PrimaHealth Credit, a healthcare financing company located in Newport Beach, California, is now offering point-of-sale financing options for elective medical treatments.

Mirroring the financial solutions offered by companies such as Klarna and Affirm, PrimaHealth Credit extends these services to the elective surgery market, covering procedures like cataract surgery, orthodontic treatments, dental work, and LASIK eye surgery.

According to a statement released by Brendon Kensel, founder and CEO of PrimaHealth Credit, “Our BNPL (Buy Now, Pay Later) product often represents a crucial option for individuals seeking dental, orthodontic, LASIK, or cataract surgery – it can be the determining factor in whether they receive the necessary care.”

The company anticipates that patients will typically cover between 25% and 50% of their treatment costs initially, with loan repayment periods spanning two to four months.

Loan interest rates will vary from 19.99% to 24.99% APR, and the average loan amount is projected to be approximately $1,800 for dental, orthodontic, and LASIK procedures, as stated by the company.

Kensel explained, “Previously, when healthcare providers were unable to approve patients for an in-house payment plan, they faced a difficult choice: either decline to treat the patient or proceed with the care while assuming substantial risk due to challenges in evaluating creditworthiness and managing loan servicing and collection.”

This program manages not only the loan application process for healthcare providers but also the subsequent payment and servicing operations.

“Our company’s primary objective is to eliminate obstacles to patient care and enable individuals with sufficient financial resources, but perhaps not ideal credit scores, to access the high-quality treatment they are entitled to,” Kensel stated.

Patients can utilize the PrimaHealth Credit mobile application to obtain immediate credit approvals and select a repayment plan that aligns with their financial situation. Currently, the service is available in Arizona, California, Florida, Oklahoma, and Texas, with plans for nationwide expansion to all 50 states by 2021.