CareCredit announces strategic partnership with Loyale Healthcare™ to help tackle rising out-of-pocket costs
June 24, 2019
CareCredit, a Synchrony solution, will be offered as a payment option on Loyale Patient Financial Manager™, healthcare's most widely deployed end-to-end patient financial engagement platform.
Costa Mesa, CA – June 24, 2019 - CareCredit and Loyale Healthcare™ today announced a strategic partnership to provide consumers with an expanded payment option to help them with rising out-of-pocket healthcare costs. In response to growing industry and consumer demand for improved healthcare payment options, the CareCredit credit card will now be offered on Loyale Healthcare's Affordability Workbench™, part of Loyale's Patient Financial Manager™ suite of solutions.
Loyale Healthcare's Affordability Workbench is designed to improve the probability of patient payment while reducing collection costs. The self-funding solution helps patients manage their financial obligations with great online experiences that help them get the care they need without having to worry about how to afford it.
"Partnering with Loyale aligns with our core mission of making it easier for people to get the care they need, when they need it," said Beto Casellas, president and chief executive officer, CareCredit. "With Loyale's end-to-end approach to patient financial engagement, we will have the opportunity to offer even more patients a convenient payment solution at every stage of the financial experience. And, because CareCredit can be used across a variety of healthcare specialties, patients can continue to have greater access to care throughout their— and their family's— larger healthcare journey."
"The rising financial burden on patients is simply unsustainable," observed Dan Peterson, Loyale Healthcare's chairman and founder. "People are avoiding care, or they're seeking care and ultimately facing financial crises as a result. By partnering with CareCredit to offer patients the option of paying for healthcare costs over time, we expect to improve patients' care experiences and provider performance. This is the financial win-win scenario the industry – and patients – need."
CareCredit, a Synchrony solution, helps patients get the care they want and need by allowing them to pay over time for deductibles, co-pays, co-insurance and other out-of-pocket healthcare costs. Once cardholders are approved for CareCredit, they can continue to use the CareCredit credit card throughout CareCredit's network of more than 220,000 healthcare providers and select health-focused retailers.
CareCredit generally enables providers to receive payment for services within two business days of accepting the card for payment, with no financial liability to the provider if the patient delays or defaults on payment.
Beginning in the third quarter of 2019, CareCredit's HFMA Peer Reviewed patient financing solutions will be available on Loyale Patient Financial Manager™ and on the Loyale Affordability Workbench™. Healthcare providers seeking to improve patient financial experiences, increase accessibility and achieve growth are encouraged to contact representatives of both organizations.
Loyale Patient Financial Manager™ is a comprehensive patient financial engagement technology platform leveraging a suite of configurable solution components including predictive analytics, intelligent workflows, multiple patient financing vehicles, communications, payments, digital front doors and other key capabilities.
Loyale Healthcare is committed to a mission of turning patient responsibility into lasting loyalty for its healthcare provider customers. Based in Lafayette, California, Loyale and its leadership team bring 27 years of expertise delivering leading financial engagement solutions for complex business environments. Loyale recently announced an Enterprise level strategic partnership with Parallon including deployment of its industry leading technology to all HCA hospitals and Physician Practices.
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $140 billion in sales financed and 80.3 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to move our customers and partners forward. More information can be found at www.synchrony.com and through Twitter: @Synchrony.
CareCredit, a Synchrony solution, is a leading provider of promotional financing to consumers for health, veterinary and personal care procedures, services and products. For more than 30 years, CareCredit has helped millions of people by offering special financing options with convenient monthly payments. CareCredit is accepted at more than 220,000 locations for a wide variety of health and wellness procedures, treatments, products and services.