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Prime Healthcare is partnering with financial services company Synchrony to offer patients a healthcare credit card for pre-care, point-of-care and after-care payment.
Synchrony’s CareCredit funding options include the ability to pay over time.
Patients can apply for the credit card on a mobile device or computer, in a provider’s office, or over the phone. A credit decision is made in seconds and after approval, applicants can use the credit card to pay their bills immediately.
Patients can choose from short- and long-term funding options, including deferred interest if paid in full within 6,12,18 or 24 months. There is a reduced annual percentage rate with fixed monthly payments for the 24, 36, 48, or 60 month options.
A CareCredit payment calculator allows you to estimate their monthly payments based on the amount of care funded and the offer selected.
WHY IT IS IMPORTANT
Paying by credit card ensures that hospitals are prepaid for their services.
The funding option integrates care delivery with revenue cycle management, according to Sunitha Reddy, vice president of operations at Prime Healthcare.
âIntegrating healthcare delivery with revenue cycle management is essential in an increasingly consumer-driven healthcare market,â said Reddy. âImplementing CareCredit solutions allows us to offer flexible healthcare financing options that can help meet the unique and evolving needs of our patients while improving their well-being and experience. “
The new payment option helps patients pay out of pocket expenses, according to Alberto Casellasutive, CEO of Synchrony’s Health and Wellness platform.
âAs direct healthcare costs continue to rise, patients are looking for providers who can handle both the clinical and financial aspects of their healthcare experience. Our partnership with Prime Healthcare will help Prime Healthcare patients pay for the care they need while streamlining the healthcare system’s payment processes and financial workflows. “
THE BIGGEST TREND
Personal expenses for patients who are not covered by health insurance may include deductibles, coinsurance, copayments, and the costs of health services not covered.
Over five years, between 2015 and 2019, direct patient spending increased by $ 91 per person, according to a report from the Health Care Cost Institute. The total average annual health care spending of people with employer-sponsored insurance increased 2.9% to $ 6,001 per person in 2019, according to the annual report on the cost and use of employer-sponsored insurance. institute health care. Report. Between 2015 and 2019, spending increased 21.8%, or $ 1,074 per person.
Prime Healthcare, headquartered in California, is a physician-founded and run healthcare system with 45 hospitals in 14 states.
Synchrony founded the CareCredit credit card over 30 years ago. It is accepted in more than 250,000 health-focused suppliers and retail outlets.
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