Cryptocurrency as an Alternative Payment for Plastic Surgery

Abstract

Plastic and reconstructive surgery has maintained itself as a leader in innovation, particularly with respect to the adaptation of new technologies and integration of unique business practice models among the medical community. One of the rapidly emerging frontiers at the intersection of technology and practice management is the introduction of alternative forms of payment for plastic surgery services and procedures. Cryptocurrency refers to digital money that is heavily encrypted and provides transactional value between two parties.1,2 Such alternatives to long-established standards such as the U.S. dollar are gaining traction and acceptance as a recognizable and accepted form of tender for transactions in the United States and internationally. The evolution of cryptocurrencies has been exponential and indicators suggest this industry will continue to expand rapidly. Based on the current trajectory of cryptocurrencies, twenty-first-century consumers will expect to make payments using them. In fact, several companies across a wide range of different industries currently accept cryptocurrencies as valid forms of payment.3 Given that consumers are purchasing both commodity and luxury items with cryptocurrency, it is only a matter of time before patients presenting to plastic surgery offices inquire about paying with cryptocurrency. Recent reports suggest this is already occurring and several plastic surgery practices are accepting payments in cryptocurrency.1,2,4 Plastic and reconstructive surgeons should prepare themselves for patient inquiries regarding payments through these alterative mechanisms by means of education regarding cryptocurrency and analysis of the nuances of utilizing this digital money as a form of payment. Initial adapters of cryptocurrency payments have been in private aesthetic practices accustomed to cash payments for consultations and procedures.1,2,4 Early adaptation of alternative currency acceptance serves as a strategic marketing strategy for a plastic surgery practice as announcements attract substantial conversation across news and media outlets. For patients, cryptocurrency grants the ability to pay for plastic surgery services and procedures using a decentralized, secure, and easy method of payment.1,2,4 As with any new technology, there is natural skepticism regarding the value and implementation of alternative currencies. The value of the U.S. dollar is well known and tangible to the practice manager and patient when setting price points for surgical and nonsurgical interventions. Cryptocurrencies have direct exchange rates between each virtual currency and any centralized government’s currency.2 To protect practices from volatility in cryptocurrency value, third-party applications can be used to convert cryptocurrency to more familiar legal tender at the time of payment so that reimbursement received equals what was agreed upon.2 While cryptocurrency will be first utilized in the private practice setting in plastic surgery, cryptocurrency as an accepted form of payment to insurance companies is not unimaginable. Examples already exist of insurance companies accepting cryptocurrency for payment of premiums.5 Close evaluation of these practices is merited to determine the success of cryptocurrency integration in plastic surgery, but these pioneers signal that use of this technology is imminent for plastic surgeons. We look forward to local and national discussion among the plastic surgery community on the ideal way to integrate cryptocurrencies into our practices. DISCLOSURE The authors have no financial interest to declare in relation to the content of this article.