Payment portal Alchemy has launched a payment system for patients seeking care now, pay later services that allow them to split their cosmetic and elective surgeries into smaller payments, according to a Thursday, April 14 report. Press release.
“The cost of cosmetic procedures and elective surgeries vary by type, such as injections, skin resurfacing, and laser hair removal,” the statement said. “These procedures are sometimes funded through a point-of-sale option where the patient is underwritten specifically for the medical procedures.” But such options “are sometimes unavailable due to a patient credit score that is unreadable to lenders or banks,” Alchemy said in its announcement.
Alchemy’s system has an onboarding application, a decision process that creates risk-based offers, and mechanisms to collect payments from patients until care is completed now, pay later the payment schedule.
Alchemy connects to various Know Your Customer (KYC) identity verification bureaus and provides Know Your Business (KYB) data that verifies the legitimacy of a business before it is allowed to apply for funding.
Physicians can onboard clients, request disbursement from lenders, withdraw deposits, and offer clients additional products and services on Alchemy’s Medical Patient Portal and lenders have access to all application information, loans, underwriting elements and loan management tools through the lender portal.
Alchemy’s Broker Portal allows them to send customer inquiries and then match lenders with specific financing, while the Payment and Customer Portal uses ACH, Debit Card Rail and Virtual Cards to making payments to clinics for procedures and withdrawing deposits from patients.
Related: Alchemy offers a SaaS platform to automate small business commercial lending
Earlier this month, Alchemy announced that it would soon be rolling out software to help lenders offer financing products to millions of small businesses in Latin America and other emerging markets.
The system is touted as being capable of handling lines of credit, installment loans, and income-based repayment structures, and Alchemy claims it covers “refunds, payment reminders, and collection modules to help lenders to stay on top of their portfolio and their investments”.