Enrollment Options
Option One: Fully Automated Loan Processing
Option Two: Finance Manager Assisted Loan Processing
Option Two: Finance Manager Assisted Loan Processing
This format is similar to what most Providers are using with their current patient financing companies but with one major exception... While patient financing companies are only using one lender, we use a network of lenders at all credit levels. Our automated technology allows you to submit one application that goes through our pre-qualification platform and shows you all the possible lender options including the patient financing companies you may already be using. Then you click through to the lender of your choice and complete the process with that lender. If the Applicant accepts the offer, the loan will fund directly to your account within 24 to 48 hours. With this format, you will always be charged a merchant fee by the lender based on the Applicant's risk assessment.
Option Two: Finance Manager Assisted Loan Processing
Option Two: Finance Manager Assisted Loan Processing
Option Two: Finance Manager Assisted Loan Processing
With our one-of-a-kind Virtual Finance Manager program, we will assign one of our Finance Managers to work directly with your practice on your patient applications. Then, when an application is submitted, the Finance Manager will review the request and work directly with the Applicant and the lenders to get the request approved and closed. The two challenges this format has is that the process can take up to 24 hours to complete, and the loan proceeds are deposited directly to the borrower's bank account, not to your practice. On the other hand, with this format you are always paid 100% of your fee and you do not have to be involved in the loan process beyond providing your patients with a link to our financing page. This format is best for Providers who can wait five to seven days before they are paid.
Typical lender fees charged in our Automated Format
Prime and Off-Prime Credit Scores 620+
While most of the patient financing companies will only approve people with "prime credit" and require a minimum credit score of 685, our top tier "prime lenders" will approve people with credit scores down to 620. The fee to your practice is 7%. Most Lender offers start with 12-Months Same as Cash!
Fair Credit Scores down to 580
While most of the other patient financing companies will not approve people with credit scores this low... Our lenders offer financing plans with terms up to 60 months while only charging your Practice a fee between 18% and 23%
Poor Credit / No Credit Required
This is where Finance Your Care stands alone in the market. Our lenders will fund deals upfront for people with credit scores so bad that the lender doesn't even look at it. The maximum loan amount is $6000 for terms up to 48 months. The practice fee is 29.9%.
Fees to your Practice
Finance Your Care does not charge your Practice any fees to use our technology and service.
Credit Technologies and Finance Your Care allow Healthcare Providers to use our technology and Finance Manager service at no costs to the Practice as long as they actually use the technology or service and close loans. Here are the two possible charges.
One Time Set Up Fee
After you have been enrolled and you are on-boarded with the lenders in our offering that you have decided to enroll with, you will have 60 days to close your first transaction from which we collect a fee. If you do not close a transaction in the first 60 days of service, we will charge you a one-time set up fee of $375. This is to discourage a practice from signing up "just because it is free". It is also to help offset the cost we incur in getting a new practice set up.
Monthly Service and Technology Fee
Within our network of lenders, we work with platforms that charge Finance Your Care monthly fees for each enrolled Provider in our network. When a Provider closes one loan in a month, we can cover those fees. But when a Provider enrolls and then doesn't close any loans, that Provider becomes a significant monthly cost to our business. Therefore, if you have any month in which you do not close at least one transaction for which we are paid a fee, we will charge you a monthly fee of $195 for that month.
Fees to the Applicant/Borrower
User Fee Charged to the Patient/Applicant
Our services are offered to your Practice at no direct costs as long as you use the service and actually close loans. The way we are able to do that is by charging the Patient / Applicant a User Fee if we get their request approved and they accept the offer. The User Fee should be added to the amount they are requesting and becomes a part of the total amount to finance. The fee is based on the following schedule.
- Loan amounts up to $2499.99. The fee is $175
- Loan amounts between $2500 and $9999.99. The fee is $375
- Loan amounts from $10,000 to $24,999.99 / The fee is $575
- Loan amounts of $25,000 and up / The fee is $775
Collection of the User Fee
Since the fee we charge to the Patient/Applicant is usually financed, it is paid to your Practice when you are paid. As such, we will invoice your Practice as soon as you are funded and bill your payment method on file in three business days unless you notify us that the patient did not go through with the procedure. PLEASE NOTE: Your Practice is always responsible for paying our fee even if you forget to collect it from your patient.
Enrollment Process
Enrolling with Finance Your Care is very simple! You will just click on the "Enroll Now" button below and then complete the enrollment questionnaire. Once we get this form back in, we will review your choices and work with you to get your practice enrolled with our lenders. With the fully automated platform, the enrollment process can take as long as 30 days. With the Virtual Finance Manager format, your Practice can start processing loans in 3 to 5 days. NOTE: You can enroll with the automated program but use the Virtual Finance Manager format until the automated format is set up for your practice.
Agreement of Enrollment Terms
If you are in agreement with our enrollment terms as outlined, please click on the button below and you will go to a Jot Form with our enrollment terms and questionnaire.