3. Omni-Med Services Omni-Med, a division of Omni Funding that has over 15 years serving health care and wellness providers in many fields including: Audiology, Dental, Chiropractic, Optometry, and others. We have created the Option-Pay program to give more of your patients/clients the ability to say YES to elective and recommended care. Thus increasing Case Acceptance! This turnkey program has no set up cost, no equipment to purchase, and can be implemented into your office setting within 48 hours. Years of experience and research have gone into the development of the Option-Pay model and process. Our program is designed to work with, and enhance, your current offerings, by making your products/services attainable to a broader base of prospective patients/clients. The user friendly Option-Pay Program allows your practice to provide financing with convenient terms and flexible options that you control at the point of sale. Web-based efficiency allows you instant credit decisions, the ability to monitor your financing status 24/7/365, and state of the art reporting that offers various data reports and downloads. The Option-Pay team is an Advisory, or group of consultants, that will guide you through the implementation of a program that will enable you to take control of your practice’s financial wellness, and have a sound and effective contingency system in place to help insure the continued success of your business; no matter what the future credit markets have in store for our economy.
4. Real Questions Of Concern! Are you experiencing any of the following trends in your practice? *Increasing Decline Ratios *Increasing Partial Approval Ratios *Patient Insurance Payment Gaps *Patients With No Insurance *Patients Not Getting A Fair Alternative To Accept Treatment *No Contingency Plan For Economic Trends **If you said yes to any of these questions, then Omni-Med can help you bridge the gap to more patients saying YES for treatment!
5. State Of Patient Financing Did you know these interesting statistics? *The median credit score has dropped from 725 to 675 in the US *Average credit score required to gain approval from other financial sources is 720 *Revolving healthcare credit cards seem to be the norm to bridge gaps *40% of no interest, same-as-cash (SAC) offers are not paid within promo *40% of patients that accept SAC are now paying 25%+ rates *Credit lines and available overall healthcare financing dollars have been greatly reduced
6. What Are You Doing About It? Are You Loosing Patients & Revenue Based On Statistics? What are you doing when a patient is declined credit? What are you doing when a patient is partially approved for credit? What are you doing when a patient has an insurance payment gap? What are you doing when a patient has no insurance at all? Solution: Have A Contingency Plan For Case Acceptance Provide alternative credit decisions in your office for flexibility! Process partial approval balances with contingency alternative! Process insurance payment gaps with contingency alternative!
12. Who Should Apply And Use Program? Patients/Clients that may have been declined or partially approved by one or more of your existing finance sources. Patients/Clients that have high insurance deductibles, or no insurance coverage. Providers not satisfied with current patient finance options. Providers that want to build an additional profit center with the most cost effective/turnkey method in the patient finance market place!
13. Application & Documentation Quick, Simple Application Process Quick Credit Decisions (no partials) Quick, Simple Documents Quick, Simple Learning Curve Web Based Efficiency (24/7/365) Flexible For Your Practice & Patients
14. FAQ’s Q. How long does it take to get set up for this program? A. 24 to 48 hours Q. How long does it take for a patient to be approved? A. In minutes at your office location. Q. Do you need original documents to complete transaction? A. Electronic Signature is available for instant confirmation or for wet signatures Faxed or Emailed documents are acceptable. Q. Do you run my credit to be accepted on this program? A. NO! We do an initial consultation with your health care or wellness practice and make a determination if a mutual relationship would be beneficial. Q. Will there be information for patients/customers? A. Yes… PDF flyers will be provided to your office location(s) The objective is to make the program very user friendly for your staff and patients/clients. Q. What type of training can our office(s) expect regarding your ongoing revenue program? A. You will be provided initial and ongoing training so that your patient finance enhancement continues to run smoothly and efficiently. Our commitment is to assist you in creating the best individual program for your practice. Q. Is this program provided on a national basis if we have multiple locations? A. Of course… we can accommodate healthcare and wellness providers in all 50 states!
15. FAQ’s Cont’d Q: How do I submit accounts for approval? A: Our online instant credit decision platform makes submitting credit requests easy and enables you to simply prepare contracts for your patients’ signature. Q: What are the definitions of commonly used finance terms? A: Term is the number of months over which payments will be made. Down Payment is the amount the patient pays directly to you prior to receiving their service. An Interest Rate is the fee paid by a patient on borrowed assets. Documentation Fees/Admin Fees (optional) are fees associated with the establishment of the financing. Amount Financed is the cost of the procedure less the Down Payment and Doc/Admin. Q: Can I change the Credit Profile of the patients I wish to approve? A: Certainly. We can adjust our credit profile matrix to meet the needs of your practice (i.e. tighten or loosen credit standards). Q: What response will I receive after submitting an application for credit? A: Within seconds, you will receive a response indicating whether the patient is Approved or Declined. With an Approval, you will be notified of the patient’s Credit Grade (i.e. A, B, C, etc.). We encourage internal provider language to be Tier 1 =A Tier 2=B Tier 3=C Tier 4=D Q: Will your online instant credit decision platform tell me the patient’s credit score? A: No, the credit bureaus restrict the sharing of credit scores. We provide you with the Credit Grade so you have a good understanding of the patients’ credit worthiness and can make individual decisions related to your willingness to amend the underwriting guidelines for a particular patient.
16. FAQ’s Cont’d Q: Why is the optional $10 monthly loan administration fee included in the calculation of the patients’ APR? A: Any fees a consumer pays related to financing should be included in the APR calculation. Since the patient would otherwise not pay this monthly fee, it is considered a finance charge. However, your practice may elect to cover these nominal fees by using an extra ongoing revenue method that would cover the servicing fees. Your Omni-Med Advisor can show you how this is accomplished! Q: How do I know if a patient’s state limits the amount I can charge a patient (i.e. finance charges)? A: The APR is limited in many states. If your state has such a restriction, our payment calculator will automatically reduce the Interest Rate until the APR complies with state law. Remember that maximizing finance charges can bring a better price should you decide to liquidate a portion or your entire ongoing revenue stream for cash in the future. Q: How do I review/manage my loan portfolio? A: We provide you online access to view all activity associated with your account; from new accounts submitted to your ability to drill down and read our billing service representatives notes on an individual account. In addition to monthly reports, we provide dashboards that enable you to quickly and easily monitor key indicators associated with your portfolio’s performance 24/7-365. Q: If a patient is declined for financing, do I have any obligation to notify them of the reason? A: Under the Fair Credit Reporting Act, a consumer is entitled to a free credit report within 60 days of any adverse action as a result of their credit rating. While you are not required to provide them the reason for being declined, we will provide the declination letter to meet the FCRA requirements.
24. Per Month Client Processing $10 option* *Provider has option to pass $10 per month processing cost on to patient/client that will be collected with patient/clients normal monthly payment. Provider may choose to pay processing out of earned income from Option-Pay Program. Processing cost is optional depending on state usury laws and particular need of provider.
25. Get Started! Schedule a free no obligation consultation and analysis Authorize our enrollment process Schedule training for staff and management Start using program for instant results!!!
26. Thank You. I Look Forward To Working With You! Thank you for your time! Please contact Brett Harrel at 888 268-OMNI (6664) ext. 304 with any questions or concerns. I will be glad to help you. Omni – Med will strive to get you enrolled in the most cost effective patient finance program in the Healthcare and Wellness marketplace! You deserve it!
