Other Provider Benefits
Providers are generally funded the full amount of the loan (less any transaction fees) upfront within a 24 hour period via ACH.
Medical credit card programs generally allow the patient to be able to use their credit line at any other approved providers. So a patient could seek financing in your office, get approved, and then use that financing at a competitor. With SimpleSelect, the patient financing can only be used in your office.
With SimpleSelect you can pick and choose which promotional programs you will offer and when. This allows you to better monitor the fees associated with offering them.
The SimpleSelect Patient Finance program is non recourse to the provider.
There are no term, volume, or exclusive commitments. There are no fees to sign up and no monthly or annual fees.
Your Patients Put Their Trust in You.
Offer a patient finance option worthy of that trust
SimpleSelect offers providers and their patients many benefits over standard revolving or credit card based patient finance programs. Medical credit card programs are great for small, repeat transactions but are not well suited for large, one time purchases such as a cosmetic procedure. Medical credit cards are loaded with fine print, excess charges, and high default interest rates (usually close to 30%).
By contrast, SimpleSelect offers a simple closed-end, fixed rate loan with terms up to 60 months. Because the rate is fixed, it can never change, making it smarter choice for financing larger ticket purchases. And since we are underwriting the patient for a single purchase and not a credit line, we can typically approve patients for larger amounts than credit card based programs (up to $15,000 or more for qualified borrowers). Patients can pay off at any time with no penalty and the program uses simple interest so the earlier they pay off the loan, the less interest they will pay.