PatientFi, a point-of-sale platform for healthcare providers designed to make elective procedure costs more affordable for patients, announced it has expanded its co-marketing agreement with Allergan Aesthetics, an AbbVie company, to provide financing options for patients interested in treatments such as BOTOX Cosmetic (onabotulinumtoxinA), JUVÉDERM Collection of Fillers, Natrelle breast implants for breast augmentation, CoolSculpting, and DiamondGlow.
In a survey conducted by the American Society of Plastic Surgeons, the number one reason why prospective patients do not move forward with an aesthetic procedure is cost. In fact, a study by PYMNTS reported that medical providers would have 40% more patients saying “YES” to an elective procedure by simply offering a payment plan when presenting the price quote2.
PatientFi reportedly strives to remove cost barriers and replace them with a friendly financing solution, helping patients afford the treatments they desire, and in turn, helps practices empower more people to reach their aesthetic goals.
In February 2021, PatientFi and Allergan Aesthetics began the initial phase of their marketing partnership. According to a press release from PatientFi, he companies achieved breakout success by providing customized financing options for patients interested in breast augmentation with the Allergan Aesthetics Natrelle line of breast implants. The strategic partnership contributed to a 56% increase in sales of Natrelle breast implants to participating practices. PatientFi and Allergan Aesthetics saw a 2x increase in sales in participating practices in comparison to sales within practices that did not offer PatientFi. Building off this success, the expanded partnership will now allow qualifying patients to pay for treatments and procedures using eligible Allergan Aesthetics products through PatientFi’s friendly monthly payment plans and promotional financing options.
“We understand and know how to help practices unlock the power of payment plans. Removing the barrier of affordability for patients with our unique financing platform in combination of educating providers how to market their most popular procedures and treatments on a budget-friendly basis is the hallmark of PatientFi. We are excited to launch our expanded partnership with Allergan Aesthetics and address the unmet need of friendly financing for aesthetic healthcare providers and patients,” says Scott Jorgensen, PatientFi co-founder and president.
“We are excited to grow our partnership with PatientFi to help make aesthetic treatments more accessible,” said Edrice Simmons, senior vice president US marketing, Allergan Aesthetics. “This expansion will enable us to reach even more patients by helping reduce cost barriers for patients which may help them be more financially able to access appropriate aesthetic treatments across our leading portfolio of products and treatments.”
This month, PatientFi reportedly will launch its new revolving product, creating a frictionless transaction process for healthcare providers and a friendly way for patients to pay for recurring out-of-pocket healthcare expenses.