PrimaHealth Credit, a Newport Beach, Calif.-based lender, is taking the popular point-of-sale shopping model for retail and applying it to elective medical procedures.

Why should we care?
The company’s credit model analyzes over 200 attributes, including traditional and alternative data, allowing it to make instant decisions, and customers have a choice of payment plans that typically range from two to four months. Eligible procedures include dental, orthodontics, LASIK, and cataract surgery. Founder Brendon Kensel told TechCrunch “buy now, pay later” options can make a major difference for patients deciding whether or not to get the treatment they need. Beyond fintechs, point-of-sale lending solutions for health care are also getting interest from banks, as shown by Ally Financial’s acquisition of point-of-sale lender Health Credit Services that was completed last year. Citizens Bank is reportedly interested in that space, too. PrimaHealth Credit operates in Arizona, California, Florida, Oklahoma and Texas, and will be expanding to all 50 states in 2021.