More than 35 years ago, CareCredit helped establish financing as a useful and convenient way for patients to pay out-of-pocket dental costs. Over the decades, we have sought, valued, and implemented enhancements based on the input from teams and patients. And although we have longevity, we leverage cutting-edge technology and use more than three trillion points of data to make credit decisions. Offering a simple and patient-friendly financing solution is important. And that means patients can choose a financing solution that works for their family budget. This makes it easier for patients and practices to understand and use.
Acceptance of the CareCredit credit card has expanded beyond dentistry to veterinary care, cosmetic surgery, ophthalmology, optometry, chiropractic, audiology, hospital systems, and more; in fact, the company has become the largest medical patient financing provider in the US with more than 260,000 enrolled locations.1
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This increased utility is important to providers because paying for the cost of care remains a barrier for many patients. Once patients have a CareCredit credit card, they can use it again and again as credit becomes available, which means they may initially use CareCredit to pay for their pet’s veterinary care and then at their dentist to get clear aligners. Today, patient financing may be even more relevant as we navigate through inflation and a challenging economic time.
Financing simplified
As cross-market use and utility of the CareCredit credit card increased, so did the simplicity. Dental teams are busy, so it’s important the financing process is easy and efficient and fits into their daily routines and processes. CareCredit offers many different ways teams can make financing a part of the patient experience and help empower patients to get care.
- With the practice’s unique CareCredit custom link, teams no longer need to collect sensitive financial information or communicate credit decisions. The custom link can be used on the practice website and social media site, in patient communications, and through a QR code display in the practice. Patients can learn about and see if they prequalify for the CareCredit credit card (with no impact to their credit bureau score) privately through the custom link using their smart device or computer.
- CareCredit is integrated into the vast majority of practice management software, so using the card is often as simple as a few clicks of the mouse.
- CareCredit is also integrated into patient engagement software, so dental teams can include information and links to apply in their patient communications.
It’s financing, simplified. Credit decisions are available almost instantly so patients can immediately schedule care.
Trusted, tried, and true
In uncertain economic times, patients and practices may be more confident working with a company that has proven longevity and tried-and-true underwriting principles. CareCredit always remembers that the cardholders are, first and foremost, the practice’s patients. Providers want to keep patients for life, and CareCredit wants to enable patients to enjoy a lifetime of care—from orthodontics and sports guards to implants and veneers. CareCredit will continue to seek feedback and offer dental practices new financing solutions and resources that can help teams have great financial conversations and help more patients get the care they need.
Editor's note: This article appeared in the December 2022 print edition of Dental Economics magazine. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Reference
- Medical patient financial industry in the US – market research report. IBISWorld. Updated December 27, 2021. https://www.ibisworld.com/united-states/market-research-reports/medical-patient-financing-industry/
