One of the more popular types of question we receive at Atlantic Coast Aesthetics has to do with insurance and financing. While many clients think these are the same, they are actually different approaches to paying for cosmetic or other surgeries. Insurance providers often do not cover procedures that are deemed nonessential, making financing an attractive option for people who cannot afford to pay for cosmetic surgery upfront or who wish to spread payments out over time. This week’s ACA Question of the Week comes from a viewer who asks, “Is there a doctor in the Miami area who specializes in breast revision, and accepts Alphaeon insurance?”
Dr. Pane said that southern Florida and Miami in particular are “littered” with very experienced and knowledgeable cosmetic surgeons, many of whom do indeed perform breast revision and reconstruction. In addition, these surgeons also often do follow-up procedures after other types of breast surgery. While Dr. Pane is not familiar with any surgeons in the Miami area who accept or work with Alphaeon, he did take the opportunity to demystify the difference between insurance and financing for patients who are unsure or unaware that while these methods of payment achieve the same goals, they do so by very different means.
Alphaeon is a company specializing in medical financing. While it is a newer contender in the medical financing field, Dr. Pane noted that the company is run by experienced people who know and understand the needs of both patients and practitioners and aims to achieve a good balance between these two sometimes opposing poles. He has been quite pleased with the results and says that the patients who have utilized Alphaeon for their cosmetic surgery in the past generally have been as well.
With this said, Dr. Pane also pointed out that he does not endorse Alphaeon, for a number of reasons. First, Dr. Pane is a cosmetic surgeon, not a financial advisor. Medical lenders and finance companies like Alphaeon may not be wholly appropriate for every patient or financial situation. It is generally better for a patient to engage the services of a qualified financial advisor who can best advise the patient as to which options may be best for a given financial situation or outcome, and to undertake their own due diligence when determining whether medical financing is best for them.
Medical financing has become a more popular option in the last 10-15 years among patients who want the benefits of elective or cosmetic surgery but cannot afford to foot the entire bill all at once. Unlike insurance carriers, medical finance companies tend to be more concerned with a patient’s projected ability to repay the loan than whether or not an actuary considers the procedure appropriate or medically necessary. However, each medical lender has its own criteria for establishing creditworthiness, and as with any other type of contract, the patient should review the terms and conditions carefully before agreeing to anything.
Another benefit of medical financing is that it may be a good choice for patients who have the ability to pay the entire amount of the procedure upfront, but want to build good credit or defer payment in full for a given period of time. This does not mean that medical financing is the right choice for every patient. While Dr. Pane is familiar with the general rules and regulations Alphaeon conducts business under, the specifics may vary so widely between individual patients and financial pictures that it is far better for the patient to choose personally whether medical financing is desirable.
Dr. Pane said that Alphaeon and its competitors are growing in popularity, both in Miami and elsewhere, and so it seems likely that at least one cosmetic surgeon in the Miami area would accept this type of medical financing. Just because he does not personally know of one does not mean they do or don’t exist, nor does it mean that he can vouch for a given practitioner’s capability, experience and credentials or the outcome a patient can expect from working with a given surgeon.
ACA and Dr. Pane welcome the chance to answer all cosmetic surgery-related questions, because informed patients make better choices and have more realistic expectations about the outcome of their procedures. If you would like to ask a question, we encourage you to send it to us through our Facebook page, email it to us at https://acplasticsurg.com or call us at 561-422-4116. The next ACA Question of the Week could be the one YOU asked!