A hospital network that covers 45 facilities across 14 states has signed up with a noted credit card provider to offer patients a healthcare credit card to make per-care, point-of-care, and post-care payments.
Prime Healthcare has signed up for Synchrony Financial’s CareCredit program, allowing individuals to make payments on their healthcare debts that are not covered by insurance over time, while reimbursing the facilities for their services rendered, in full and upfront.
“Patient care will always be our number one priority,” said Sunitha Reddy, Vice President of Operations of Prime Healthcare, in a statement. “Integrating care delivery with revenue cycle management is critical in an increasingly consumer-focused healthcare market. Implementing CareCredit solutions allows us the ability to offer flexible healthcare financing options that can help meet the unique and evolving needs of our patients while also improving their well-being and experience.”
Patients visiting a Prime Healthcare facility can apply for credit on a mobile device or computer in the hospital’s office and, if approved, can choose short- or long-term financing options that include deferred interest if the debt is paid in full within six, 12, 18, or 24 months, or a reduced Annual Percentage Rate with fixed monthly payments for 24, 36, 48, or 60 months.
Out-of-pocket spending has increases $91 per person between 2015 and 2019, according to a published report. The total average amount spent by individuals who have employer-sponsored insurance was more than $6,000 in 2019.
“As out-of-pocket healthcare expenses continue to increase, patients are seeking providers that can address both the clinical and financial aspects of their healthcare experience,” said Alberto Casellas, Chief Executive of Synchrony’s Health and Wellness Platform. “Our partnership with Prime Healthcare will help Prime Healthcare’s patients pay for the care they need while also streamlining the health system’s payments processes and financial workflows.”