bringing Weave’s communications platform and Sunbit’s Buy Now, Pay Later technology together creates a solution that helps practices provide a better patient experience while driving more financing revenue each month.”

The addition of Sunbit’s Buy Now, Pay Later technology is the latest expansion of Weave’s Payments offering, which launched in 2019 to help small practices streamline payment collection.

Since launching Payments, Weave has expanded its offering for practices to include Text to Pay, digital wallets, card on file, and wireless terminals.

“Too many patients are delaying dental care, new eyeglasses, or necessary pet surgery because of the upfront cost,” said Oded Vakrat, head of platform partnerships at Sunbit. “We’re excited to partner with Weave so that practices can focus on delivering top-notch care to more patients who now don’t have to worry about how they’ll pay for it. With Sunbit technology, 90% of patients are approved, and they can split their costs into manageable payments.”

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