No Surprises: How to Clearly Explain Promotional Financing and Payment Options

Offering promotional financing and payment options can help your practice appeal to a wider range of customers. In fact, 59% of patients surveyed in Synchrony's Healthcare Journey Research Consumers and Providers study said the availability of payment options, like special financing, is a deciding factor in choosing one provider over another.¹

One key for practices is being able to articulate patient financing in a way that's easy to understand, transparent and empathetic. Here's why clear financing discussions matter and how your team can have them effectively.

How to Explain Patient Financing Clearly

Research suggests that patients are highly satisfied when providers are the ones to initiate conversations about treatment costs and financial concerns.² That makes sense, considering 4 in 10 people in Synchrony's survey said deciding how to pay for health and wellness expenses can be stressful, frustrating, challenging or confusing.¹

Normalizing affordability discussions and using clear, transparent communication when presenting financing options can help alleviate some of that anxiety and concern.

Here are some guideposts to keep in mind when you speak to patients and clients about payment options:

When to Introduce Patient Financing

Payment conversations, including discussions of all forms of financing available, should happen from the very start of the patient and client journey and continue throughout the care experience.

In Synchrony's survey, 55% of patients said they prefer to learn about payment options even before scheduling the first appointment.¹

Here are some key moments when you can mention financing:

• During the initial inquiry. When prospective patients or clients call or email to inquire about services, it's a good opportunity to mention patient financing availability.
• At check-in. At this first in-person encounter, reiterate patient financing options and share any forms or links to financing applications and program terms for the patient or client to review.
• During consults. Discuss cost estimates during the consultation, then remind patients and clients that payments can be spread out to help them fit the cost of care into their budget.
• At checkout. This is a chance to answer any lingering questions about financing before the patient or client leaves.

Available Promotional Financing Options for Providers to Offer

Promotional financing allows patients and clients to pay for treatment and care over time. There are different types of promotional financing options that providers can choose from and use at their practice.

Whichever you decide to offer — and you can offer multiple solutions — make sure you understand how each works so that you can clearly explain the options to patients and clients, helping them choose the one best suited for their situation.

Here are some options you might consider as examples:

How to Talk About CareCredit Promotional Financing

CareCredit, a smart payment choice that puts care first, is trusted by more than 12 million cardholders and 290,000 provider and retail locations. It offers multiple payment solutions to help empower your patients and clients to decide what works for their budget.

With one simple application, eligible customers can access both the CareCredit health and wellness credit card for ongoing care and a CareCredit Pay Later loan which allows fixed installment payments with a clear payoff timeline for larger or more defined care costs.

Here are a few ways you can introduce CareCredit to patients and clients:

• In general: "CareCredit can help you pay over time. Would you like to see if you prequalify, using a soft credit check with no impact to your credit score? It's an easy application, with a decision in seconds."
• For ongoing needs: "If you are approved for the CareCredit credit card, which offers special financing and reusable credit, it can be used again and again."
• For a higher-cost procedure or treatment: "CareCredit Pay Later is an installment loan that fits your lifestyle, with fixed monthly payments and a defined payoff timeline so you can spread out the cost over time."

Addressing patient and client hesitation

In some cases, customers may have questions or concerns when you bring up financing. They may worry that they don't have strong enough credit to qualify. Some might not want to open another credit card. Others might distrust deferred interest because they think the terms are confusing or there will be hidden costs.

Some ways to address such worries include using the following scripts:

• "CareCredit is designed specifically for health and wellness expenses, and it offers special financing options starting at six months on purchases of $200 or more.^** If you'd like more information or to get started, here is the financing brochure or you can scan this QR code."
• "We have promotions that could help you avoid paying interest or help you spread out payments. Can I show you how it might work with your treatment plan?"
• "Using a payment calculator, I can show you how the monthly payments compare for different options."

Learn More: CareCredit offers a marketing toolkit with digital resources, custom print materials and guides to help you promote and communicate patient financing more effectively and consistently.

Benefits of Offering CareCredit at Your Practice

Besides being a convenient solution for your patients, CareCredit has myriad provider benefits too, including:

• Fast payments. Once a patient or client is approved for CareCredit and uses it to pay for care, your practice will receive full payment within two business days.
• Reduced administrative burdens. Choosing a third-party financing partner like CareCredit allows you to outsource billing and collections tasks. We handle the payment option, you deliver care.
• Access to CareCredit resources. Partners can access a library of resources and tools, including patient education materials, staff training tips and marketing support.
• Lower fees. CareCredit offers transparent and consistent merchant fees tied to financing options, with no hidden transaction fees.
• Market expertise. With nearly 40 years of experience serving health and wellness providers, CareCredit understands the unique payment needs of practices and their patients and clients.
• Support on your terms. CareCredit offers practice support 24/7 via phone, online or through the mobile app.
• Built for health and wellness. CareCredit is designed specifically for health and wellness care and can be used in more than 50 specialties, including dental, cosmetic, vision, hearing, veterinary care and more.
• Well-known, widely used. Millions of patients already have the CareCredit credit card and can use it immediately, without needing to reapply.
• Simple for staff to use. CareCredit is easily integrated across leading practice and retail management systems, helping your team save time, streamline the payment process and minimize human error.

Patient Financing Built on Trust

Helping patients and clients understand promotional financing goes beyond simply explaining payment terms. It's about giving them the information and tools they need to make informed decisions about their care. When conversations are transparent, consistent and empathetic, patients and clients are more likely to understand their options and feel confident moving forward with recommended treatment.

By training your team to communicate financing clearly and using trusted payment solutions like CareCredit, your practice can reduce confusion, strengthen patient relationships and create a smoother payment experience from the first conversation through checkout.

Offer Flexible Financing at Your Practice

If you are looking for a way to connect your patients or clients with flexible financing that empowers them to pay for the care they want and need, consider offering the CareCredit credit card as a financing solution. CareCredit allows cardholders to pay for out-of-pocket health and wellness expenses over time while helping enhance the payment process for your practice or business.

When you accept CareCredit, patients or clients can see if they prequalify with no impact to their credit score, and those who apply, if approved, can take advantage of special financing on qualifying purchases.^** Additionally, you will be paid directly within two business days.

Learn more about the CareCredit credit card as a financing solution or start the provider enrollment process by filling out this form.

Author Bio

Dawn Papandrea is a journalist with more than two decades of experience covering personal finance and consumer issues. She has written for leading financial publications and organizations, including U.S. News & World Report, Investopedia, Bankrate and others.

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