The American Academy of Orthopaedic Surgeons (AAOS) has entered into a new partnership with CareCredit to offer patient payment options as part of the pre-treatment financial discussion.
“When it comes to musculoskeletal care, the AAOS is committed to supporting our members in providing the highest quality care possible to their patients,” said Thomas E. Arend, Jr., J.D., C.A.E., chief executive officer of AAOS.
“Our partnership with CareCredit is just one more way we are helping AAOS members deliver that care with the tools that offer cost transparency and a convenient payment solution to their patients. Together, we aim to create comfortable and confident payment conversations at every stage of the financial journey so their patients can move forward with the proper treatment and care.”
Gregory Pierce, senior vice president and general manager, CareCredit – Specialty, told OTW, “Patient outcomes can be impacted by the ability to pay for treatment. When patients have a way to pay, they may be more likely to follow through with the entire prescribed treatment plan or get care more promptly, rather than delay.”
“CareCredit enables patients worried about finances to complete their recommended treatment plans and be more prepared to handle unplanned out-of-pocket costs. Once approved, patients can use their CareCredit revolving line of credit for medical care services in more than 30 primary care and healthcare specialties at more than 230,000 provider and retail locations.”
“The application is convenient and can be completed in minutes online, by phone or using a mobile device; credit decisions are instant.”
As for how this might affect the daily practice of orthopedic surgeons, Pierce explained to OTW, “CareCredit helps physicians provide patient-centric benefits, including an easy application and online payment options for patients.”
“CareCredit also provides resources, tools and training that support easy integration for practices and an excellent experience for both staff and patients, including a mobile app; free, on-demand training; a secure online provider portal; free marketing materials and an advertising toolkit; and guidance from a team of support professionals.”
“At the same time, adding CareCredit as a payment option can give orthopedists and their staff more time to focus on patient care, retention and the overall office experience, instead of billing and collections. CareCredit enables practices to receive payment for services, generally within two business days of accepting the card for payment, with no financial liability if the patient delays or defaults on payment.”
“Practices in the CareCredit network can choose promotional financing options for purchases of $200 or more, including No Interest if Paid in Full within 6, 12, 18 or 24-months. Longer-term promotional financing options are also available—24, 36 or 48 months for purchases of $1,000 or more and 60 months for purchases of $2,500 or more. For the longer-term options, patients pay no interest if the balance is paid off within the agreed-to promotional period.”
Article does not specify the cost to the practice of using CareCredit’s service. What do the Merchant fees look like? How do they compare to a standard credit card fee? Also, when customer submits application, is that a hard inquiry with the credit bureau or does it generate a pre-qualification using a soft inquiry until patient accepts offer?