Ep 101 What Patient Finance Is, How It Works & Why You Might Choose to Utilise It to Fund Your Medical Procedure | Tim Boon

Episode 101 hosts Tim Boon (Director of Total Lifestyle Credit from Southern Highlands, Australia) Tim has over 14 years of experience working in the patient finance world and has helped finance nearly a billion dollars worth of procedures. Patient finance in it's simplest form involves helping patients fund their medical procedures via loans. We find out just how affordable this can be, with payments typically broken down into weekly amounts to help people budget and manage their cash flow. This allows for people to have life changing surgeries (both cosmetic and medical) whereas in the past these may well have been cost prohibitive. We learn about what protections are in place for customers and how TLC acts as a middle man between the surgeon and the patient when it comes to the financial arrangements. We also discuss how clinics can access finance to refurbish or perhaps upgrade their lasers or devices, traditionally an extremely expensive and prohibitive barrier to most clinic owners. 00:00 Introduction 01:03 Meet Tim Boon 04:15 Entering the Medical Finance Industry   06:33 The Gap Between Treatment Cost and Patient Affordability   08:40 Early Challenges Getting Banks to Support Medical Lending   11:31 Building the First Medical Funding Platform   15:48 Why Doctors Struggle to Talk About Money   20:23 How Patient Finance Changed Access to Treatment   22:42 Understanding Unsecured Medical Loans   25:41 Interest Rates Risk and Credit Assessment   31:55 Why Payment Plans Make Treatments More Accessible   38:47 Supporting Patients Without Private Health Insurance   43:22 Step by Step Patient Application Process   45:17 How Clinics and Patients Work With Funding Providers   47:10 Managing Financial Risk and Responsible Lending   49:17 What Happens If Patients Cannot Repay   52:13 Payment Holidays and Hardship Support   54:29 Impact of COVID on Medical Finance   57:34 Financing Medical Devices and Clinic Equipment   59:34 Avoiding Poor Investment Decisions in New Technology   01:04:36 Differences Between Medical Finance and Buy Now Pay Later   01:07:12 Ethical Concerns Around Cosmetic Treatment Financing   01:09:40 Safeguards Against Impulsive Procedures   01:17:48 Supporting Patients Through Multi Stage Treatments   01:20:18 Future Trends in Medical and Aesthetic Financing   01:23:30 Building Awareness of Payment Options   01:25:10 Final Advice and Wrap Up ALL IA LINKS & CONTACT INFORMATION