NexHealth partners with Affirm to allow you to offer your patients with charges over $1000 the ability to pay over time.
This option is available with an established Payments account in NexHealth. For charges of $1,000 or more, you can receive the full payment for the patient's total bill up front, and allow patients to select their payback period. There is a 6.25% + $.30 / transaction fee to use Affirm.
To enable Pay Later with Affirm:
1. Navigate to the gear icon and select Settings --> Payment configurations --> Enable payment plans.
2. Turn the toggle ON.
With payment plans enabled, patients have the option to select Affirm as their payment method, and can receive approval in just a few seconds.
Affirm details:
You receive the payment in full immediately from Affirm.
Affirm manages collecting the monthly installments from the patient so you never have to worry about it again.
The process is extremely quick and easy for patients to determine their approval status (10-12 seconds), all within the NexHealth payment experience (no extra websites, forms to fill out, etc).
Affirm generally has a high approval rate, and is far less predatory than some of its biggest competitors.
Affirm also has lower interest rates than CareCredit, and does not have deferred interest. Interest is fixed and disclosed upfront, so what the patient sees at the time of purchase is what they pay over time. There's no surprise interest accumulation even if a balance isn't paid off early.
Approval status lasts 2 weeks before it expires and patients need to be re-qualified, so a patient who is qualified for work 2 months in the future may not be qualified by the time they need to pay.
Fees to practices for payments processed via Affirm are 6.25% + $0.30 per transaction (e.g. A $1000 payment paid via paid via Affirm will incur a $62.80 fee for your practice. We suggest you consider building this into your charges.
What does Affirm solve for you? The ability to easily offer your patients payment plans!
There are a few reasons why a patient might want a payment plan:
They have an outstanding old balance but haven’t paid it yet and want to square up with you.
They are surprised by a new balance they have incurred (e.g. insurance covered less than they anticipated).
They want to have a means to pay for upcoming potential treatment.