Question: I have seen cost becoming more of an issue for my patients lately. Can patient financing help my business?
Thanks for your question.
CareCredit conducted a survey* of 291 hearing care practices in 2014 that accept the CareCredit healthcare credit card, and found many of your colleagues expressing the same concerns. In fact, 65% of those surveyed reported that they see cost or budget becoming more of an issue for their patients. In addition, 61% acknowledged that more patients are price shopping, and 56% found an increase in patients requesting financing. Nearly all practices that we surveyed reported the same or increased competition from large retailers and online companies.
For your patients, introducing the CareCredit credit card special financing options** can help ease their cost concerns and help them realize how an investment in hearing solutions may fit into their budget.
For your practice, patient financing can help enable business growth.
Our survey results indicated that 25% of providers’ patients use 3rd party financing, and practices attribute a 16% increase in device sales as a result of 3rd party financing options in their practice. In addition, 25% of providers cited a substantial increase (11% or more) in patient volume, device sales and revenue as a result of accepting CareCredit in their practice.
CareCredit can help your practice stay competitive. It helps you as a provider to overcome cost objections by allowing your patients to select the ideal hearing devices, even if they cost more. For more information, please visit us at http://www.carecredit.com/practices/audiology/ or call 866-853-8432. You may also learn more at the CareCredit Expo Page on AudiologyOnline.
*Audiology Industry Trends, Q3 2014, conducted for CareCredit by Chadwick Martin Bailey
** Subject to credit approval. Minimum monthly payments required. See carecredit.com for details.