BEAUTY FORUM Fair

On the 9th and 10th of March, we had the incredible pleasure of participating in the BEAUTY FORUM Fair, which took place at the Warsaw EXPO Center.

It was a special time when we could meet our business partners in person and talk about our services, which were created with the needs of clients in aesthetic clinics in mind.

This event attracted close to 10,000 people and 500 companies and brands related to the broadly understood aesthetic industry, so of course, we couldn’t miss it!

It is also worth mentioning that the BEAUTY FORUM Fair is not only an opportunity to present our services but also a chance to expand knowledge, establish new business contacts, and follow the latest trends in the aesthetic industry.

The high interest in our services, which was particularly noticeable during the fair, is extremely important and motivating for us to continue developing!

Lynx Optique / Growth in the Eyewear Marketv

We are delighted that LM PAY S.A. has entered into a partnership with Lynx Optique. Today, in the network of Lynx Optique optical stores, MediPay deferred payment services and the option to use MediRaty are available.

The Polish eyewear market is characterised by significant growth potential. More and more people are experiencing vision problems, the society is aging, and shopping trends are evolving. Glasses themselves have become an important part of attire for many, so it should come as no surprise that a new trend is emerging, involving regular changes of eyewear even with each season.

According to experts at ‘Statista,’ the revenues of the eyewear market are expected to reach as much as $141.50 billion in 2023, with continued annual growth at a rate of 4.37% in the years 2023-2027. Europe, the second-largest optical market globally after North America, will be one of the major beneficiaries of this growth.

As reported by the ‘OPTYKA 2023’ trade fair, the contact lens market in Poland alone is currently valued at up to 800 million PLN.

Where consumer habits change, there arises an opportunity for the development of the industry and business.

Second Edition of the “Veterinary Practice Management” Training

On September 15, 2023, we participated as the main sponsor and partner in the second edition of the “Veterinary Practice Management” training organized by Vetidesk (https://vetidesk.com/pl/).

Throughout the full-day practical meeting, participants delved into the secrets of running their own animal medical facility, divided into thematic sections: marketing, training, and legal.

Undoubtedly, the participants of the training gained practical knowledge on how to conduct a perfect visit to the clinic correctly. They also learned about the significant importance of soft skills in shaping the image of a veterinary practice.

The training also covered the intricacies of effective clinic marketing and the professional ethics of veterinary doctors.

During the training, LM PAY S.A. was represented as a strategic partner, making this event especially important for us.

New deferred payment trend ‘Care Now, Pay Later’ conquers the world!

Consumers, including those in Poland, are becoming increasingly familiar with innovative forms of payment.

The BNPL (Buy Now, Pay Later) trend is already well known to everyone, but currently the deferred payment market is being conquered by the CNPL (take care now, pay later) trend.

Deferred payments have taken over the Polish market, not only for online and offline commerce, but also for the financing of medical and aesthetic services.

CNPL financing services enable consumers to access a range of services, including medical services, that were previously often unaffordable for them, or they simply did not want to use their household budget to finance treatments that were not ‘essential’.

More and more consumers are recognising the affordability and convenience of such services, and clinic and practice owners recognise that in order to grow, it is necessary to introduce a third, innovative payment option to meet patients’ expectations and needs.

Medical facilities recognise that currently the biggest barrier to using and purchasing selected treatment packages is finance, namely the scarcity of finances.

And this is where the CNPL trend enters the picture, with the intention of introducing deferred payment or convenient instalments to medical facilities.

Research clearly shows that the majority of consumers who have used a deferred payment service then return to them, valuing in these payments the fact that with unexpected expenses for treatments, they do not have to break their household budget.

Compiled from LM PAY S.A.’s Linkedin profile

Rebranding and action we are changing for spring

When talking about rebranding, it is important to start with what is implied by the word.

Rebranding is all about building a brand image in the minds of consumers.

The main task of rebranding is to ‘refresh’ the brand by adding certain values and innovative changes.

We – LM Pay, as part of our rebranding, have unified the three forms of deferred payment we offer: MediRaty, MediPay, MediKod.

This all took place under the banner of the special ‘Changing for Spring’ campaign, which aimed to offer clinics the opportunity to offer their patients the chance to download MediCodes.

As a company with many years of experience, we see that deferred payment systems increase the profitability of clinics.

In addition to unifying the names of the three forms of deferred payment, the LM Pay rebranding campaign also involved a colour change.

The new pastel colours combine and resonate with the company’s core values:

#lmpay #MediRaty #MediPay #MediKod

Compiled from LM PAY S.A.’s Linkedin profile

The aim of our technology efforts is to make the funding process as comfortable as possible for clinic patients.

I have been advocating for years that instalment and deferred payment schemes should support both the business development of clinics and the relationship with patients.

Finally, if they can benefit from a broader treatment plan, it strengthens the bond with the brand.

Why is this a convenient solution for clinics?

Because most customer interactions are automated or handled by LM PAY S.A.’s online consultants. All the patient has to do is express an interest in using this form of payment and the clinic will enter their details into the relevant system.

In the case of the MediPay system, the verification and funding decision takes place directly at the clinic.

Some additional thoughts on the subject: LINK

#businessdevelopment #healthcare #CNPL #payments.

Source: LinkedIn

Our priorities are data security and speed of funding decisions.

When discussing instalment or deferred payment systems, a lot of time is spent on technological solutions that guarantee speed and convenience.

The fact is that with MediRat, verification and a decision on funding are made within 10 minutes, during a phone call with the patient.

In the case of MediPay, we have shortened this process to one minute.

It is also worth noting the high priority we give to data security and patient comfort. We do not collect any data beyond what is required of us by law.

We do not ask about the treatments we are expected to fund, as this is a matter for the clinic and the patient’s relationship with the doctor.

We just try to support doctors in their treatment and patients in managing their own budgets, so that they don’t have to give up anything.

Source: LinkedIn

Talking about money with the patient and the function of the treatment coordinator in a private clinic.

What are the functions of a treatment coordinator in the Western model of a private clinic and in which countries is this profession most popular?

The treatment coordinator is generally a non-medical employee, but plays a key role in private medical clinics. The main functions it performs are:

  1. Managing the patient’s treatment: the treatment coordinator is responsible for managing the patient’s treatment process, from the first visit to cure. The coordinator assists the patient in arranging appointments with specialists, reminds them of follow-up appointments and helps them manage all other aspects of their treatment.
  2. Patient support: the treatment coordinator is also the person the patient can contact when they need support. The coordinator helps the patient to manage the emotions associated with the illness and treatment and answers any questions the patient may have during the treatment process.
  3. Patient-doctor communication: the treatment coordinator helps to maintain effective communication between the patient and the doctor. The coordinator can relay information between the patient and the doctor, e.g. regarding medication, dietary recommendations, test results, etc.
  4. Administrative management: the treatment coordinator is also responsible for managing the administrative aspects of the treatment process. The coordinator helps to collect medical records, process health insurance, coordinate with medical specialists and ensure that all paperwork is completed.

In Anglo-Saxon countries such as the United States, Canada and the United Kingdom, the role of treatment coordinator is very common in private medical clinics. In Poland, it is also increasingly common to find treatment coordinators in private medical facilities, but these are still exceptional cases, occurring in modern clinics, progressive in their functions….

Read more about this in the article: Difficult conversations about paying for treatment? Not necessarily!