Synchrony and PatientNow Team to Help Fund Elective Procedures
PatientNow, a practice management company for the elective medical industry, has teamed up with consumer finance firm Synchrony.
The partnership means that Synchrony’s CareCredit health and wellness card is now one of the main financing options in PatientNow’s platform at its 4,800 aesthetic and cosmetic businesses nationwide, the two companies said in a Wednesday (Jan. 30) news release.
“Today organizations are increasingly seeking simple, secure, collaborative solutions that allow them to modernize their practice to deliver business value to patients,” the release said.
“The CareCredit integration into PatientNow’s Practice Management Software will enable cosmetic practices to offer a variety of customized financing options to their patients, enhanced account management solutions and marketing capabilities.”
Meanwhile, PYMNTS spoke Wednesday with Erin Gadhavi, senior vice president and general manager for wellness at Synchrony, about the connection between financial wellness and physical health and how giving people tools to afford care can foster customer loyalty.
“Fifty percent of U.S. consumers consider wellness a top priority, but services like acupuncture, fitness programs, nutritional support and counseling are often considered elective and not covered by insurance,” Gadhavi told PYMNTS.
“Offering financing for those products and services is attractive to consumers,” Gadhavi said. “Patients can make an informed decision related to their care, but also with respect to their budget — leading to a more engaged and healthier customer base.”
As that report said, experience matters to consumers, and delivering payment solutions that offer greater access to health and wellness solutions can make a difference in their decision-making.
Gadhavi noted that 45% of Synchrony’s CareCredit card holders “would’ve postponed or decreased the scope” of their procedures if finance options hadn’t been available.
CareCredit and Synchrony also recently joined forces with Destination Pet, a provider of veterinary care and pet services, to offer financing for things like boarding, daycare, grooming, training, veterinary care and pet resorts.
“People are still bringing pets into their family and at increased rates. And they are spending more,” Jonathan Wainberg, general manager of Synchrony’s Pet business, said in an interview with PYMNTS earlier this month.
There are numbers to back this up: in 2022, the global pet care market reached $235.32 billion and is anticipated to increase to $368.88 billion by 2030.
“These figures clearly indicate why Synchrony is seeking to expand its market share in the industry,” PYMNTS wrote.
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