Course | Basic | Self-Payment Collection

In this course we will address patient balance billing after insurance; contract issues and limitations; and required processing differences between bad debt and financial assistance care (such as charity). Appropriate notations are include...

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Article | Self-Payment Collection

CareCredit: A proven payment solution

Sponsored by CareCredit
Article | Self-Payment Collection

CareCredit: A proven payment solution

How do you help healthcare organizations navigate the biggest challenges in healthcare?

As out-of-pocket healthcare costs continue to rise, consumers are looking for a positive patient financial experience and this is where CareCredit can help. The CareCredit credit card is a proven payment solution that gives patients a way to pay for out-of-pocket healthcare costs** while enabling healthcare organizations to receive payment for services within two business days. There is no financial liability to the healthcare organization if the patient delays or defaults on payment.***

By providing timely payment, CareCredit helps organizations run more efficiently while also offering technology and tools to make the patient-payment discussion easier.

CareCredit also supports patients in completing their full treatment plans and seeking care when they need it because they know they have a dedicated way to pay.** Having a way to pay for healthcare services may lead to more patient compliance and ultimately, better outcomes. Patients can use their CareCredit credit card at any location in the CareCredit network.

For healthcare organizations that join the CareCredit network, there are tools to smooth the integration process, including on-demand training, a secure online provider portal, marketing materials, and guidance from a dedicated account manager.

What advice would you offer to healthcare leaders when choosing among vendors?

Healthcare leaders should look for vendors that embrace a consumer-centric approach to business solutions and can help them serve as a resource to patients. When looking for third-party financing or a patient payment solution, the vendor should understand the importance of giving patients a positive payment experience that can help their healthcare organization better navigate the changing payment landscape. 

What is some advice you can give providers for a successful implementation of a new product or service?

Remember that the patient experience involves many touch points before, during and after their visits. Every member of a practice’s staff contributes to this experience in one way or another. So, it’s important to educate the entire staff on the product or service being implemented. Especially when it comes to healthcare costs, it’s important that patients feel comfortable asking questions and for practice staff to be prepared with answers. 

Quick facts

Number of years on the Short List:  Less than one year.

In HFMA’s 2018 review process, the CareCredit credit card received impressive results, including:

  • 96% of Peer Reviewers agree/strongly agree that the CareCredit credit card satisfies a need in the 
    healthcare industry.
  • 90% agree/strongly agree that they would recommend the CareCredit credit card to colleagues.
  • 100% agree/strongly agree that the CareCredit 
    credit card is easy to use.

** Subject to credit approval. Minimum monthly payments required. See CareCredit.com for details.

*** Subject to the representations and warranties in your Agreement with CareCredit, including but not limited to only charging for services that have been completed or that will be completed within 30 days of the initial charge, always obtaining the patient’s signature on in-office applications and the cardholder’s signature on the printed receipt.

About CareCredit

CareCredit is a proven payment solution for rising out-of-pocket healthcare costs. The CareCredit healthcare credit card helps patients get care today, and pay over time.** Practices get paid in two business days, with no recourse*** (CareCredit assumes the liability), helping providers save time, increase cash flow, and reduce A/R. For more information, visit carecredit.com/hfma.

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