The 1 Thing You Shouldn’t Let Hold You Back from Making Your Dreams Become Real

Monique Ramsey (00:04):
Welcome everyone to The La Jolla Cosmetic Podcast. I'm your hostess, Monique Ramsey. And today, Janelle Robinson, our COO is back on the podcast to talk about everybody's favorite topic, money. So welcome, Janelle.

Janelle Robinson (00:19):
Hello. Thanks for having me.

Monique Ramsey (00:21):
So we talked to you a while back, we're almost at 180 episodes when you were on a couple hundred ago and you talked about financing and money back on the episode earlier, and one of the things that happens as life does things change. And so we've actually even taken that money episode offline because everything has changed since then. So we wanted to have you come back on the podcast and join us to sort of go through what's new, what's different, and why financing or payment plans or payment, however you want to think about it, why this is a really important topic.

Janelle Robinson (01:01):
Yeah, no, I think that there have been so many changes, and one thing even in the last year is you can't really even buy a home anymore at a reasonable interest rate. And even the car interest rates have gone up and it's just incredible that we still have the ability to offer patients such desirable terms for payment plans. And so I'm excited to share some examples of how this has really appealed to many different segments of people for different reasons. And one thing here at La Jolla Cosmetic is that we're really super users of our payment plans and huge advocates of offering this because it's, again, in the examples that I provide, we know that this can really help patients bridge any potential gaps. And so we don't take a payment plan or work with the lender and just offer a few of their programs. We offer them all, and we know that everybody is going to want different terms for different reasons, and we just want to remove any potential barrier and make this all as affordable and accessible for people as possible.

Monique Ramsey (02:32):
Let's talk about when you have important decisions like this. So in the case of plastic surgery, it's important all the medical decisions you're making, but then there's the financial decisions as well and it can get confusing and I think when you're confused about stuff, it's hard to make a decision because your brain just can't compute. And so we're going to go through, like you said, we're going to go through some examples of some math examples so we can really talk about scenarios, how people might use financing, but just getting to know that, I mean, we've been doing patient financing since I was at the practice. I think in 1994 or five we started with patient financing. So we've been doing this a long time. And Janelle, how many patients utilize this?

Janelle Robinson (03:22):
It's a lot. I mean, we're looking at one in three patients and so people shouldn't be shy or afraid to ask about it because it's a lot of our patients utilizing this. We have a patient coordinator, Marissa, who really specializes in these programs and it's really nice for patients to be able to call and really work with someone who's very familiar with the different plans and helping them really get some guidance of what path to go down. And she can do that right over the phone, put up some monthly payment scenarios, provide procedure pricing information.

Monique Ramsey (04:05):
And I think one thing that we've always been transparent about is pricing. So a lot of practices will say, oh, you need to come in and have a consultation and then we'll tell you the price. And yes, that will happen with us in terms of we can narrow it down to an exact dollar figure, but our patient coordinators are so good about giving you a ballpark on the phone. We have it published on our website as well. So even if you're not exactly sure, you could say, okay, mommy makeover, maybe however much it's going to be, and let me go and see what that payment might be. Or talk to Marissa and have her help you with what you're looking at because it kind of sometimes can be just overwhelming or you don't know, can I finance all of it? Do I finance part of it? What are the kind of combinations? So why do you think other practices don't want to talk about pricing?

Janelle Robinson (05:07):
I think that it is a tricky thing to do over the phone and there is a bit of an art to it, and that's why we've really spent a lot of time training the patient coordinators. And we have just very specific people that can handle these new inquiries on the phone because we want the patient coordinator to really be able to start guiding them from that initial phone call because a lot of patients are still thinking about all of this, what is it going to cost? How can I afford it? And they don't want to make the trip in here and the time investment if it's not a path that they can begin to go down yet. And so we have our coordinators sit in on some of the consults to really learn about how the doctors recommend what they do. And so even if a patient calls and they think they need a tummy tuck or they think they want lipo, there are really specific questions that the patient coordinator is trained to ask on the phone to really help hone in what it is actually the surgeon would probably recommend.

(06:20):
And they can do this by asking questions about their height and weight, their BMI, whether they breastfed, lost weight, just to even be able to determine the skin elasticity. And from there, based on their training and their years of experience, they can often pretty much narrow down what the likely surgical plan will be just by really getting in and asking those specific questions. And a lot of times the patients are blown away when they come in and they're like, oh my gosh, this is exactly what you said, not just what the surgical plan was that you thought it might be, but down to really within maybe hundreds of what the cost would be. And that's always exciting when the coordinator was dead on and they're proud of that, but then from there they know what they're looking at and go, okay, I've got this much saved, or okay, maybe I need to rethink what my strategy is. And it just gives them a much better starting point than having to come all the way in meet with the doctor to get that information.

Monique Ramsey (07:30):
Yeah. Well, and I think sometimes people feel like, oh, it's not polite to talk about money, but it's also not polite to not have the information given to you. So we don't want to withhold information like, oh, we want you to come in and then we'll give it to you. It's not a game. So I feel like it's so important to when we ask all those questions, it's really to help you because I think the other part is if you're only worrying about what this bill is going to be in the middle of your consultation, you can't really actively listen to everything the doctor's saying. And I think the other thing that was something when you mentioned the ballparks. What happens when you have a doctor who, let's say it's a mommy makeover and you're thinking, okay, I know I want my breasts redone, but I don't really know what that's going to be or what kind of lift or do I want to implant? Do I not? Do I need it, do I not? And then maybe a tummy tuck, but there's different kinds and then do we do a little lipo or not? And so I feel like how does financing help with maybe thought it was going to be one thing and then the doctors saying, okay, we can do that one thing, but you could also maybe have a little more. So how does that help when you get that information?

Janelle Robinson (08:51):
Yeah, definitely. And we even had, one example of this, not body surgery you're kind of describing, but we had this with a woman in her sixties. She called, spoke to one of the coordinators and said she wanted to have her eyes done, had been saving up and came in. And at that point she was ready to do her eyes, but then thought, you know what? I'm going to ask about the full facial rejuvenation because now that I know what the recovery is and what to expect, if it's all similar, if I do just a little bit more than it might make sense to just do everything all at once. And so she did ask about some additional facial procedures and it all kind of bundled under the same recovery as the eyes, and she knew that it would be a bit more obviously than the $8,000 for the eyes. But when she got her full quote, then she just used a payment plan for that remaining amount and it worked so perfect because she thought, okay, I've already saved up for the eyes. I maybe wasn't financially ready at this time for those additional procedures, but it makes sense to do 'em all at once to have the same recovery and not have to go into surgery twice.

Monique Ramsey (10:22):
Well, and you were saying earlier, you're talking about your house sometimes when you can bundle something in, it's like a small amount when you're paying over whatever the interest rate is or if it's a 0% interest rate or if it's a monthly fixed rate. But it's like if it's another $10 a month or whatever it's going to be, does that makes it much more achievable, I guess.

Janelle Robinson (10:49):
And that's often what we do where, if you speak to the doctor about multiple different surgical options, we always provide the various quote scenarios and then you can also see what the different monthly payments are. So if she was only going to do her eyes and wanted to do a payment plan, maybe it would be $200 with that and then an extra $20 or $30 to add on something. And when you lay it all out and you see that it makes sense to just do it all in one because there usually is a cost savings when you don't have to come back and do a whole nother surgery.

Monique Ramsey (11:32):
And not having to, if you're breaking it up like you say, into multiple surgeries, it's not just the time off, but it's another anesthesia, another, just like when you can bundle some things, then I think there's not only kind of the cost to savings than if it were two different procedures on separate occasions and the time savings, but also you get to enjoy it longer. I think one of the things that, at least I personally have experienced, is when you finally do the thing that's been bugging you and you want to do, it's like one less thing your brain has to think about all the time. And it's also you're enjoying that and living with your new face or body and getting to just enjoy life and for a longer amount, well, here's some girl math: What if we amortize the benefits of the mommy makeover or the facelift over time? If I wait five years until maybe I think I'm ready, I have that's five less years I get to enjoy it.

Janelle Robinson (12:38):
Or the Spanx you're not going to have to buy. There's a lot of things that we do to modify those insecurities and even just the time that you spend the extra time finding something that fits you or you buy more expensive things because those are the only things that fit you. I mean, there's so many modifications that people don't realize they had been making until they have the surgery and they go, they're relieved of that.

Monique Ramsey (13:10):
Yeah, it's freedom.

Janelle Robinson (13:12):
And so it's like why wait to have that freedom? And you don't know it until you've experienced it. So it's like just take the word of us who've been through this surgical journey and the joy that we felt after or all of the other patients that would just tell you, don't wait. There's just so much joy that can come of your quality of your life and what that does for your inner spirit and how you're a better wife, a better mom. And so many times husbands are always notorious for saying, I love her just the way she is. She looks great. But then they come back and say, now I know because she is so much happier. And if I would've known that this was going to make such a difference, I would've supported her, talked her into doing it sooner. And so it really does make a difference. It does.

Monique Ramsey (14:16):
Well, and I'll have our producers put in the show notes, some links to, we have a husband who came on the show to talk about his wife's surgery, and I think she, we might've had an episode with her too, but I can say bar none, every patient that I've had on the podcast, the one thing they say, if I say what gives some advice to people thinking about maybe this surgery and every single one says, I wish I did it sooner. So circling back with financing, it's like that's the thing sometimes that can help you do it sooner. And now let's go back a second to the different kinds of financing. So you talked about, you said there's zero interest and then there's a fixed percentage. So tell us a little bit about those different kinds of plans and maybe who those plans would be good for.

Janelle Robinson (15:06):
The fixed rate plans are great for somebody who's looking for a lower monthly payment, and a lot of times those are also good for those higher ticket priced surgeries just because if you do interest free at something that's maybe 20 plus thousand, it would be a pretty hefty monthly payment. But the nice thing about the extended payment plans that even do have the interest in them, you can pay them off sooner. Some people, even if they go into a five or six year payment plan, they may not go into it necessarily planning on it going through that whole course that they know they have no pre-payment penalty, but they want to take advantage of the lower monthly payment until maybe they get a bonus from work or they sell their house or whatever might be coming their way financially or they might just double up when they can and it'll end up getting paid off sooner.

(16:16):
But it just gives them that comfort of a lower monthly obligation and the ability to pay it off sooner if they can. And then the interest free programs, we've seen this really be popular for people who might already have some of the money saved up or all of it, and they're just, like we said with timing, they're having a hard time taking the plunge, parting with that money. Especially moms, there's a lot of guilt in doing something for themselves and there's always a lot of family expenses. Kids need braces, going off to college, they have the money saved, but they're just struggling to part with it. And so these interest free plans, which can range, we have a pretty robust offerings we do from six months to 24. And so when they've heard about this, they go, okay, this would make me feel better if I just did the 12, 18 or 24 months no interest. I can keep that money in the savings if anything comes up for my family, I've got that and then I'm just going to plug away at it for the next year or two. And that usually just lifts a huge weight off of their shoulders and it allows them to do something for themself, which really in reality, they're doing something for their family. It just doesn't always like that.

Monique Ramsey (17:49):
So tell us a little bit about what's that prequalification process or how does somebody learn what that monthly payment might look like or how to apply? And then let's talk about what's the soft check on your credit versus a hard check and how does that work?

Janelle Robinson (18:09):
Yeah, yeah, it's such an easy process. So a lot of people are always apprehensive about the application process because they don't want that ding on their credit showing that they've inquired. And especially if you're in the midst of buying a home, you can't have any inquiry checks or anything on your credit to show up. So this is a soft inquiry check. It does not appear on your credit report. And it's just a really quick, easy way to determine your eligibility and you may not even decide you need it or want it. It's just kind of nice. A lot of times on the initial phone call will just suggest everybody do an application because of it being a soft inquiry check before they come in. And then that way when they come in and we review the surgical plan, likely probably what we've already discussed, we can have a super comprehensive discussion on all of their payment options.

Monique Ramsey (19:15):
And then is that something they can do online or do they do it on the phone or how does that work?

Janelle Robinson (19:19):
Yeah, you can actually apply right online from our website or the patient coordinators can shoot you over a link to make it really easy. But we've got our primary lender on their PatientFi who does do the soft inquiry checks, and we partner with them. They are very patient centered, they are amazing when it comes to us being able to contact them, help us with any patient questions. And it's just really been a great partnership because we do feel like they have the best interest of our patients and offer programs that don't have any hidden fees or agendas. And it's really important for us when we're making recommendations that we're steering our patients down a path where we know they're going to be in great hands.

Monique Ramsey (20:14):
And so let's pretend when I go on the website on La Jolla Cosmetic Surgery's website, which is ljcsc.com, and you can go under the cosmetic surgery pricing, you can look. But what if it's a range like 15 to 20,000? Then how do I know what to put in the calculator to put in the low number? Do I put in the high number? Do I pick a middle number? Or how does that work for PatientFi to know how much I'm approved for?

Janelle Robinson (20:43):
If you ever were wondering what amount to put in, I mean you'd always want to probably just put in the higher amount, but they will actually not necessarily go off of the amount that you put in on the application, but how much they're really willing to approve you for. So even if you put in 10,000 and you have the eligibility for 30,000, they will just approve you for that full amount that you're eligible for.

Monique Ramsey (21:12):
That's really nice. And you said it just takes like a minute or something, like when you do it?

Janelle Robinson (21:19):
Yeah, it's super quick. And then what's nice too is when you do apply, because the fixed rate plans with the interest might have varying ranges of monthly payment scenarios, meaning it could be as low as 6.9 or up to 15 or 20% interest. So that can make your monthly payment vary. But once you put in your application and get approved, you can see actually what your monthly payment would be, not a hypothetical scenario. And so that's why it's another good reason just to throw in that application because it is a soft inquiry check, and then you can actually see what your personalized monthly payment scenarios would be based on all of those different plans, 3, 4, 5, 6 years with the interest or what it might look like for six to 24 months with no interest. So people really like being able to see what it is for them specifically instead of such a general range.

Monique Ramsey (22:23):
Well thanks, Janelle. This was so nice to have you catch us up on the latest in terms of all these different programs that are out there and how patients can take advantage of it, and whether it's the girl math situation, whether it's blonde math, whether it's mom math or nana math doesn't matter. We'll help you with the math. Right?

Janelle Robinson (22:45):
Exactly. We can help you feel good about the investment and help you from that initial phone call. Really figure out what this is going to look like without having to get in the car, fight traffic, come in. We can get you a lot of the process started just right over the phone and in a very simple process.

Monique Ramsey (23:07):
Thanks Janelle. Alright, well thanks everybody for listening. If you have any questions, please send us a note or put something in the comments. I hope you're subscribing also because now I mean almost 180 episodes, we've got a lot of good information. So we'd love to have you be a subscriber, give us a review and we'll have links in the show notes with all the things that we talked about. So like how to apply online, we'll give you our ballpark fees, all that good stuff. So we'll have that in the show notes and we'll see you all on the next one. Thanks.

Janelle Robinson (23:44):
Okay, thank you.

Announcer (23:47):
Take a screenshot of this podcast episode with your phone and show it at your consultation or appointment or mention the promo code PODCAST to receive $25 off any service or product of $50 or more at La Jolla Cosmetic. La Jolla Cosmetic is located just off the I-5 San Diego Freeway in the Ximed Building on the Scripps Memorial Hospital campus. To learn more, go to ljcsc.com or follow the team on Instagram @ljcsc. The La Jolla Cosmetic Podcast is a production of The Axis, theaxis.io.