It doesn’t matter if the economy is good or bad. You don’t want to ignore the power of financing to help you grow your cosmetic surgery practice.

According to a recent study by PayPal:

“The average order size increases 15% among businesses that offer consumer credit, and 93% of first-time consumer credit users said they would use consumer credit again. For large ticket items, consumer credit can be the difference between a conversion or an abandoned cart. After all, 30% of shoppers using consumer credit said they wouldn’t have made the purchase at all if it weren’t for the six-month financing offered.”

Think that figure doesn’t apply to you because you don’t sell online?

Think again.

The underlying psychology of making a purchase is the same whether a person buys a TV on Amazon or liposuction at your office. Once you strip away the other factors and get to the money, it’s the same mental forces at work.

Here are the main benefits we’ve seen from implementing financing offers for the practices we work with.

1. Faster sales cycle

2. Larger transaction amounts

3. More frequent purchases

4. More online leads

1. Faster sales cycles

Whether you close a surgical sale or not, you’ve already spent on marketing.

You paid for the ads.

You paid your staff to pick up the phone.

You invested the time in sitting with the prospective patient.

The faster you get her to have the surgery, the faster you’ll recover your marketing investment.

Recovering that investment is crucial to business growth.

Financing allows patients to get what they need a lot faster. They don’t have to wait to save or choose between items. It lets them pay for your services now.

By recovering the money faster, you can invest in more marketing and help your practice grow that much faster.

2. Larger transaction amounts

Another way to maximize your return on investment is to increase the purchase amount.

Often patients need more than they can afford when paying cash. A patient may require breast augmentation and a tummy tuck at the same time. They may not reach their goal without it.

If a patient can’t afford both procedures, she could end up being dissatisfied with her body and with YOUR work. Anger is seldom reflected at ourselves so, in all likelihood, you’ll end up being the recipient of the negative review.

The worst part is that you’d have gladly done the other surgery if she could have paid for it.

Financing gives patients the option of getting everything they need. It’s a win-win for you as the surgeon, and for the patient.

3. More frequent purchases

When it comes to things like injectables, more is often more. Patients sometimes neglect their Botox timing or let their fillers run out because money is in flux.

They get one treatment but ultimately end up unhappy because they don’t plan ahead for the next phase.

Financing allows you to offer packages and other creative offers which grows your practice while increasing patient satisfaction rates.

The patient benefits by securing her desired outcome upfront without a financial burden. You get the stability of knowing that you’ve presold your injectables for the next 12 months. You also know that no matter what happens, you’ve locked in that patient so she won’t go to any other office in the meantime.

That feeling of security then lets you build more marketing systems to create further sales and even more stability.

4. More online leads

When your prospective patient is doing her research online, she spends a lot of time considering and imagining her future.

Ultimately she can be held back because she feels, in her mind, that she cannot afford your services. Often, that’s not even the case. It’s a false mental barrier that prevents money from entering your practice.

Financing options help patients overcome their self-imposed blocks. Advertising the lower rates on your site gives your patients the confidence to pick up the phone and inquire about the procedure.

Financing works. Don’t ignore it.

I’ve heard of doctors that turn down financing companies for personal reasons. It could be biased, or it could just be a lack of business know-how. Whatever the case, YOU need to know that financing works.

There’s a reason the automotive and housing industries pay close attention to financing. Most people don’t buy based on the price of the service. They buy based on the monthly payments they can afford.

It’s no different in the cosmetic surgery field. We sell high priced investments that boost self-esteem and mental happiness. Those investments can be carried on a month to month basis years before the patient could afford it outright.

How much are three extra years of improved self-esteem worth? To some people, it can be worth everything.

If you don’t already have a reliable financing partner, make it a priority to get one. Your practice will benefit from the arrangement.