Bridging the Gap: Overcoming Financial Barriers to Aesthetic Care

As demand for aesthetic treatments grows, transparent financing and patient education are helping practices address cost concerns and improve access to care.

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By Fan Montgomery and Justin West, MD 

Today’s aesthetic practice operates at the intersection of surging patient demand and complex financial realities. While social media and remote work have undeniably fueled interest in aesthetic care, the moment a patient’s aspiration collides with cost, critical conversations begin. That said, patients are actively seeking transparent pathways to achieve their goals. A recent study confirms this: procedure costs are a top patient consideration, second only to high ratings and online reviews, when choosing which practice they will visit.¹

The bottom line is: patients are highly motivated to understand how they can navigate financial hurdles when it comes to their aesthetic goals – and providers are well-positioned to help. Let’s dig in.

Helping Clients Reach Their Aesthetic Goals

Aesthetic procedures are a significant investment, rarely covered by insurance. Yet, our Synchrony survey, conducted on behalf of CareCredit reveals a startling statistic: only half of consumers are even offered financing options.¹  This represents a significant missed opportunity for practices, directly impacting case acceptance and the ability to convert client aspirations into action.

Financial solutions, such as deferred interest options, can help consumers pursue their aesthetic goals by giving them the option to pay for costs over time – and avoid paying interest if paid in full by the end of the promotional period. This flexibility can transform aspirational treatments into achievable realities.

Providers, however, have to juggle many variables when running a practice and facilitating in-depth cost conversations takes time, making a specialized partner invaluable.

Working with a Financial Solutions Partner

While financial solutions can open the door to clients, the benefits extend to the provider side as well. Making care more attainable for consumers could improve retention and new customer in-flow, boosting a business’ competitive edge without adding additional workload to practice staff. It’s a win-win: consumers get the care they desire, and practices thrive.

Additionally, third-party financing partners may also work with other lenders to offer “second look” multi-source financing, which can expand credit access for clients, based on their individual financial situation. Ultimately, this combination of solutions can make paying for aesthetic care more attainable—helping more clients say “yes” to their goals.

That said, it is crucial for both providers and their clients to fully understand how these financing solutions work. Synchrony and its leading health and wellness financial solution, CareCredit, aim to help providers have clear, educational conversations about financing options. In addition to Synchrony’s training program – required to take and pass before offering the CareCredit credit card – Synchrony recently created the Fair Financing Principles, a webpage that helps people understand how financing works so they can feel confident throughout the care decision-making process. 

What are Fair Financing Principles?

The Fair Financing Principles webpage is an ideal place for consumers to start when looking for payment solutions. It’s full of easy-to-understand information about CareCredit, ranging from how deferred interest works to a sample billing statement:

• Procedure Calculator: Provides the estimated cost of more than 1,000 common procedures and treatments with average costs compiled from all 50 states. This tool helps people plan for care, by seeing estimated costs up front.
• Payment Calculator: Estimates a cardholder’s monthly payments based on the amount financed and the promotional financing option selected, so people can determine if the care they want can fit into their budget.
• A Sample Billing Statement: Offers guidance on how to read and find important information on monthly statements, such as the amount owed if you make only the minimum monthly payment each month, including how much a cardholder would owe if they don’t pay off the bill in full before the end of the promotional period.

These patient-centric tools are an incredible resource for providers, too, as they help provide the knowledge that empowers patients to make informed financial decisions.

Beyond simply offering payment plans, a dedicated financial solutions partner empowers practices to reclaim valuable time and resources, too. They handle the complexities of patient payments, integrate seamlessly with existing systems, and provide the operational backbone that allows providers to focus their energy where it’s needed most: delivering transformative care and building lasting patient relationships.

By carefully selecting a financing partner committed to both patient needs and practice success, providers don’t just offer another payment option – they offer hope, accessibility, and the opportunity for individuals to truly align their outer appearance with their inner self. Transparent financing and empowered patient care go hand-in-hand – and the future is bright for those ready to take the first step in making their aesthetic aspirations a reality. PSP

Reference:

1. Healthcare Journey Research Consumers and Providers report, Synchrony, 2023. (CareCredit is a Synchrony solution.)

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