What you need to know about
GreenSky Patient Solutions
Any practice manager or surgical coordinator can tell you how crucial patient financing can be for a successful practice. Let's face it, elective procedures are expensive. Having budget-friendly payment options opens the possibility of surgery up to a vastly larger market, and allows practices to obtain a greater pool of patients. LASIK isn't just for elite athletes and celebrities, you know!
If a patient is denied financing from the few options available to them at a practice, not only is the patient unable to receive the care they desire, the practice loses the opportunity for a procedure and a potential lifelong patient. Patient financing options are a bit scarce and stale: a few big names dominate the market, leaving fewer options for the practice (hello fees, complex application processes, and crummy support!) and for patients (costly origination or account activation fees, delays in approval decision and funding). Sure, there are plenty of smaller names out there, but it's nearly impossible to sift through the noise.
That brings it back to Glacial. We're constantly trying to learn what's out there that might help our practices function better and get more patients, and that is not limited to marketing. So, when we were approached by Mark Babbitt, Regional V.P. of GreenSky Patient Solutions™, we were curious to hear what this new player in the patient financing market might have to offer for our clients.
The GreenSky Difference
GreenSky Patient Solutions works differently than many of the other patient financing options available today, both for the practice, and for the patient.
For the practice:
GreenSky offers the opportunity to increase revenues. Their approval rates are impressive, often able to approve patients that were previously denied the opportunity to finance their procedure elsewhere. And, credit decisions are made in seconds. Patients apply themselves by phone or computer (there's an app, too!) and, if approved, receive an account number and credit agreement. The account number isn't a credit card, but can be used like one in your current credit card terminal! Simple!
Other great benefits include: dedicated customer support, lower costs, and saved time. GreenSky does not send advertisements to your patients regarding services available from your competition, even if they also provide GreenSky Patient Financing.
The patient wins, too:
They are receiving a loan, as opposed to a credit card - an option that many patients like to have. GreenSky does not charge loan origination fees, penalize patients for early repayment and offers a wide range of payment plans to choose from.
The application process is simple and loan approval decisions are made (on average) in under a minute. Most importantly, approval rates are stellar, giving patients more freedom to get the surgery they want or need with the practice of their choosing.
Altogether, our verdict is that GreenSky Patient Solutions™ seems to be a legitimate and appealing option for medical practices to offer. It's important to provide choices for your patients, and we're pro-anything that improves workflow and could increase patient volume. If you are interested in learning about GreenSky without obligation, follow this link and fill in the quick form - a representative from GreenSky will reach out with more information! (Want to know a secret? The link also qualifies you for special pricing through Glacial!)
GreenSky Patient Solutions™ Program is a program name for certain consumer credit plans extended by participating lenders to borrowers for the purchase of goods and/or services from participating merchants/providers. Participating lenders are federally insured, federal and state chartered financial institutions providing credit without regard to age, race, color, religion, national origin, gender or familial status. GreenSky, LLC and its wholly-owned subsidiaries, including GreenSky Patient Solutions, LLC, service the loans on behalf of participating lenders. NMLS #1416362