Alchemy Introduces Automated Lending Platform for Medical Financing

Payments portal Alchemy has launched a payments system for patients looking for care now, pay later services that allow them to break their cosmetic and elective surgeries into smaller payments, according to a Thursday (April 14) press release.

“The cost of cosmetic procedures and elective surgeries vary by the type such as injections, skin resurfacing and laser hair removals,” the release says. “These procedures are sometimes financed through a point-of-sale option where the patient is underwritten specifically for medical procedures.” But such options “are sometimes unavailable due to an illegible patient credit score for lenders or banks,” Alchemy said in its announcement.

Alchemy’s system has an onboarding application, a decisioning process that creates risk-based offers and mechanisms to collect payments from patients through the end of the care now, pay later payment schedule.

Alchemy connects with various know your customer (KYC) identity verification bureaus and provides know your business (KYB) data that verifies the legitimacy of a business before they are allowed to apply for financing.

Doctors can onboard clients, request disbursement from lenders, take down payments and upsell clients with additional products and services on Alchemy’s medical patient portal and lenders get access to all application information, loan information, underwriting elements and loan management tools through the lender portal.

Alchemy’s broker portal allows them to send applications to clients and then match lenders with specific financing, while the payment and customer portal uses ACH, debit card rail and virtual cards to make payments to the clinics for the procedures and take down payments from patients.

Related: Alchemy Offers SaaS Platform to Automate Commercial Lending to Small Businesses

Earlier this month, Alchemy announced that it will soon roll out software to help lending companies offer financing products for millions of smaller businesses in Latin America and other emerging markets.

The system is touted as being able to manage lines of credit, installment loans and revenue-based repayment structures, and Alchemy says it covers “repayments, payment reminders, and collections modules to help lenders to stay on top of their portfolio and investment.”