Durable Medical Equipment
Dedicated Financing: Helping Bring Essential Equipment within Reach
With rising insurance premiums, increasing deductibles, and continual growth in out-of-pocket costs across the board, consumers today may face severely strained budgets when it comes to healthcare purchases. For items like lift chairs, power chairs, scooters, and other home medical equipment, this financial crunch can be especially troubling.
Even for individuals with insurance plans that cover equipment and supplies, coverage may be restricted to certain brands, providers, or products. When a product does qualify for reimbursement, the amount covered may fall well short of the total cost, leaving consumers with a difficult dilemma: opt for an alternate product (which may be significantly less effective or appealing), or pay for the difference (which is often a substantial sum) out of pocket.
For businesses that sell DME, the impact of this financial pressure can be just as problematic. Budget and coverage limitations can be a major barrier to helping customers get the best products for their needs. At best, awareness of these constraints may limit the range of options a salesperson presents, even when other items might offer superior quality, comfort, or effectiveness. Even worse, a consultation could conclude with a customer thrilled at having found an ideal product, only to learn that he or she does not have the cash on hand to purchase it. In some cases, it may be possible to choose a less costly product instead. Far too often, the customer and the salesperson both may have no choice but to walk away empty-handed, frustrated, and back to square one.
Fortunately, there is another way.
Today’s DME dealers are beginning to discover the benefits of offering their customers dedicated financing to help cover the costs of purchase. This concept is not new. Private label credit cards and promotional financing have long been a staple in many retail sectors, especially for high-ticket items like furniture, appliances, jewelry, power sports, and home improvement. In healthcare, practices in some specialties (e.g., orthodontia, cosmetic surgery) offer financing directly as well as third-party financing, allowing patients to pay over time for high-cost or long-term treatments.
Financing is also an excellent option for equipment dealers—offering customers a dedicated line of credit and promotional financing, to cover costs associated with health, wellness, and personal care. CareCredit pioneered this solution over 30 years ago, and today the company serves more than 10.5 million cardholders who can draw on over $30 billion in spending power to get the products and services they want and need at more than 200,000 enrolled provider and participating retail locations.
The way CareCredit works is both simple and effective. Customers can apply for a CareCredit credit card at a provider or select retail location, or by calling or going online. Application decisions are provided instantly, and approved cardholders can use their credit to make purchases right away. For higher-value purchases, cardholders may be able to use promotional financing offers to pay over time, taking 6, 12, or 18 months—or longer.* Plus, the business or practice receives payment in just two business days.
It’s easy to get started with CareCredit. As the approved financing solution provider for Golden Technologies, CareCredit is also a perfect partner to support dealers who want to help more customers get more and better products to meet their needs, as well as offering an appealing new benefit that can help differentiate your business from competitors.
Call to enroll today- and say you were referred by Golden Technologies!