Using plastic for plastic surgery
May 24, 2006
BY PHYLLIS FURMAN
DAILY NEWS BUSINESS WRITER
The latest thing in cosmetic surgery isn't
Botox for men or facial transplants, it's
easy money.
Pull out the plastic - card that is. If you
don't have the cash or a credit credit, but
want a nip and tuck, don't sweat it. A
growing number of financial services
companies are rushing to lend you money.
"It's exploding, everyone is jumping in,"
said prominent Park Avenue plastic surgeon
Dr. Helen Colen. "It's a great business, I
wish I had gone into it. You have millions
of people around the world who want a
procedure."
Once a lending backwater, financing cosmetic
surgery is growing faster then celebrity
surgeon Dr. Robert Rey's patient list.
Insiders estimate that the market, nearly
nonexistent five years ago, is now worth
about $500 million. Lenders include GE
Consumer Finance's CareCredit, Capital One
and health care financing pioneer Unicorn
Financial. "It could be an $8 billion to $10
billion (market) in five years," said
Care-Credit president Mike Testa. He
estimates that 30% of all plastic surgeons
now offer financing options, a percentage
that's likely to grow.
Lenders are following a red-hot market.
Americans spent $9.4 billion on cosmetic
surgery procedures alone last year, up 11%
from 2004 - and it wasn't just rich folks
who got breast implants and tummy tucks. The
majority of cosmetic surgery patients earn
between $30,000 and $60,000 a year, figures
show.
While TV shows like "Dr. 90210" and "Extreme
Makeover" have helped fuel the trend,
financing is playing a big role.
"(Financing) allows people who don't have
access to cash to go ahead with the
procedure," said New York-based plastic
surgeon Dr. Malcolm Roth, a spokesman for
the American Society of Plastic Surgeons.
"It's wonderful."
Not everyone agrees. Some say people
borrowing for a procedure that they can't
afford - and don't necessarily need - is a
bad idea. "I would discourage patients from
borrowing for cosmetic surgery," said Dr.
David Chiu, a plastic surgeon in Manhattan.
"Cosmetic surgery is an enrichment of the
quality of life. If it increases your
financial burden, where is the balance?" But
it's hard to stop and think when you are
sitting in a doctor's office dreaming of a
new nose or bigger breasts, especially now
that many offices have brochures beckoning
with financing options.
Getting started is easy. If a patient wants
to finance, the doctor's office can make a
phone call. After a quick credit check, he
or she can be approved within an hour.
The finance company pays the doctor up front
and then works out a payment schedule for
the patient. In many cases, the loan is
interest free, so long as the patient pays
on time. The doctor pays a fee - often
between 5% and 10% of his surgical bill to
the finance company. Of course, patients
will be stuck with hefty interest payments
of as much as 22% if they don't pay up on
time.
While doctors earn less when they offer
financing, they gain the advantage of
getting their money up front. The finance
company assumes the risk of chasing down the
money. Folks most likely to opt for
financing are people who don't have credit
cards or who have credit limits that would
be exceeded if the surgery was paid on a
credit card.
Nikki Woods, a 35-year-old sales exec,
financed $10,000 worth of cosmetic surgery,
including breast augmentation and eyelid
surgery through CareCredit. She paid $500 a
month for 18 months, paying off the entire
loan on time, so she did not have to pay any
interest. Without financing, "I would have
had to borrow from my brother or take money
from savings," she said. "I didn't want to
do that." But even people who have lots of
money and no limits on their credit cards
are increasingly going for financing.
"Extreme Makeover" hunk Dr. Anthony Griffin
of Beverly Hills offers financing to his
patients. So does Colen, whose office is
located at 740 Park Ave., one of Manhattan's
most prestigious buildings. She said
financing has allowed her female patients a
way to keep procedures a secret from their
husbands.
Thinking of using plastic to pay for
cosmetic surgery?
Here's how much some common procedures will
cost:
Botox injection:
under $1,000
Liposuction: $5,000 to
$10,000
Nose job: $8,000 to $10,000
Facelift: $8,000 to $12,000
Eyelid tuck: $5,000 to
$8,000
Breast enhancement: $6,000
to $8,000
News and Trends:
Skin & Aging - Volume 13 - Issue 4- April
2005
FDA Approvals & News
New Indication for Candela
Candela recently received FDA 510(k)
premarket notification for the Candela
Family of Pulsed Dye Laser Systems. Candela
has approval to market the systems for a new
indication: treatment of benign epidermal
pigmented lesions.
Premarket Approval for Care Electronics
The FDA granted 510(k) premarket approval
notification to Care Electronics, Inc., to
market its Dermillume Phototherapeutic Lamp.
The Dermillume Pro1000 device is a compact
light source that delivers high intensity
narrow band blue and red light to the body
for the treatment of acne vulgaris. The
light sources are narrow wavelength LEDs
that supply a spectral output of 414 +/-5 nm
(blue) and 633 +/-5 nm (red). The device is
intended for dermatological use by trained
licensed practitioners for the treatment of
mild to moderate inflammatory acne vulgaris.
Two Approvals for WaveLight
The FDA granted WaveLight 510(k) premarket
approval for its Sinon, a 694 nm Ruby laser
system, which can be operated in two modes.
In the Q-switch mode, the Sinon is indicated
for the cutting, vaporization or ablation of
soft tissues, including for the removal of
tattoos and treatment of benign pigmented
lesions. In its free-running mode, the Sinon
is indicated for the removal of unwanted
hair in patients with Fitzpatrick skin types
I and II.
WaveLight was also granted 510(k) premarket
approval for its Burane XL. The Er:YAG laser
is indicated in dermatology and plastic
surgery for epidermal nevi, telangiectasia,
spider veins, actinic chelitis, keloids,
verrucae, skin tags, anal tags, keratoses,
scar revisions, debulking benign tumors and
decubitis ulcers.
CoolTouch Approval
CoolTouch Corp., received 510(k) premarket
approval for its Model CT3S Nd:YAG laser
system. This system is intended for use in
dermatology for incision, excision, ablation
and vaporization with hemostasis of soft
tissue, for the treatment of fine lines and
wrinkles, for treatment of back acne and
atrophic acne scars, and for the treatment
of reflux of the greater saphenous vein
associated with varicose veins and
varicosities.
Buyer Beware
Dusa Pharmaceuticals recently began to alert
physicians that there are some pharmacies in
the United States compounding ALA and
distributing the formulation with
instructions that these ALA products should
be used to treat acne, actinic keratoses or
other conditions. Dusa says it offers the
only FDA-approved aminolevulinic acid
(Levulan Kerastick), and claims that these
pharmacies are violating U.S. patent laws,
making false advertising claims and
infringing on trademark. Dusa, which holds
U.S. patents on this drug, has filed
lawsuits to try to halt this distribution of
what it believes is unsafe and unmonitored
ALA.
Dusa warns that dermatologists who purchase
or use ALA distributed by compounding
pharmacies may be infringing of Dusa's
Levulan patents, as well as exposing
themselves to significant risks and
liabilities. Dr. Michael Gold of Nashville,
TN, says that he doesn't purchase from
compounding pharmacists because when you do,
you sometimes don't know what the source of
the ALA is. He sites the issues of the
recent problems when a Florida physician
injected unlicensed and unapproved botulinum
toxin, which resulted in botulism poisoning,
as reasoning to only purchase from the
licensed companies whether you're buying
Botox from Allergan, Restylane from Medicis
or Levulan from Dusa. He also says that he
wouldn't take the legal risk if something
happens to a patient as a result of using a
product that isn't FDA-approved, there is no
company to stand behind you with FDA
regulatory documents and liability
insurance.
Top Skin Allergens
Mayo clinic dermatologists tested more than
1,500 patients with a series of up to 73
allergens to determine the top causes of
skin allergies. Results of the study, led by
Mark D. P. David, M.D., were announced at
the American Academy of Dermatology's annual
meeting.
According to the study, the top 10 skin
allergens were:
1)
Nickel (nickel
sulfate hexahydrate). This metal
is commonly found in jewelry, clasps and
buttons.
2)
Gold (gold
sodium thiosulfate). The
precious metal is often found in jewelry.
3)
Balsam of Peru (myroxylon
pereirae). This fragrance is
used in many perfumes and skin lotions.
4)
Thimerosol. This mercury
compound is used in local antiseptics and as
a preservative in some vaccines.
5)
Neomycin sulfate. A topical
antibiotic that is used in first-aid creams
and ointments and in some cosmetic products.
6)
Fragrance mix. This is a
group of eight of the most common fragrance
allergens found in foods, cosmetic products,
insecticides, perfumes, dental products,
etc.
7)
Formaldehyde. This
preservative is found in paper products,
paints, medications, cleansers, cosmetic
products and fabric finishes.
8)
Cobalt chloride. This metal
is found in medical products, hair dye and
objects plated with metal.
9)
Bacitracin. This is a
topical antibiotic.
10)
Quaternium
15. A preservative that is
used in many cosmetic and industrial
products.
