The enhanced financing product provides patients with a clear payment plan and defined payoff timeline for out-of-pocket health and wellness expenses.
CareCredit, a Synchrony solution, has launched CareCredit Pay Later, an enhanced installment loan product designed to help consumers budget for elective health and wellness expenses not covered by insurance. The product is currently available at nearly 20,000 health and wellness locations, including select cosmetic care providers.
Expanded Payment Options
Through a single credit application, eligible consumers can view multiple CareCredit payment options. These include CareCredit Pay Later, which functions as a one-time-use installment loan with fixed monthly payments and a fixed APR, and the traditional CareCredit credit card, a reusable revolving credit product.
“When it comes to health and wellness, a ‘one-size-fits-all’ payment plan doesn’t work for everyone,” says Beto Casellas, executive vice president and chief executive officer of health and wellness at Synchrony, in a release. “With CareCredit Pay Later, consumers now have more options to choose from based on their purchase, monthly budget, and preferences.”
Adam Reinebach, CEO of the American Med Spa Association, adds, “In an industry where many treatments and products are elective, having flexible ways to pay for care is critical for consumers. For med spa customers, having choices like the CareCredit credit card and CareCredit Pay Later can make it easier to move forward with the care they want, while benefiting from the confidence of paying through a trusted industry financing partner.”
Provider Tools and Underwriting
The launch includes updated tools for providers, such as a payment calculator in the Provider Center portal that incorporates CareCredit Pay Later to deliver estimated payment amounts based on a practice’s specific promotional mix. Additionally, providers can modify loan amounts before funding to accommodate changes in treatment plans.
To manage lending, CareCredit uses Synchrony PRISM, a proprietary underwriting platform that evaluates a patient’s overall financial health, including active lines of credit and debt-to-income indicators.
Consumer Research Drives Financing Needs
CareCredit consumer research indicates that payment clarity and choice significantly impact patient decisions. According to the data, 80% of surveyed consumers report that payment options influence their choice of provider, and 77% consider flexible payment options critical when deciding on a recommended treatment plan.
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