The Financial Crisis Hits Plastic Surgery

Let's face it, pretty much every business is getting hit by this recession, and plastic surgery practices are no exception. I was at the recent annual meeting of the American Society of Plastic Surgeons (ASPS -www.plasticsurgery.org) in Chicago and there was much talk about the impact of the financial crisis on the plastic surgery industry in general, as well as individual practices. Some practice activity is down 30%! (That made me feel like I was doing fairly well!). Pretty much gone are the days (not too long ago) when patients could get an equity line on their home to pay for things like cars, boats, and...plastic surgery. The news isn't all gloomy - the downturn in the economy will provide opportunities for patients who still want plastic surgery procedures.

Many people use financing for plastic surgery, and the group I have been using is CareCredit (www.carecredit.com) In my experience, (and I have used about five other companies over the years) they have been the most reliable as far as approving most patients for financing and providing a streamlined process for the patient and for my office. It seems as though they are still able to approve most patients since the financial meltdown began, and I was curious to get their take on the situation. I talked to them in Chicago, and they told me that they are still well capitalized and don't anticipate a dramatic change in their lending practices.

With declining patient traffic to plastic surgeon's offices, surgeons will be more willing to come down on price. If they are adamant on their price and don't negotiate, perhaps they will include another treatment for free, or at a discount. It never hurts to ask. If it's a surgery you're interested in, offering to pay in full immediately (even if your surgery is scheduled 3 months later) will almost always get you a nice discount off the surgeon's fee. Remember however, there are some costs your surgeon has little if any control over, including anesthesia fees, OR fees, and implants.

Minimize or eliminate the cash cost of the procedure by offering something in return - old fashioned barter. How about that old guitar collecting dust in the basement, or the Warhol print in the hall? Gold and other precious metals, especially in uncertain financial times like this, are also in demand and could be used for payment.

Consider less expensive procedures, like injectibles. Again, many offices including our own will be offering discounts and specials, especially this time of year. We are offering Botox at $10 per unit, which is comparable to spa prices, in our office on Wednesdays through the end of the year.

Douglas J. Mackenzie, M.D., F.A.C.S.