Medical Procedure Financing Delivered 7-Figure Growth
- Headquarters Chicago, IL
- Lending model Retail Installment
- Founded 2016
- Staff 10-12
JW Plastic Surgery is an American cosmetic surgery practice that has performed more than 18,500 procedures. As a customer-centric practice, they would often let patients make multiple payments over the course of a few months to cover the cost of an expensive, elective surgery. In this way, they had been financing their patients’ procedures for years. Intuitively, they knew these informal arrangements supported the growth of the practice and a positive brand image. However, they lacked the tracking and reporting to quantify the value of the service, or support good program management.
JW Plastic Surgery made the decision to create a new department that would specialize in the business side of feeling better about your appearance.
This in-house department evolved into a separate business entity called Sirena Credit Company. Today, the finance group delivers three key benefits:
- Helps JW Plastic Surgery book more cosmetic procedures.
- Generates interest income from loans extended to patients from JW Plastic Surgery as well as many other medical and dental clinics.
- Smooths a volatile income curve, caused by seasonal spikes that are common in the cosmetic surgery category.
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Medical financing was not an area of expertise for the clinic employees. The outdated financing software system was difficult to learn, and cumbersome to use. It was jeopardizing the success of the financing program, and stifling the growth of the practice.
Some of the program issues included:
- Software was difficult to learn, and inefficient to use
- Too many manual processes wasted employee hours
- Ad hoc reporting was not timely or actionable
- Human error caused process inefficiency, and patient frustration
- Poor tracking caused payments (and therefore profits) to be lost
- Processes were out of compliance with banking regulations, putting the practice at risk
Sirena Credit deployed the TurnKey Lender medical practice lending platform.
The foundational system is similar to a retail financing model with installment plans, where patients pay a set amount each month for 3 to 24 months.
The platform automates the end-to-end lending processes from application input, to credit decisions, payments processing, collections, business reports, and relationship marketing flags that maximize customer lifetime value with upsell and cross-sell alerts. The system logic complies with applicable local and federal regulatory rules out-of-the-box.
The deployment team created a custom credit scoring dashboard that was simple to understand at a glance. A credit algorithm recommends a loan amount and payment plan. The Sirena finance manager can accept the suggested amount, or manually override the system with a larger loan or a longer payment period.
The platform was easy to deploy from the cloud. It was simple to learn, and simple to use. Technical support managers were available to answer any questions, and get the team up-to-speed quickly. When Sirena requested an option for a grace period on late payments, they learned that this feature was already pre-programmed as part of the foundation functionality. The training team showed them how to access the feature, along with the complete suite provided by the medical practice lending module.
Sirena Credit realized several program improvements with the TurnKey Lender platform:
- Doubled the number of new loans within one year
- Achieved 7-figure, year-over-year growth
- Improved operational efficiency, reduced operational costs and salary expenses
- Improved user experience for employees and patients
- Improved brand image, and increased positive social media reviews
TurnKey Lender facilitated growth and even enabled it. They helped us take excess capacity and fill it. We haven’t changed our business, but we have grown it. In-house financing helps us make sure that the operating rooms are full. With so!ware like TurnKey Lender, any clinic can do it. What’s nice about the platform is its flexibility. The system is structured enough for a newcomer but as you gain expertise it has the flexibility to adjust to a more dynamic organization.Ashley KalusCEO at Sirena Credit Company
Tell us about your medical practice, and financing requirements.We can demo our medical practice lending module, talk about your unique requirements, and discuss a solution tailored to your business.
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