Interview with Pat McGee www.helpcard.com
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Topic: Hearing Aid & Interest Free financing
AO/Beck: Good Morning Pat. Thanks for meeting with me today. I am excited about this topic because I think many people need financial help every now and then, and I know you work with ESCO to provide hearing aid financing options. Before we talk about those issues in particular, let's spend a few moments introducing you to the readers. Pat can you tell me a little about your education please?
McGee: Sure. I'm a 1974 graduate of the University of Arkansas with a degree in business administration and an emphasis in computer science and accounting. Following three years in the armed service, I attended the University of Tulsa completing a major in accounting.
AO/Beck: Can you tell me a little about the experiences and positions which prepared you for your current position?
McGee: My career initially started in the computer science department of a major oil company, Citgo. As a business management consultant, I developed systems and software products for financial business applications. Following a three year tenure with Citgo, I landed a position with Price Waterhouse in Dallas, as an audit manager. Two years later, Citgo enticed me to return to Tulsa, Oklahoma for some important projects they were working on, so I went back to work in the oil business. To make a long story short, I spent 23 years in a number of business management positions in the oil industry, ending up in the gas marketing arena for Occidental Petroleum.
Currently, I hold the position of Vice President of Marketing with The HELPcard. The HELPcard is a leading healthcare finance company specializing in the financing of consumer purchases of healthcare products and services.
AO/Beck: How long have you been with the HELPcard?
McGee: A little over five years.
AO/Beck: Has the Help Card always been involved with hearing healthcare?
McGee: Yes, as a matter of fact the Help Card has been in the financing business for approaching 20 years. Our niche is health care financing, and the hearing aid market has been an important part of our business for some time now. In fact, the hearing market is one of our largest markets, and it's a growing market.
AO/Beck: Do you also finance vision and dental services?
McGee: Yes, our financing focus covers the entire range of healthcare products and services including hearing, vision, dental, medical, and home health equipment.
AO/Beck: So when people finance these things through their doctor's offices, you guys provide the financing?
McGee: That's correct. We're one of the groups involved.
AO/Beck: How would a consumer figure out what to do? Suppose I'm going to buy the best possible set of digital hearing aids, and it's going to cost $5000, and I don't have that kind of money, but I really want to get the best possible hearing aids. What's the first step?
McGee: The first step in the process is to work with a hearing professional who is enrolled in our financing program.
AO/Beck: Okay, but how does the consumer know that?
McGee: They can contact us and we'll direct them to the professionals in their local area. Or, if their existing hearing professional is not currently using our program, the consumer can ask their professional to contact us and we can set them up in short order. It's really simple. The consumer can call our Cardholder Care Department (800-262-3368), tell us where they're located, and we can direct them to the nearest office.
AO/Beck: Very good. What's the process for consumers using your financing?
McGee: Once the professional realizes the customer desires to finance the purchase over time, there's a short application to fill out. The application can be faxed to our credit department, or for an immediate response, the application can be telephoned in on our toll free number and our credit analyst will give them an approval decision during the phone call. The process can be completed in as little as 5 minutes.
AO/Beck: Is there a dollar limit to the purchase amount, and, can this be used for FM systems, ALDs and accessories?
McGee: From a credit limit standpoint, we don't have maximum. Our credit limit is base upon the strength of the customer's credit worthiness and of course, we always strive to extend to them the credit they need to cover their hearing related expenses. Once approved, the extended credit can be used for all types of devices, accessories and hearing care services.
AO/Beck: Can this program be used for acquiring cochlear implants?
McGee: Yes, it's possible. Not only would we cover the cost of the products, but they also can use our financing for the surgical fees.
AO/Beck: Does the professional get paid from you immediately, so they're out of the financial loop entirely?
McGee: Yes! Once we approve a consumer for financing, we pay the professional for the purchased services and products, and the debt and related issues remain between the consumer and our company. Payment to the professional is made by direct deposit to their business account with 48 hours. I should mention one important aspect of our financing that distinguishes us in the hearing market; it's our approval of stability accounts.
It means that we can approve consumers who do not have an established credit record, but can demonstrate a stable income and residence. We look at it differently from our competitors who usually decline these applicants. From our standpoint, a lack of established credit does not necessarily mean a bad credit risk. In these cases, as long as the consumer can demonstrate stable income for five years and a stable residential status of five years in the same location, we'll approve them for up to $2500. This means increased approvals, especially in the hearing market where we deal with the mature customer who tends to pay cash for everything.
AO/Beck: Are these loans fixed over time, or are they revolving?
McGee: Good question. Our loans are revolving credit much like MasterCard. We authorize the approved customer a credit line and they can use all or a portion of that credit line at any time. We send monthly statements to the consumer which provides them a monthly accounting of their credit usage, the minimum payment required and interest charges. As long as the consumer keeps the account in a current status, the unused portion of the credit line is available at any time for additional purchases. There is no fixed term to the loan; only the requirement to remit the minimum amount due each month which is 3.25% of the outstanding balance. Of course the consumer can pay more than the minimum payment or they can pay the card off at any time they want, with no penalty.
AO/Beck: There's no pre-payment penalty?
McGee: No, there's no pre-payment penalty. Once they've been approved for a loan with us, they have a credit line and they can go back to the dispenser at a later time to make additional purchases, a second hearing aid, batteries, accessories, whatever.
AO/Beck: Can you tell me the advantage of doing business with the Help Card from the consumer's viewpoint?
McGee: Yes. The big advantage for us over our larger competitors is that we specialize in hearing health care financing. We understand the specific needs of the hearing health care providers. Our account managers work with the hearing professionals to help the customer with their financing needs. We know the issues related to hearing health care and we work with hearing aid customers all the time. Our special knowledge and history in this arena helps make everything work smoothly.
AO/Beck: Pat, one more thing before I let you go, can you please tell me about the 0 percent financing?
McGee: We do provide to professionals three optional 0% interest finance programs. These consist of a 90-day, 6-month, and a 12-month no interest program.
AO/Beck: Can you explain that to me?
McGee: I certainly can. If the professional offers a no interest program to the consumer, for example our 12-month 0% deferred interest program, it means that during the 12-month period, no interest will post to the account. In order to maintain the interest free period, the consumer must make the minimum monthly payment as reflected on their monthly statement and pay the balance in full within the 12-month period. It's interest-free financing. This option provides a way for the consumer to purchase hearing products and services today, with no interest, and pay the balance over time with small monthly payments.
AO/Beck: So if the consumer knows they have a windfall of cash coming in six months, but they need hearing aids now, they can finance through you guys and wind up paying virtually no interest?
McGee: Yes, that's correct. A good example might be people who have monies invested in a CD. If they pull that CD right now it might cost them a penalty, but in six months, perhaps based on their situation, there wouldn't be a penalty. Well, we can offer them interest free financing and at the end of the six-month period they can go ahead and pay that account in full and they've incurred no interest.
AO/Beck: Well that's pretty impressive. I know you also work with ESCO. The hearing professionals are probably familiar with ESCO and their services. But maybe you can tell me a little about that relationship?
McGee: Yes, it's a great relationship. ESCO has been selling loss and damage and warranty protection for hearing aids and related products for a number of years. ESCO was interested in bringing additional benefits to its professional community, and lucky for us, we partnered with ESCO. They were able to put us in contact with many professionals interested in using financing. Of course ESCO has a lot of credibility in the hearing health care community and we tailored a finance program for ESCO. It's really a terrific program and it combines their strengths and ours to really deliver to the consumer and the hearing professional and outstanding value.
AO/Beck: OK Pat. Thanks so much for your time. I think this will really provide options and opportunities for people. I think people will find that hearing aids and related products are available, and that reasonable financing programs exist!
McGee: Thanks Doug. I appreciate the opportunity to discuss our services with your readers.
*********************************************************************************
For more information on HELP CARD, and for their consumer application, click here.
Click here to visit the Ear Service Corporation (ESCO) website.
AO/Beck: Good Morning Pat. Thanks for meeting with me today. I am excited about this topic because I think many people need financial help every now and then, and I know you work with ESCO to provide hearing aid financing options. Before we talk about those issues in particular, let's spend a few moments introducing you to the readers. Pat can you tell me a little about your education please?
McGee: Sure. I'm a 1974 graduate of the University of Arkansas with a degree in business administration and an emphasis in computer science and accounting. Following three years in the armed service, I attended the University of Tulsa completing a major in accounting.
AO/Beck: Can you tell me a little about the experiences and positions which prepared you for your current position?
McGee: My career initially started in the computer science department of a major oil company, Citgo. As a business management consultant, I developed systems and software products for financial business applications. Following a three year tenure with Citgo, I landed a position with Price Waterhouse in Dallas, as an audit manager. Two years later, Citgo enticed me to return to Tulsa, Oklahoma for some important projects they were working on, so I went back to work in the oil business. To make a long story short, I spent 23 years in a number of business management positions in the oil industry, ending up in the gas marketing arena for Occidental Petroleum.
Currently, I hold the position of Vice President of Marketing with The HELPcard. The HELPcard is a leading healthcare finance company specializing in the financing of consumer purchases of healthcare products and services.
AO/Beck: How long have you been with the HELPcard?
McGee: A little over five years.
AO/Beck: Has the Help Card always been involved with hearing healthcare?
McGee: Yes, as a matter of fact the Help Card has been in the financing business for approaching 20 years. Our niche is health care financing, and the hearing aid market has been an important part of our business for some time now. In fact, the hearing market is one of our largest markets, and it's a growing market.
AO/Beck: Do you also finance vision and dental services?
McGee: Yes, our financing focus covers the entire range of healthcare products and services including hearing, vision, dental, medical, and home health equipment.
AO/Beck: So when people finance these things through their doctor's offices, you guys provide the financing?
McGee: That's correct. We're one of the groups involved.
AO/Beck: How would a consumer figure out what to do? Suppose I'm going to buy the best possible set of digital hearing aids, and it's going to cost $5000, and I don't have that kind of money, but I really want to get the best possible hearing aids. What's the first step?
McGee: The first step in the process is to work with a hearing professional who is enrolled in our financing program.
AO/Beck: Okay, but how does the consumer know that?
McGee: They can contact us and we'll direct them to the professionals in their local area. Or, if their existing hearing professional is not currently using our program, the consumer can ask their professional to contact us and we can set them up in short order. It's really simple. The consumer can call our Cardholder Care Department (800-262-3368), tell us where they're located, and we can direct them to the nearest office.
AO/Beck: Very good. What's the process for consumers using your financing?
McGee: Once the professional realizes the customer desires to finance the purchase over time, there's a short application to fill out. The application can be faxed to our credit department, or for an immediate response, the application can be telephoned in on our toll free number and our credit analyst will give them an approval decision during the phone call. The process can be completed in as little as 5 minutes.
AO/Beck: Is there a dollar limit to the purchase amount, and, can this be used for FM systems, ALDs and accessories?
McGee: From a credit limit standpoint, we don't have maximum. Our credit limit is base upon the strength of the customer's credit worthiness and of course, we always strive to extend to them the credit they need to cover their hearing related expenses. Once approved, the extended credit can be used for all types of devices, accessories and hearing care services.
AO/Beck: Can this program be used for acquiring cochlear implants?
McGee: Yes, it's possible. Not only would we cover the cost of the products, but they also can use our financing for the surgical fees.
AO/Beck: Does the professional get paid from you immediately, so they're out of the financial loop entirely?
McGee: Yes! Once we approve a consumer for financing, we pay the professional for the purchased services and products, and the debt and related issues remain between the consumer and our company. Payment to the professional is made by direct deposit to their business account with 48 hours. I should mention one important aspect of our financing that distinguishes us in the hearing market; it's our approval of stability accounts.
It means that we can approve consumers who do not have an established credit record, but can demonstrate a stable income and residence. We look at it differently from our competitors who usually decline these applicants. From our standpoint, a lack of established credit does not necessarily mean a bad credit risk. In these cases, as long as the consumer can demonstrate stable income for five years and a stable residential status of five years in the same location, we'll approve them for up to $2500. This means increased approvals, especially in the hearing market where we deal with the mature customer who tends to pay cash for everything.
AO/Beck: Are these loans fixed over time, or are they revolving?
McGee: Good question. Our loans are revolving credit much like MasterCard. We authorize the approved customer a credit line and they can use all or a portion of that credit line at any time. We send monthly statements to the consumer which provides them a monthly accounting of their credit usage, the minimum payment required and interest charges. As long as the consumer keeps the account in a current status, the unused portion of the credit line is available at any time for additional purchases. There is no fixed term to the loan; only the requirement to remit the minimum amount due each month which is 3.25% of the outstanding balance. Of course the consumer can pay more than the minimum payment or they can pay the card off at any time they want, with no penalty.
AO/Beck: There's no pre-payment penalty?
McGee: No, there's no pre-payment penalty. Once they've been approved for a loan with us, they have a credit line and they can go back to the dispenser at a later time to make additional purchases, a second hearing aid, batteries, accessories, whatever.
AO/Beck: Can you tell me the advantage of doing business with the Help Card from the consumer's viewpoint?
McGee: Yes. The big advantage for us over our larger competitors is that we specialize in hearing health care financing. We understand the specific needs of the hearing health care providers. Our account managers work with the hearing professionals to help the customer with their financing needs. We know the issues related to hearing health care and we work with hearing aid customers all the time. Our special knowledge and history in this arena helps make everything work smoothly.
AO/Beck: Pat, one more thing before I let you go, can you please tell me about the 0 percent financing?
McGee: We do provide to professionals three optional 0% interest finance programs. These consist of a 90-day, 6-month, and a 12-month no interest program.
AO/Beck: Can you explain that to me?
McGee: I certainly can. If the professional offers a no interest program to the consumer, for example our 12-month 0% deferred interest program, it means that during the 12-month period, no interest will post to the account. In order to maintain the interest free period, the consumer must make the minimum monthly payment as reflected on their monthly statement and pay the balance in full within the 12-month period. It's interest-free financing. This option provides a way for the consumer to purchase hearing products and services today, with no interest, and pay the balance over time with small monthly payments.
AO/Beck: So if the consumer knows they have a windfall of cash coming in six months, but they need hearing aids now, they can finance through you guys and wind up paying virtually no interest?
McGee: Yes, that's correct. A good example might be people who have monies invested in a CD. If they pull that CD right now it might cost them a penalty, but in six months, perhaps based on their situation, there wouldn't be a penalty. Well, we can offer them interest free financing and at the end of the six-month period they can go ahead and pay that account in full and they've incurred no interest.
AO/Beck: Well that's pretty impressive. I know you also work with ESCO. The hearing professionals are probably familiar with ESCO and their services. But maybe you can tell me a little about that relationship?
McGee: Yes, it's a great relationship. ESCO has been selling loss and damage and warranty protection for hearing aids and related products for a number of years. ESCO was interested in bringing additional benefits to its professional community, and lucky for us, we partnered with ESCO. They were able to put us in contact with many professionals interested in using financing. Of course ESCO has a lot of credibility in the hearing health care community and we tailored a finance program for ESCO. It's really a terrific program and it combines their strengths and ours to really deliver to the consumer and the hearing professional and outstanding value.
AO/Beck: OK Pat. Thanks so much for your time. I think this will really provide options and opportunities for people. I think people will find that hearing aids and related products are available, and that reasonable financing programs exist!
McGee: Thanks Doug. I appreciate the opportunity to discuss our services with your readers.
*********************************************************************************
For more information on HELP CARD, and for their consumer application, click here.
Click here to visit the Ear Service Corporation (ESCO) website.
