Health and Wellness Payments Made Easy With the CareCredit Credit Card and CareCredit Pay Later

Practices are looking for ways to help customers better manage out-of-pocket health and wellness expenses. At the same time, they want to support treatment acceptance and practice growth. Offering a variety of payment options can help achieve both goals.

Two financing options to consider through the CareCredit platform are the CareCredit credit card and CareCredit Pay Later. Together, they offer patients different ways to pay based on their financial needs, treatment plans and preferences.

• The CareCredit credit card offers reusable credit for eligible services and may include special financing options.
• CareCredit Pay Later is an installment loan with fixed monthly payments and a defined payoff timeline, making it ideal for larger, more defined purchases.

The Case for Multiple Patient Financing Options

Just under half of U.S. adults (44%) report that affording healthcare costs is very or somewhat difficult.¹ And as out-of-pocket expenses continue to rise, financial concerns can influence whether patients and clients move forward with recommended treatments, procedures and ongoing care.

For providers, those concerns can lead to scheduling delays, postponed treatment plans or patients and clients declining care altogether. Offering flexible financing solutions may help reduce that financial friction.

In fact, Synchrony’s Healthcare Journey Research Consumers and Providers study found that 3 out of 4 patients surveyed said they would seek additional health and wellness services if they had ways to pay for them.²

While some patients and clients may rely on personal loans, savings or general-purpose credit cards to pay for the cost of care, providers can also offer financing solutions designed specifically for health and wellness expenses. Accepting both the CareCredit credit card and CareCredit Pay Later offers approved patients and clients two ways to manage costs based on their treatment wants and needs and financial situation. One application can help patients and clients check if they prequalify for the credit card, the installment loan or a choice between the two, with no hard credit check.

CareCredit Credit Card Can Simplify Patient Payment

The CareCredit credit card is accepted in over 290,000 locations, and 1 in 10 U.S. households have or have had the card. It’s a revolving line of credit, meaning patients and clients can reuse available credit for eligible expenses at participating CareCredit locations.* The card carries no annual fee.**

For example, a dental patient might apply for a CareCredit card account to spread out the cost of a procedure like getting a crown. When a problem with another tooth crops up a few months later, the patient may be able to use the card to help pay for those expenses as well if they still have available credit remaining.

Patients and clients may also qualify for promotional financing on purchases of $200 or more, including deferred interest promotional financing, with no interest charged if the balance is paid in full within the promotional period, which can be 6, 12, 18 or 24 months.

CareCredit credit card may be a good fit for:

• Patients and clients who may require follow-up or ongoing care and prefer having a revolving credit line for when they need it
• Those who want access to special financing on care expenses

CareCredit Pay Later: Fixed Monthly Payments for Larger or More Defined Care Costs

Some patients and clients may prefer financing designed for a one-time treatment, procedure or purchase. CareCredit Pay Later is an installment loan with a defined payoff timeline, giving patients and clients a clear payment plan while helping your team explain their options. It is available at select health and wellness provider locations nationwide.***

Because payments remain consistent through the loan term, CareCredit Pay Later may appeal to patients and clients who are budgeting for a large expense — such as hearing aids or cosmetic procedures — and want clarity around monthly costs. It can also help practices present larger treatment plans in a way that’s more manageable for patients and clients.

Once the CareCredit Pay Later loan is paid in full, it closes. Patients and clients who wish to pay off the loan more quickly may do so without prepayment fees. Loan amounts start at $500 (but may vary by industry^†) and there are no application fees.

CareCredit Pay Later may be a good fit for:

• Patients or clients financing a one-time treatment, procedure or purchase
• Those who prefer fixed monthly payments and a defined payment timeline
• Situations where a reusable credit line may not be needed

Patient Payment Options: A Side-by-Side Comparison

How to Present Financing Options to Patients and Clients

Financial conversations can often feel sensitive, but approaching them proactively and consistently may help patients and clients feel more informed and prepared to move forward with care. Practices can support a smooth payment experience by training staff to discuss financing clearly, introduce options from the outset and reinforce messaging throughout the patient journey.

• Start cost conversations early. Synchrony’s study found that 55% of patients surveyed prefer financial discussions with their health and wellness providers to take place before they schedule the first appointment.²
• Train staff on financing discussions. Create scripts and provide guidance on how to explain financing options responsibly, avoiding guarantees around approvals, credit limits or “no interest” offers.
• Reinforce payment messaging throughout the patient journey. Discuss financing during scheduling and treatment planning to help reduce hesitations, appointment no-shows or delays in care.

Asking thoughtful questions can also help staff guide patients and clients toward the financing solution that best fits their situation. Some suggestions:

• “Are you looking for reusable credit for ongoing care, or a one-time installment loan for a larger or more defined care cost?”
• “Would you prefer the flexibility of reusable credit or fixed monthly payments and a defined payoff timeline?”
• “Are you interested in special financing options that may be available with the CareCredit credit card, including deferred interest promotional financing if the promotional balance is paid off within the promotional period?”

Some practices also incorporate financing discussions into treatment coordination, pre-appointment communications and digital intake workflows so patients can review payment options before checkout.

Help Improve the Patient Experience With CareCredit

Cost can be a barrier to pursuing health and wellness care. Practices that offer patient financing solutions like the CareCredit credit card and Pay Later can help patients better understand their payment options and move forward with care more confidently.

By accepting both, you offer approved patients and clients a choice between reusable credit for ongoing care and an installment loan with fixed monthly payments for planned care costs. Just as important, presenting financing options clearly and consistently can help build trust, reduce uncertainty and support a smooth overall patient and client experience.

Offer Flexible Financing at Your Practice 

If you are looking for a way to connect your customers with options that empower them to pay for the care they want or need, consider offering CareCredit as a financing solution. CareCredit offers individuals two ways to pay for out-of-pocket health and wellness expenses over time — the CareCredit credit card or a CareCredit Pay Later loan — while helping enhance the payments 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 CareCredit 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.