Healthcare professionals, like yourself, with their own practices may not have initially considered themselves business owners when they started, but you know, in fact, that is exactly what you are. As a business owner, you do your best to communicate the value of your services, but you also know that in the end, some prospects are not converted to clients simply due to sticker shock. Not only is the initial sale lost, but you lose the potential of a recurring revenue steam from word-of-mouth referrals.
So, what are your options? Lose the client? That certainly is not very conducive to your goal of growing a successful business. Cut your price? That isn’t why you spent years training to be a healthcare professional. Offer in-house financing? That likely gets a prospect to convert to being a client, and it also allows you to demonstrate your skills and creates the possibility of future business from that client as well as their referrals. All great, right?
Let’s dig into that in-house financing option some more. Typical questions likely come to mind such as – What payment plan do I offer? What type of client should I offer a payment plan to? How do I ensure I will get paid? How much will it cost my practice to offer a payment plan?
Promotional plans such as those offering “No interest if paid in full within twelve or twenty-fours months” are excellent at bringing in new clients. However, something to consider is who will service the plan during the promotional period? Certainly, you can do everything yourself but that means hiring administrative personnel and managing cashflow items like payroll, all while you wait to get paid in full. And, unfortunately, since you are not a bank, you are legally not allowed to charge interest to compensate for the time value of your money or the credit risk of your client.
Ok, how can a healthcare professional services firm take advantage of all the benefits of offering consumer financing without the disadvantages?
At D.P. Martone Capital, we can take care of everything so you can focus on delivering great experiences for your clients. We offer credit-based financing options for healthcare clients, as well as customers in many other industries nationwide. D.P. Martone Capital can develop a custom program for your business and guide your clients and customers through our simple and quick process, and we provide full servicing of your plan.