Loan Approved but Now Doctor Doesn't Want to Pay the Fees - Options?

I was approved for a loan, and actually scheduled for a breast augmentation surgery on may 25th (next week) in Dallas, tx. But now my doctor apparently doesn't want to do business with the loan company bc of the 10% interest. I offered to pay the fees for him in cash, now I'm just waiting to hear back from him. If he doesn't take it, what other doctor will? Seems like a lot of doctors in the Austin area don't work with mymedicalloan anymore. Any doctor recommendations?

Doctor Answers 6

Loan for surgery

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He/she may not want to do business with the loan company not only because of the high fee that would be discounted to the doctor, but also because this company charges a fee to the doctor to be signed up with them!  Addionally, the doctor signs a statement that they will not charge the patient anything over what the loan is for, so he/she cannot legally accept the 10% cash from you.  There are other funding companies available that are much more trusworthy, try other options before giving up.  Additionally, if you have a good relationship with your bank or credit union, you may be able to secure a personal loan for the amount you need for your surgery.  Good luck!

Newport Beach Plastic Surgeon
4.9 out of 5 stars 109 reviews

Problem financing surgery

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While I am not familiar with the loan company you mentioned, there are at least two issues I have encountered with medical loan companies.  One is the processing fee charged to the surgeon (which can be significantly higher than fees charged by traditional credit card companies), and the second is the potential for the medical loan company to request repayment back from the surgeon if the patient doesn't repay the loan.

If your surgeon agrees to accept your offer to pay the processing charge, your problem is solved.  If not, you can either try to find a surgeon that will work with that loan company, try to get approval for a loan from a company your surgeon will work with, try to obtain a bank loan or traditional credit card, or save up prior to having the procedure performed.  Saving in advance may save you a significant amount of money.

Good luck.

Craig S. Rock, MD
Houston Plastic Surgeon
5.0 out of 5 stars 29 reviews

Loan Approved but Now Doctor Doesn't Want to Pay the Fees - Options?

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This is a very concerning issue in cosmetic plastic surgery. From the patients standpoint, they obtain a credit/loan from a medical business company. In the patient's eyes thing are cut and simple. Unfortunately most of "these" medical loan companies charge the surgeon a "processing fee", of around 10 to 14% (so on a $5,000 fee the processing fee is around $500 to $750 taken off the reimbursement to the surgeon). Others charge these fees to the patient in an application fee or a higher interest rate (I have seen rate approach 27%). 

From the surgeon's point of view, why should he have to pay for you, the patient, to have this operation? At 2 to 3% is affordable but 10 to 14% is quite high. You offering to pay the "processing fee" is a start. But thios chosen surgeon must have had problems with this loan company. My only recommendation is to delay your surgery until you can sort things out and have peace of mind before the operation. Best of luck

PS You can always save up for the operation so you can pay before in full and not deal with these loan companies. This is why these companies are making so much $s because patients want immediate operations that they really can not afford. 

Breast augmentation financing

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Today many patients are in need of financing of their cosmetic procedures. It is much easier to pay a few hundred dollars a month then to have to "shell" out thousands of dollars. There are several financing companies with different criteria for approval. What I am surprised by is you having booked your surgery with the doctor and him knowing that you are financing with your particular financing company, and then having your doctor cancel the surgery. I suggest that you either try to get another financing company or find another doctor. Most plastic surgeons today accept and deal with several financing institutions.

Financial companies

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There are many different financial companies out there that charge all sorts of fees.  Talk with the doctor maybe you can work something out with him.

Steven Wallach, MD
New York Plastic Surgeon
4.2 out of 5 stars 30 reviews

Financing plastic surgey

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About 10 years ago a number of shady medical loan companies appeared with a lot advertising on late night television. Most were schemes designed to defraud the doctors and rob the patients. Some would make the doctor discount the procedure and/or take money off the top of the loan so if for example the loan was for $5000 they would keep the initial 5 to 15% give the remainder to the doctor but still expect to receive full payment from the patient. Their screening processes were shaky so many patients defaulted and the loan companies would then come after the doctor for the repayment of the loan. Needless to say most of these companies are gone. However that does not stop new ones from appearing. If the doctors in your area used to work with that company and now will not do so that is a red flag that maybe you should not work with them either.

My response to your question/post does not represent formal medical advice or constitute a doctor patient relationship. You need to consult with i.e. personally see a board certified plastic surgeon in order to receive a formal evaluation and develop a doctor patient relationship.

Aaron Stone, MD
Los Angeles Plastic Surgeon

These answers are for educational purposes and should not be relied upon as a substitute for medical advice you may receive from your physician. If you have a medical emergency, please call 911. These answers do not constitute or initiate a patient/doctor relationship.