PatientNow and Synchrony Enhance Partnership to Transform Payments and Digital Account Management Solutions For The Cosmetic Industry
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Insights
The integration of Synchrony's CareCredit into PatientNow's cloud-based practice management solution represents a strategic move with potential implications for revenue growth and market expansion for both companies. From a financial perspective, this partnership could lead to increased transaction volumes as cosmetic practices begin to offer more financing options, potentially boosting Synchrony's interest and fee income. Moreover, the collaboration might improve PatientNow's competitive positioning by enhancing its value proposition with integrated financing solutions, which could drive user adoption and retention.
For the aesthetic and cosmetic businesses, the availability of CareCredit through PatientNow could mean an uptick in service accessibility for patients, possibly leading to higher sales volumes. This is particularly relevant as the industry sees a growing trend towards non-invasive cosmetic procedures, which may be more frequently sought after by patients due to the convenience of financing. The ability to pre-screen patients for credit could streamline operations and reduce the administrative burden, potentially improving the cash flow management of these practices.
From a market perspective, the partnership taps into the burgeoning demand for digital and financial solutions within the healthcare sector, particularly in elective medical services. The aesthetic and cosmetic industry is known for its high out-of-pocket costs, which can be a barrier to treatment for many patients. By integrating a well-known financing option like CareCredit, PatientNow could see an increase in the attractiveness of their cloud-based management solution to practices seeking to alleviate financial concerns for their patients.
The addition of features such as customer self-service capabilities and personalized URLs (PURLs) aligns with broader consumer trends towards personalization and convenience in service delivery. These digital enhancements may set a new standard in the industry, compelling competitors to follow suit or risk being left behind. As such, the partnership could be a catalyst for broader industry innovation, with potential ripple effects across the healthcare payment ecosystem.
The strategic alliance between Synchrony and PatientNow is indicative of the healthcare industry's ongoing shift towards integrated financial and management solutions. By incorporating financing options directly into practice management software, the partnership addresses a critical pain point for both providers and patients—the complexity of healthcare payments. The ability for providers to pre-screen patient credit and offer tailored financing options could lead to a more personalized and seamless patient experience, which is increasingly important in a consumer-driven healthcare market.
Additionally, the digital features such as Quickscreen and text-based self-service capabilities are reflective of the industry's push towards digital transformation. These advancements could lead to improved patient engagement and satisfaction, which are key metrics for practice success. The long-term implications of such a partnership could be significant, potentially establishing new benchmarks for patient financial interactions within the healthcare industry.
Synchrony's CareCredit Now Available to Aesthetic and Cosmetic Businesses Through PatientNow Cloud-Based Practice Management Solution
Today organizations are increasingly seeking simple, secure, collaborative solutions that allow them to modernize their practice to deliver business value to patients. The CareCredit integration into PatientNow's Practice Management Software will enable cosmetic practices to offer a variety of customized financing options to their patients, enhanced account management solutions and marketing capabilities.
Synchrony and PatientNow will also partner to incorporate new digital features including:
- Synchrony's Quickscreen application that is designed to offer providers the ability to pre-screen their patients for credit in bulk. The process informs practices which patients will be preapproved for financing, which patients already have a CareCredit account, and their available credit, before the patient's appointment.
- Customer self-service capabilities that include customized texting features that give patients control of the application process enabling them to confirm their personal financial information, submit their application for credit approval, and get a credit decision without provider assistance. Additionally, a cardholder can now be sent a payment link directing them to pay their outstanding balance.
- Personalized URLs (PURLs) that pre-fill patient-specific information and help simplify the CareCredit application process.
"This partnership will improve the way we work and how payments are done in the cosmetic industry. The impact will be felt by front office staff across PatientNow's providers who are overwhelmed by today's manual processes and seek better solutions to digitize and modernize their practices," said Beto Casellas, EVP & CEO, Health & Wellness, Synchrony. "The integration of Synchrony and PatientNow products and technologies combined with our expertise in healthcare will help providers offer more flexibility and convenience to their patients to simplify their financing experience."
"Today's cosmetic providers demand best-in-class technologies that transform how their organizations operate and how they provide value to patients," said Bethany Little, CEO, PatientNow. "The alliance between PatientNow and Synchrony opens up an exciting opportunity for both companies to reach new markets and deliver unified solutions and services that can further empower doctors to manage their practice and patient payment solutions in one place."
For providers, third-party patient financing through CareCredit helps bolster revenue cycle management, reducing administrative costs and improving workflows. It can also help organizations initiate discussions around cost of care earlier in the healthcare journey and to integrate marketing content to further improve their experience.
To learn more about CareCredit, please visit: www.carecredit.com.
About PatientNow
PatientNow's vision is to be the elective medical industry's most trusted and intuitive practice management solution— fueled by innovation, integration, and strategic partnerships, delivered by a team with unrivalled grit. PatientNow is one of the industry's only complete platforms to manage all aspects of the modern elective medical practice including solutions for Integrated EMR, Practice Management, Patient Engagement, Digital Marketing & Photo Management.
The merging of PatientNow, Crystal Clear Digital Marketing, RxPhoto and Envision has created platforms that span the entire aesthetic, elective procedure and salon industry. Being leaders in their respective segments brought these four companies together. Since using tools from a diverse group of providers can cause confusion, overlap and loss of productivity, the four companies joined forces to provide leading solutions that centralize operations, increase efficiency, improve security, and run an entire practice harmoniously. For further information, please visit: https://www.patientnow.com/.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to customers in their channel of choice. For more information, visit www.synchrony.com.
Media Contact:
Michelle Blaya Romero
Synchrony
Michelle.Romero@SYF.com
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SOURCE Synchrony
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