STAMFORD, CONNECTICUT – Synchrony (NYSE: SYF), a consumer finance company, has introduced a new initiative aimed at improving transparency and education in healthcare financing. The company, along with its health and wellness financial solution CareCredit, announced the launch of the Fair Financing Principles, a resource hub combining educational tools with clear information to help consumers better understand their financing options.
The initiative is intended to support consumers navigating the rising costs of healthcare and address a broader need for accessible financial education. Although 54% of U.S. adults report having a fair amount of knowledge about personal finances, awareness is significantly lower among adults aged 18 to 49.
According to a recent study, more than half of consumers struggle to pay out-of-pocket medical expenses, and many delay treatment as a result.
“We started our Fair Financing Principles with a focus on health and wellness, one of the most complex of the industries Synchrony serves, so our customers can be better informed of their financing choices,” said Beto Casellas, executive vice president and chief executive officer of Health & Wellness at Synchrony.
“We have lived by and trained our providers on these principles for more than 35 years. Our hope is that by making these principles public-facing we are setting a new standard for what consumers should expect from their providers and a financing company.”
To support this initiative, Synchrony introduced a new CareCredit Procedure Calculator, offering cost estimates for over 700 health, wellness, and veterinary procedures by zip code. These estimates are based on average pricing data from top cities in each U.S. state.
Educational Tools and Consumer Support
“Consumer anxiety around finances is on the rise these days. They want clarity and the ability to make intentional, informed choices. CareCredit’s Fair Financing Principles fill that need and raise the bar for the industry with their extensive online consumer resources,” said Bobbi Rebell, financial wellness expert, author, and CFP® Professional. “The Fair Financing Principles explain not only how CareCredit works, but provide thoughtful and clear information for consumers, no matter what financial product they choose.”
The new Fair Financing Principles page includes several resources for consumers:
- Payment Options: Explanations of how to pay for health and wellness costs not covered by insurance, including how CareCredit works, as well as use of FSA/HSA funds and available financial assistance programs.
- Promotional Financing Overview: Clear descriptions of options like deferred interest and reduced/fixed APR.
- Payment Calculator: Estimates of monthly payments based on the amount financed and promotional terms.
- Sample Billing Statement: A visual breakdown of a CareCredit statement to help users understand charges and timelines.
- Provider Tips: Guidance from health and wellness providers to help patients better understand financing options.
- Cardholder Testimonials: Experiences from individuals who have used CareCredit for various health and wellness expenses.
“The Fair Financing Principles page mirrors my same commitment to clarity and transparency and what I want my patients to know before financing their care,” said Brian Harris, DDS, of Harris Dental. “As a small business owner, Synchrony’s CareCredit credit card is an essential part of my practice and having resources available to my patients, like the new Fair Financing Principles and Procedure Calculator, helps them make informed decisions about how to pay for the dental care they want and need.”
“The Fair Financing Principles page mirrors my same commitment to clarity and transparency and what I want my patients to know before financing their care,” said Brian Harris, DDS, Harris Dental. “As a small business owner, Synchrony’s CareCredit credit card is an essential part of my practice and having resources available to my patients, like the new Fair Financing Principles and Procedure Calculator, helps them make informed decisions about how to pay for the dental care they want and need.”
The mission of Synchrony’s Health & Wellness business is to help people pay for the costs of care they want and need, and the CareCredit Fair Financing Principles are grounded in the company’s commitment to providing clear and transparent information about its payment solutions. To read the Fair Financing Principles and additional educational information, please visit https://www.carecredit.com/fair-financing-principles/.
CareCredit is a credit card that people can use to pay for out-of-pocket costs not covered by insurance, including Lasik eye surgery, audiology, cosmetic care, dental care and even pet care. It is accepted at more than 280,000 providers across the U.S., including at select retail locations such as Albertsons, Sam’s Club, Walmart and Walgreens, where you can use the card for health and wellness products. To learn more about CareCredit, visit https://www.carecredit.com.
References:
1. Pew Research Center Survey of U.S. adults conducted September 2023.
2. Consumer Healthcare Journey Research. Synchrony. September 2023.
About Synchrony
Synchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country’s most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country’s #2 Best Company to Work For® by Fortune magazine and Great Place to Work®. For more information, visit www.synchrony.com.
Source: Synchrony
