A New Factoring Twist on Dental Financing

Dental office smiling female patientIt’s tough to find factoring companies that will purchase dental financing receivables.

The same goes for invoices created from elective medical procedures.

This point was highlighted in a recent article we published on Medical Factoring Wears Many Hats.

And then I received an email that intrigued me….

“My company offers medical financing to dentists and their patients.”

What a great potential for both dentists and factoring brokers to offer additional services. I had to learn more! The end result was this interview with Lenny Leff of InfinaQuest LLC.

Your email on buying dental care receivables really caught my interest. What transactions will InfinaQuest consider funding?

We purchase both medical provider receivables and consumer/patient receivables.

How does it differ from traditional receivable factoring? Would it be considered more of a consumer receivable?

While we do factor insurance receivables our core product is the consumer financing program. This provides funds for treatment not covered by insurance like braces or cosmetic procedures. It also finances patients not covered by dental or medical insurance.

Is it limited to dental care?

No, it also covers plastic surgeons, chiropractic care, hair replacement, and even veterinarian services.

How does the program work?

Patients can apply right from the dentist’s office. By filling out a short application on-line, patients will have an answer immediately. Every approval has a minimum credit line of $500.00 and up to $10,000.00. Depending on the program selected, funds can be received from us within 3 days.

What are the costs of the dental financing program?

There are no application fees for the provider or the patient. Upon approval for our program, there is an initial nominal setup fee, which is determined once they select the program that works best. There is a discount rate to the dentist and an interest rate charged to the consumer.

Is this limited to great credit?

No! Unlike other lenders we finance ALL credit types including A, B, C, and D credit scores as low as 500 FICO. There is a three tier pricing structure depending on the consumer’s credit.

Does that mean there is recourse against the dental care provider?

We have programs that are both recourse and non-recourse.

What are the advantages of dental financing?

Let’s say a dentist has 10 patients that each want $2,000 procedures but half can’t afford the treatment. That means the dentist is losing over $10,000 in revenue. By offering payment plans a doctor can expand the business, increase advertising, purchase equipment, or use funds as needed.

The medical provider achieves increased cash flow and their patients are able to receive treatment they might not have received otherwise.

How are accounts tracked?

We provide complete receivable management and provide payment plans to patients by drafting monthly payments from the responsible party’s checking account. Dentists have the option to sell us the plan and receive cash immediately.

We also offer a similar product for receivables not related to medical including:

  • Memberships
  • Buyer’s clubs
  • Security Systems
  • Water Systems
  • Solar Systems
  • Website design
  • Infomercial
  • Resorts and Timeshares
  • Health club / Martial Arts
Do you work with factoring brokers and how do you handle payment of commissions?

We pay competitive commissions on any deal that a broker brings for the life of the deal and provide detailed reporting.

How did you get your start in the factoring business?

We started as a billing company and expanded to the factoring business and consumer receivables. I have been in this business for 20 years and we fund in all 50 states.

What unique benefits does InfinaQuest Medical provide?

A high level of customer service, including immediate response to our clients needs.

What do you consider the best methods for finding factoring business?

Networking, networking and networking.

Start by handing out your card at the Chamber, business networking events, or anywhere you can meet people. Remember you can’t sell money. You sell the benefits of your services. When they are ready, you will be ready to help.

What advice would you give to new professionals just starting out in the industry?

Now is the best time to get into this industry. Do not expect overnight success, but you should see a good steady growth build with hard work.

What is the most common business mistake you see people make?

Lack of follow up.

Given the current economy, have you made any changes in the way you transact business?

We are seeing more business as banks are not lending, and that includes doctors and dentist as well as consumers.

Where can people contact you to obtain more information about dental financing and other programs?

Lenny LeffInfinaQuest Medical Dental Financing
Lleff@infinaquest.com
InfinaQuest Medical
www.infinaquestmedical.com
Phone: 516 858-4101

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