#United States #Charlotte #Medical Devices #Velocity Lending #MedShift

Velocity Lending App Sees Explosive Growth in Its Inaugural Year

In a remarkable display of innovation and efficiency, MedShift's Velocity Lending App has made significant strides since its launch in September 2024. As a leading platform in the aesthetic medical device market, the app has transformed traditional financing processes, enabling sales professionals to expedite their device financing transactions. This transformation is particularly vital in a sector where rapid decision-making often translates to enhanced patient care and revenue generation.

Revolutionizing the Financing Process

The Velocity Lending App operates using MedShift’s proprietary auto-decisioning algorithm, which allows users to manage device lending with unprecedented control and speed. Unlike previous methods that often required extensive paperwork and prolonged waiting periods, this technology-driven solution simplifies the entire process. With the app, deals can be finalized in just hours, alleviating the burdens of heavy documentation from medical practices.

A pivotal feature of the app is its ability to connect manufacturers, medical practices, and financial institutions in a matter of minutes. This streamlined deal flow has introduced a new standard for efficiency and accessibility within the aesthetic device market, allowing for quicker service that directly prioritizes patient needs.

Remarkable Milestones Achieved

In a short span of less than a year, Velocity Lending has achieved record-breaking metrics:

• - 39 Manufacturers Onboarded: A diverse range of medical device manufacturers have integrated their services with Velocity Lending, further establishing it as an industry leader.
• - 1,878% User Growth: The platform saw a staggering increase in the number of users, emphasizing its rapid acceptance in the aesthetic market.
• - Funding Availability: Over $400 million has been amassed in financing capacity, showcasing robust demand for the app's services.
• - Total Applications: More than 3,500 applications have been submitted since its inception, with an impressive 60% being auto-approved within just 30 seconds.
• - Extensive Device Integration: The platform now boasts a catalog of over 300 medical devices, facilitating seamless quote generation and deal creation for sales professionals.
• - Reduced Decision Times: The average auto-decision speed improved from 25 seconds at launch to an impressive 11 seconds, marking a substantial enhancement in operational efficiency.
• - Increased User Engagement: Sales professionals have shown a 45% increase in average monthly logins, demonstrating sustained engagement and reliance on the platform.

Joe Gasque, CEO of MedShift, emphasized the significance of this growth by stating, "By fusing the vast real-time insights from MedShift's connected device platform with the credit performance of thousands of finance contracts managed over the past decade, we've built the most sophisticated credit algorithm in the medical device market."

Future Innovations and Market Expansion

With its innovative financing solutions, Velocity Lending is poised for future growth. MedShift plans to expand its device portfolio, which will grant sales professionals and practices enhanced flexibility to meet the evolving demands of the market. Furthermore, the company is committed to developing additional features that will streamline the app's capabilities, including enhanced analytics and user experiences.

As MedShift continues to drive transformation through its flagship product, the Velocity Lending App is set to redefine the landscape of medical device financing. By reducing costs, boosting operational efficiency, and creating a user-friendly environment, Velocity Lending stands as a testament to the future of financing in the aesthetic industry. For additional information about Velocity Lending, interested parties can visit its official page at MedShift Velocity Lending.

About MedShift

Founded in 2015 and based in Charlotte, North Carolina, MedShift is a pioneering medical technology company that enhances business operations across various sectors. Initially focused on the aesthetics industry, MedShift has grown its mission to serve a more extensive range of industries by providing integrated sales, commerce, virtual payments, and device management tools. By leveraging state-of-the-art software, MedShift supports over 6,000 customers in optimizing efficiency and driving growth across North America.