[dropcap]A[/dropcap] life without glasses, that’s what a lot of people want. The answer to this is LASIK surgery. Unfortunately, this is not covered by insurance and that is why there is a huge demand for lasik financing.

In this article, we find out the steps for starting a finance company for funding LASIK surgery. Read on to find out what it takes to start a financing business.

How To Start a Lasik Surgery Financing Company

Whether it is funding LASIK surgery or home improvement financing, here are the steps to follow for starting a lending company.

Planning for Additional Overheads:

Since you are adding a separate vertical, you will need to factor in additional overheads you are likely to incur. These would include employee salaries, advertising costs, general office supplies, and website costs.

Since you are focusing on funding eye surgery procedures, you need to have a tie-up with a hospital or a clinic that offers LASIK surgery. It would involve marketing your services to these hospitals and clinics.

Once your credentials are verified, the hospital will take you on board. The eye surgeon will recommend your company for financing plans.

Understanding Your Core Business:

Since your core business will be providing financing options, you will need to know what the end-user wants. Your customer is the patient who needs LASIK surgery. They are interested in flexible financing options that suit their budget since insurance plans don’t cover LASIK surgery.

You will need to design a standard loan application form and ensure that the application process is simple. You need to create a digital platform for accepting applications and supporting documents. The application form should be available on your website.

The application form will help you collect standard client information like a general credit check. It includes the name of the client, their residential address, social security number, telephone number, household income, and driver’s license.

The form should also include a page for information regarding the surgeon and the estimated fee.

Designing a Website:

You should have an easy-to-navigate website. It should have details about the different financing plans that you are providing.

Your site should also include information regarding the hospitals and clinics that you are associated with. The language used on your website should be easy to understand.

You should have FAQs on your financing plans that should include but not be limited to eligibility criteria, documentation, and more. Having a secured payment gateway on your website would help clients in making payments.

Quick and Easy Processing:

The client is looking for a smooth experience right from the application for the loan to disbursal. There are no glitches in your computer software, and customer applications should not get stuck at any point. The customer should provide their correct bank details so that the funds reach the right account.

Pricing of Plans

You need to tabulate all the costs you will incur for starting LASIK surgery funding. Apart from your overheads, you need to factor in interest servicing costs for loans taken from financial institutions. Doing this will help you decide your markup on the total cost.

The interest component of your loan will have to be included in the installments. This will vary according to the loan amount, the repayment period of the loan, the CIBIL score of the client.

You need to keep in mind that the client is not offering any collateral and the hospital will not make good any deficit in case the client defaults. This is where the CIBIL score of the client comes in. For clients that have a high CIBIL score, you can offer competitive interest rates in line with those offered by other LASIK surgery financing companies.

Offer complete transparency to your customers and avoid any hidden costs. Clients should know upfront what you are charging for your services and make a decision.

Compliance With Regulations

You need to register yourself as a financial services companies company so that you are an authorized provider of LASIK loans. All the state and federal regulations that apply to lending companies need to be complied with. Once you get your registration number, you can start marketing your services.

Registration has another important reason. Your client will visit your website and check your registration number. They will verify if you are a legitimate company before they decide to approach you for a loan.

Hiring Experienced Staff

If you are currently operating in a different industry, then you need to speak to your friends who are in the financial services industry. You could also visit online job portals to get qualified candidates. Hire someone to interview the candidates if you do not know the lending industry.

You need someone from senior management with extensive experience in the financing industry with complete knowledge of the latest regulations and laws. They will not only help you kickstart your financing division but will also help in the onboarding process. Offer remuneration in line with what fair remuneration in line with market trends.

Have a Budget

When you are creating long-term projections for the business, having a budget is important. You will be able to check for any variances from your income or expenses and take remedial action immediately.

Your finance department should be giving you a bird’s eye view of how the new division is affecting the profitability of your company as a whole. Allocation of funds to your different departments and verticals can be done easily.

Integrated Platform

All the departments of your business should be seamlessly integrated through customized software. This will ensure resource sharing and synergy. Duplication of efforts will also be avoided.

Your platform should be easily scalable. You will get the required MIS (Management Information Systems) reports on time to ensure you are on track with your long-term growth strategies. The platform should be easily accessible by you through your mobile device like a phone or laptop.

Start Your Profitable Lasik Loan Company

There is a demand for LASIK funding since they are under the exclusion list of insurance companies. If you provide superior customer services and have a great team, you won’t have a problem. You can start your LASIK loan company in a few simple steps mentioned here.

If you have the resources and the vision, you can start financing LASIK surgeries easily.