In this episode of the MGMA Business Solutions Podcast, host Daniel Williams sits down with Claude Royster, Vice President and General Manager of Health and Wellness at Care Credit. They discuss how Care Credit can help medical practices and their patients navigate the complexities of healthcare financing, especially as annual deductibles and FSA resets approach. Royster shares insights on the importance of educating patients on their financial options and the role practices can play in facilitating those conversations.

Key Takeaways:

• Patients often underestimate their annual healthcare costs, which can lead to delayed or foregone care. Care Credit aims to educate patients on the lifetime costs of healthcare and provide financing options to make care more accessible.
• "We have continued to work towards educating both patients and providers, but also really give products that give that optionality to patients to be able to make choices now and get the care that they need when they need it."
• Practices can partner with Care Credit to offer a "frictionless" financing experience for patients, where they can pre-qualify for credit in seconds using a QR code or mobile app.
• This benefits practices by reducing administrative burdens, improving cash flow, and allowing them to focus on patient care rather than collections.
• Care Credit measures success through metrics like patient satisfaction, revenue growth, and expense reduction for practices.

Resources:

• Visit www.carecredit.com to learn more about Care Credit's services and resources for healthcare providers and patients.

Sources Referenced:

• 2023 Employer Health Benefits Survey. Section 1: Cost of Health Insurance. Kaiser Family Foundation. October 18, 2023. 
• Americans’ Challenges with Health Care Costs. Kaiser Family Foundation. March 01, 2024.
• KFF Survey Shows Complexity, Red Tape, Denials, Confusion Rivals Affordability as a Problem for Insured Consumers, With Some Saying It Caused Them to Go Without or Delay Care. Kaiser Family Foundation. June 15, 2023. 
• Healthcare Journey Research Consumers and Providers. Synchrony. 2023. CareCredit is a Synchrony solution.
• 2022 CareCredit Lifetime of Healthcare Costs Research. CareCredit is a Synchrony solution.
• Financial Health Literacy and the Shared Decision-Making Process in Healthcare. International Journal of Environmental Research and Public Health. June 19, 2022. 

Disclosure: This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. All statements and opinions in the podcast are the sole opinions of the guest. Your receipt of this material constitutes your acceptance of these terms and conditions.