With CareCredit, financing becomes one of the tools eyecare professionals can use to provide their patients with the eyewear they need.
In our dispensary, we need tools to sell and finance the products that our patients need. CareCredit is a great tool for every dispensary, offering both financing and lead generation.
The CareCredit credit card is an alternative payment option for health-related expenses at enrolled provider and select retail locations. For the office, it can function like a custom in-house financing option to aid in closing a sale. CareCredit does not charge providers a monthly fee. Instead, the credit provider charges the office a percentage of the sale. In a study conducted by CareCredit, only 63% of potential patients researched eye exam procedures, while 69% said that they had researched payment options for their exam and eyewear. (Path to Purchase research—Optical Category, conducted by Rothstein Tauber, Inc. on behalf of CareCredit, 2014.) Clearly, finances are at the forefront of the patient’s concerns and must be addressed during the care process.
PATIENTS AND PRACTICES BENEFIT
While CareCredit may solve a financial issue for a patient needing care, it can also solve several issues for the practice. With annual supplies of multifocal and daily contact lenses often exceeding $700, the full purchase can be difficult for many consumers. Despite the fact that many daily contact lens manufacturers offer rebates on annual contact lens supplies ranging from $100 to $160, some patients continue to purchase single boxes because of upfront costs. CareCredit can then be introduced to the conversation to help the patient spread out the large upfront cost of lenses or procedures found to be most beneficial. The practice benefits from a more profitable sale, and the patient receives the large manufacturer rebates. In this scenario, both the patient and the practitioner allow the needs of the patient, rather than the price of the product, to determine the course of action.
If you are concerned about adding another piece of electronics to your front desk, CareCredit offers the practice a simple online portal to quickly process sales transactions and credit applications. One of the additional benefits of this online portal is the ability to process standard credit card transactions as well. Though many providers charge large fees for mobile or online processing, a CareCredit provider may utilize this website for processing other credit cards at trade shows and health fairs.
While helping consumers absorb the upfront cost of necessary health purchases is the main function of Care Credit, it also offers the practice valuable marketing benefits.
SALES AND MARKETING TOOL
While helping consumers absorb the upfront cost of necessary health purchases is the main function of CareCredit, it also offers the practice valuable marketing benefits. With over 12,000 daily applications and over 24 million open accounts, CareCredit’s free provider listing is a great reason alone to sign on as a provider. CareCredit’s website receives over 1.6 million views per month. In addition to being a purchase finance tool to the practice, it also serves as a great additional marketing tool for the practice.
As is the case with any tool, success is dependent upon utilization. The most successful practices using CareCredit have honed their skill of injecting it into a conversation with every patient. In a poll of cardholders, 32% stated that they would have postponed a purchase if CareCredit had not been available.
As the optical industry faces challenges from the cyber marketplace and “commoditization” of eyewear, salesforces may need more tools in their bag, and CareCredit can be one of them. In addition, staff members also need to become more agile in each sales encounter. Heightened competition may eventually draw a clear line between mere “order-takers” and professional sales personnel. The effective implementation of CareCredit is a powerful tool in this process with no upfront cost to the practice.
Mark Clark, ABOC, is founder of iProfit Group, a healthcare investment consulting firm.
CareCredit Donates 25K
Earlier this year, CareCredit’s Caring Communities Program provided a $25,000 grant to Optometry Cares – The American Optometric Association Foundation’s InfantSEE program. More than 3,600 InfantSEE optometrists examine an estimated 10,000 infants annually for normal eye development and to intervene early if necessary. CareCredit’s grant will be used to expand awareness of the InfantSEE program among new parents through print advertising, brochures, signage and displays, as well as online efforts. This marks the fifth consecutive year the company has contributed to InfantSEE.
CareCredit 800.300.3046 • CareCredit.com