Introducing financing options to patients early and often throughout their encounters can be mutually beneficial. For patients, knowing that the practice accepts CareCredit helps them approach the decision about the products and services they want and need with less concern about the immediate financial impact to their checkbook or consumer credit card. Research has shown that when patients choose to use the CareCredit health care credit card to pay for their eye care and eyewear needs, their out-of-pocket ticket sale is 78 percent higher than that of patients who transact with another tender type.
It is also good for the practice as it can help increase capture rate. The chart at right shows that for every 10 percent increase in the capture rate, a practice can boost its revenue by $35,000 — for every 1,000 patients. Imagine what a more dramatic capture rate increase in a larger practice can do. Improving the capture rate for eyewear and the annual supply sales rate for contact lenses are simple and effective ways of increasing bottom line revenue. These patients are already in the office. The additional staff time involved in selling a second or third pair of eyewear or an annual supply of contact lenses — or both — is minimal.
Here are effective ways to raise awareness about the CareCredit option.
- Integrate CareCredit into the practice website. Patients who already have CareCredit will be happy to see it, and others can click through to CareCredit and apply online easily.
- Mention CareCredit at check-in. Display signage at the front desk and ask patients if they already have a card or would like to apply for one.
- Include signage in key decision-making spots. Signage in the contact lens area or optical dispensary will also help remind patients that they might be able to use this option, in combination with their managed vision benefits, to purchase the eyewear that they would like and need. Patients don’t want to find themselves having to make a decision about which frames they like or whether they can buy a new pair of sunglasses or whether one family member gets priority for new eyewear. By telling them of their options for financing, they’ll be able to follow the doctor’s recommendations more closely and leave happy with the eyewear they love.
For more information, visit carecredit.com.