Apollo Endosurgery Announces Affordable Financing Service to Increase Patient Access to the LAP-BAND® System
AUSTIN – July 29, 2014 — Apollo Endosurgery, Inc., a leader in minimally invasive endoscopic surgical products for bariatric and gastrointestinal procedures, today announced the company has partnered with American Healthcare Lending to offer affordable financing for the LAP-BAND® System to increase patient access to the weight loss solution. The patient financing service is part of Apollo Endosurgery’s ongoing efforts to provide physicians and patients with high quality services and support beyond the LAP-BAND® procedure. The LAP-BAND® System is FDA approved for weight reduction for people with a body mass index (BMI) of at least 40 kg/m2 and is the only FDA approved device for weight reduction for people with a BMI of 30 kg/m2 or greater and one or more weight-related health problem.
“There are millions of people struggling to lose 30 or more pounds on their own who are eligible for the LAP-BAND® System but do not qualify for healthcare insurance coverage for weight loss treatments due to their BMI,” said Dennis McWilliams, President and Chief Commercial Officer of Apollo Endosurgery. “Weight loss with the LAP-BAND® System is about more than just a procedure. This is why we are working with innovative companies, like American Healthcare Lending, to provide the best services and support to our physicians and patients throughout the weight loss journey.”
“Studies show that obese patients spend significantly more money on healthcare costs each year than non-obese patients as well as have an increased chance of developing other conditions, like diabetes and heart disease, that can impact their quality of life,” said Vafa Shayani, MD, FACS, FASMBS, Chairman of Surgery, Medical Director of Bariatric Surgery at Adventist Bolingbrook Hospital and Vice President of the Illinois Association of Bariatric Surgeons. “Patients with a lower BMI are often not covered for any weight loss treatment options, despite the health and economic benefits. By investing in their health with the LAP-BAND® System, patients have the opportunity to finally achieve their weight loss goals, allowing them to live a healthier life by avoiding potential health concerns as well as reduce their healthcare costs associated with obesity.”
The Apollo Endosurgery and American Healthcare Lending partnership was designed to offer a financing service that is beneficial to both physicians and patients. American Healthcare Lending assists thousands of individuals every year seeking to obtain a higher quality of life through bariatric surgeries. In partnership with Apollo Endosurgery, American Healthcare Lending is now offering patients low monthly payment plans to cover the cost of LAP-BAND® System procedures and aftercare, including deductibles, self-pays, and co-pays. Patients can be pre-qualified for a loan in two minutes or less by visiting www.lapband.com or www.americanhealthcarelending.com/lapbandloan/.
In addition to patients gaining access to this finance platform through www.lapband.com, physicians can enroll in a customized LAP-BAND® System financing program directly with American Healthcare Lending. Physicians who are enrolled in the LAP-BAND® financing program benefit by having only one low annual fee and paying no fees per funded loan, rather than paying a merchant fee of up to 15% per loan, which is standard with other financing programs. This new financing program from American Healthcare Lending and Apollo Endosurgery could save LAP-BAND® System physicians and providers tens of thousands of dollars every year.
About Apollo Endosurgery, Inc.
Apollo Endosurgery, Inc. is a leader in minimally invasive endoscopic surgical products for bariatric and gastrointestinal procedures. Apollo Endosurgery was cofounded with the Apollo Group, a unique collaboration of physicians from the Mayo Clinic, Johns Hopkins University, Medical University of South Carolina, the University of Texas Medical Branch and the Chinese University of Hong Kong. This collaboration developed a broad portfolio of patents in the field of endoscopic surgery that became the foundation of Apollo Endosurgery. For more information regarding Apollo Endosurgery, go to: www.apolloendo.com and follow us @Apollo_Endo.
APOLLO ENDOSURGERY and LAP-BAND are worldwide trademarks or registered trademarks of Apollo Endosurgery, Inc.
About LAP-BAND® System
In a LAGB procedure, a band is placed around the upper part of the stomach. As the band inflates, it shrinks the size of the stomach. This helps individuals reduce the amount of food intake and slows emptying into the lower stomach. This helps individuals feel full sooner, stay full longer and reduce hunger urge.
The LAP-BAND® System was acquired in late 2013 by Apollo Endosurgery, Inc. of Austin, Texas, from Allergan, Inc.
Warnings: The LAP-BAND® System is a long-term implant. Explant and replacement surgery may be required. Patients who become pregnant or severely ill or who require more extensive nutrition may require deflation of their bands. Adverse Events: Placement of the LAP-BAND System is major surgery and, as with any surgery, death can occur. Possible complications include the risks associated with the medications and methods used during surgery, the risks associated with any surgical procedures, and the patient’s ability to tolerate a foreign object implanted in the body. Band slippage, erosion and deflation, reflux, obstruction of the stomach, dilation of the esophagus, infection, or nausea and vomiting may occur. Reoperation may be required. Rapid weight loss may result in complications that may require additional surgery. Deflation of the band may require additional surgery. Deflation of the band may alleviate excessively rapid weight loss or esophageal dilation.
About American Healthcare Lending
Based in the “Silicon Slopes” of Salt Lake City, Utah, American Healthcare Lending is the premier non-recourse patient financing company for health systems, physician groups, and other healthcare providers in the bariatric surgery, fertility, cosmetic dentistry, plastic surgery, spine and neurosurgery and behavioral health markets. American HealthCare Lending has pioneered the Financing as a Service™ (FaaS™) model, and offers both patients and providers an easy-to-use online financing solution that can be accessed from the provider’s office, at home, or on any mobile device. As one of the true innovators in healthcare financing, American HealthCare Lending’s revolutionary financing platform charges the provider no fees per funded loan, offers instant decisions, upfront funding, non-recourse loans up to $100,000, and a team of knowledgeable lending consultants to assist the patient and provider throughout the entire loan process. Over 1,000 provider locations throughout the country offer American HealthCare Lending and hundreds of new providers subscribe to its financing service every quarter.
For Apollo Endosurgery, Inc.
For American Healthcare Lending