Alchemy enhances its existing medical financing platform and launches a new and improved high-performance platform that enables banks and financial services to reach millions of consumers seeking cosmetic and reconstructive surgeries.
IRVINE, Calif., April 14, 2022 /PRNewswire/ --
Cost and Financing of Cosmetic Procedures and Elective Surgeries
The cost of cosmetic procedures and elective surgeries vary by the type such as injections, skin resurfacing and laser hair removals.
These procedures are sometimes financed through a point-of-sale option where the patient is underwritten specifically for medical procedures.
These financing options are sometimes unavailable due to an illegible patient credit score for lenders or banks. In these cases, clinics or providers offer a 'Care Now Pay Later' service, which serves as a payment plan option.
Alchemy has designed a system specifically for these instances. Our system has an onboarding application, sophisticated decisioning process that creates risk-based offers, as well as mechanisms to collect payments from patients at the time of the procedure through the end of the payment schedule.
KYC (Know Your Customer)
To legally underwrite a patient, a lender must conduct an identity verification process known as KYC or know your customer. Alchemy's system connects with various identity verification bureaus to provide the highest confidence regarding identity verification.
KYB (Know Your Business)
KYB is important when a lender, financing company, or bank is onboarding a clinic or provider to finance their clients.
Criminals often will setup fake medical providers and submit fraudulent applications to lenders to steal millions of dollars marked for medical procedures. Alchemy provides various KYB data sources to verify the legitimacy of the business before they are allowed to apply through the Alchemy system.
Medical Provider Portal
Our medical provider portal is a platform where doctors can onboard clients, request disbursement from lenders, take down payments, and upsell clients with additional products and services.
Lender Portal
Alchemy's Lender portal gives access to all application information, loan information, underwriting elements, and loan management tools to help lenders, and patients navigate through the rest of their loan repayment journey.
Broker Portal
We provide a broker portal for brokers to send applications directly to their client and match lenders with specific financing.
Brokers can maintain their own branding throughout the application process until the application is handed over to the lenders for disbursement and repayment.
Payment and Customer Portal
The Alchemy system leverages both ACH, debit card rail, and virtual cards to disburse payments to the clinics for the procedure and take down payments from patients.
We also provide payment reminders via SMS or emails to patients. Patients can log into their customer portal and make payments.
End-to-End Financing Platform
The Alchemy system is an end-to-end in-house financing solution to underwrite the entire spectrum from financing the patient to receiving payments from the procedure.
If you are a broker looking for a system to connect patients and lenders, our system can connect these dots with API integrations and transparency.
Read more about Alchemy's platforms by visiting our website https://www.trustalchemy.com/
Contact:
Jamal Dessouky
[email protected]
SOURCE Alchemy
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