Exam Preview for 41666: Introducing the New Synchrony Pay Monthly T

Introducing the New Synchrony Pay Monthly

Please note: exam questions are subject to change.

1. Which of the following best describes the financial structure of a Synchrony Pay Monthly loan compared to a traditional credit card? It is a revolving line of credit that can be used for multiple healthcare transactions over time. It is a one-time use installment loan with a fixed APR and fixed loan term that closes when paid in full. It allows patients to make interest-free payments for 12 months with no fixed end date. It is a variable-rate loan where the monthly payment amount changes based on the remaining balance.
2. According to consumer research data cited by Synchrony, why is incorporating financing options like Pay Monthly considered a critical strategy for capturing revenue? 90% of patients expect their provider to offer interest-free payment plans. It eliminates the need for the practice to accept general-purpose credit cards. 1 in 4 consumers indicated they would not have made a purchase if a loan was not available. Patients are 50% less likely to negotiate on price when installment loans are offered.
3. When a patient applies for Synchrony Pay Monthly, at what point is their credit score impacted? Immediately upon scanning the QR code to access the application. When they submit their information to check if they prequalify. Only when they choose to accept a specific offer and submit the loan application. The credit score is never impacted because it is a medical loan.
4. If a patient qualifies for a Synchrony Pay Monthly loan but needs time to consider the decision, how long can they hold the approval before it expires? 24 hours 3 days 7 days 30 days
5. From an operational perspective, how quickly is the provider funded after a patient finalizes a Synchrony Pay Monthly loan? Immediately Within 2 business days Within 10 business days Once the patient makes their first monthly payment