SYNCHRONY EXPANDS PARTNERSHIP WITH SYCLE TO DELIVER INTEGRATED DIGITAL PAYMENTS SOLUTIONS FOR HEARING PROVIDERS

Rhea-AI Summary

Synchrony (NYSE: SYF) has announced a new partnership with Sycle, enhancing their point-of-sale consumer financing solutions for the hearing industry. This integration allows audiology providers to offer Allegro Credit installment loans alongside CareCredit healthcare credit cards. This streamlined financing option is expected to help clinics deliver better care by improving patient access to necessary hearing technology. The platform facilitates quick credit decisions and pre-approval insights, aligning with the industry’s growing digital transformation needs.

Positive

• Enhancement of financing options through Allegro Credit and CareCredit.
• Streamlined application process allowing instant credit decisions.
• Potential increase in patient acceptance of hearing care recommendations.

Negative

• None.

Allegro Credit Installment Loan Solution on Sycle Practice Management Software Accelerates Digital Transformation for Hearing Industry Providers;

Partnership to Add Payment Options for Purchase of Hearing Aids and More

STAMFORD, Conn. and DENVER, Oct. 13, 2022 /PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer financing company, today announced the availability of Allegro Credit, a point of sale consumer financing solution for the hearing industry, on Sycle's practice management platform.

With the new integration, audiology providers can more quickly and easily deploy a comprehensive set of financing options – from a healthcare credit card to an installment loan.  Sycle, a cloud-based practice management software for the audiology industry, is expanding its relationship with Synchrony to include both the CareCredit healthcare credit card and Allegro Credit installment loan financing solutions.

"Synchrony is committed to delivering the right financial product to the right patient, at the right time, through the right channel," said Greg Pierce, Senior Vice President and General Manager, Specialty, Synchrony.  "Technology partnerships with leading organizations like Sycle are key to help providers ensure they can meet the demands of today's changing consumer behaviors.  With this offering, patients can get the right financing solution for them and obtain the hearing technology they want and need to live connected lives."

Through the integration, when a patient wants to apply, the patient information is automatically transferred to the Allegro Credit application. All the provider or clinic staff member needs to do is complete a few fields of information and click "submit" to receive a credit decision within seconds. Plus, by using the Synchrony integration, clinics can identify patients who are pre-approved right from their Sycle practice management software prior to the patients' appointments, which may help them have more confident financial conversations knowing they can address potential cost concerns before they become a barrier to care. The Allegro Credit integration is in both Sycle platforms – Private Practice and Pro.

"Hearing care providers know how important hearing health is to a patient's qualify of life," said Joel Lockwood, President of Sycle. "By providing more financing choices, a greater number of patients may be able to accept hearing care recommendations without compromising care, helping to improve outcomes. We are additionally excited with this integration as it adds to the overall value our Sycle practice management platforms provide to hearing care professionals; saving them more time and enabling them to become more efficient so they can focus on delivering high quality care."

More information
Find detailed information about Allegro Credit and access a free demo of the new integration features by calling 888-881-7925 or contact support@sycle.net. If you do not currently accept Allegro Credit but are interested in learning more about how it can benefit your patients and practice or to enroll, call (800) 859-9975, Press 6, Press 2 or visit www.carecredit.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 the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.

About Sycle
Sycle is a global Software as a Service (SaaS) company headquartered in Lone Tree, Colorado with offices in Alabama and Vancouver. Sycle provides innovative solutions for managing a modern audiology practice. Sycle was founded in 2001 with a clear mission: To facilitate the delivery of better hearing to the world. It started as an idea to help audiologists better connect with their patients; today, Sycle has evolved into the audiology industry's number one practice management software. Over 8,000 clinics and 20,000 hearing care professionals in 13 countries worldwide depend on Sycle to run their businesses. Sycle develops software and integrations that eliminates tedious tasks and streamlines workflows. This allows clients more time with their patients and ultimately helps them treat more people suffering from hearing loss. To learn more, visit https://sycle.net.

Media Contacts:

Synchrony
Michelle Blaya
michelle.blaya@syf.com

Sycle
Donna Fritz
donna.fritz@sycle.net

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SOURCE Synchrony

FAQ

What is the new financing solution introduced by Synchrony on October 13, 2022?

Synchrony introduced Allegro Credit, a point-of-sale consumer financing solution for the hearing industry, integrated with Sycle's practice management platform.

How does the Allegro Credit integration benefit audiology providers?

It streamlines the financing process, enabling clinics to provide instant credit decisions and potentially improving patient access to hearing aids.

What are the key features of the Allegro Credit integration with Sycle?

It allows automatic patient information transfer for credit applications and highlights pre-approved patients to enhance financial discussions.

What is the significance of the partnership between Synchrony and Sycle?

The partnership aims to address changing consumer behaviors by offering more financing options, ultimately improving patient outcomes in hearing care.