Outpatient Surgery Magazine

Almost Left Behind - Subscribe to Outpatient Surgery Magazine - April 2018

Outpatient Surgery Magazine, providing current information on Surgical Services, Surgical Facility Administration, Outpatient Surgery News and Trends, OR Excellence and more.

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I'd never heard of such a thing, but the manager assured me that enrolling would be quick and easy as she handed me the phone. She wasn't kidding. I applied and got approved in a few minutes. I used my new card number to pay the $2,000 and back to the suite my son went. It seemed almost too good to be true, but it got even better when my first statement arrived about a month later. My 24-month deferred-interest loan real- ly was essentially interest- free. Of course, free financing came with a not-so-small catch. The loan was interest-free only if I didn't miss an $84 monthly payment and paid it off in 24 months (the longest payback period this lender offered). Otherwise, the lender would have charged me all the interest that had accrued from the time of the transaction. That would have been an insanely high interest rate of about 26%. Fortunately, I didn't miss a month, so I wasn't slammed with a balloon payment at the end of the loan term. Not only did a healthcare credit card turn my $2,000 deductible into 24 low monthly payments, but the oral surgeon's office made out, too. The lender deposited $1,802 into the practice's bank account within 2 days and kept $128 as a transaction fee (9.9% for a 24-month term). 4 8 • O U T PA T I E N T S U R G E R Y M A G A Z I N E • A P R I L 2 0 1 8 Who wants to be told that they can't have their procedure because they don't have enough money? But insurance has put so many of our patients in that position.

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