CareCredit, a health, wellness, and personal care credit card, has entered into a new executive partnership with Medical Group Management Association (MGMA).
The partnership recognizes the evolving role of the patient as a payer and the challenges today’s providers face in managing their revenue cycle and helping patients pay for care. As patients take on more financial responsibility for care, they may have higher expectations around convenience, customization, and overall experience, according to CareCredit, which can bring a new set of considerations for practice managers seeking stability and growth amidst an industry in transformation.
“With CareCredit, our members can access an innovative payment solution that guarantees payment in two business days, helping to expedite cash flow and reduce AR, billing and collection expenses. CareCredit’s reputation in the industry and proven history of helping patients and practices make sense for our members, and we are excited to offer them this financial option,” says Halee Fischer-Wright, MD, MMM, FAAP, FACMPE, president and CEO of MGMA, in a release.
Representing more than 45,000 medical practice administrators, executives, and leaders, MGMA helps create successful medical practices through member benefits such as premier data, education, resources, events, news and advocacy. Through its members, MGMA represents close to 50% of the healthcare delivered in practices across the United States.
CareCredit, a Synchrony solution, offers patients the ability to pay over time for deductibles, co-pays, co-insurance and other out-of-pocket healthcare costs. Providers receive guaranteed payment within two business days with no recourse to the practice if the patient delays or defaults on payment. CareCredit is accepted in 210,000 locations nationwide and has more than 11 million cardholders. According to CareCredit’s Cardholder Engagement Study Q2 September 2018, 94% of cardholders reported they were highly satisfied with CareCredit.
A key component of the partnership is sharing Synchrony’s retail knowledge and CareCredit’s 30 years of expertise in consumer healthcare payments with MGMA’s membership. For example, CareCredit’s proprietary research on generational trends in healthcare consumption was presented at this year’s MGMA Annual Conference.
“We are excited to partner with MGMA, a leading authority for medical executives and healthcare facilities. Our partnership will help practices adjust to the rise in consumer responsibility for healthcare. We have proven healthcare-centric solutions to address risk, payment collection, and fraud that can help practices be more effective,” says Dave Fasoli, CEO, CareCredit. “Ultimately, we all want patients to live happier, healthier lives, and working with MGMA means we can help make that possible.”
CareCredit is currently accepted across more than 30 medical specialty areas, including sleep medicine, primary care and general practice, women’s health, orthopedics, ambulatory surgery centers, durable medical equipment, and urgent care. In addition to its partnership with MGMA, CareCredit also has established long-standing relationships with the American Dental Association (ADA) and the American Society of Plastic Surgeons (ASPS), and recently partnered with the American Osteopathic Information Association (AOIA), the member benefits provider for the American Osteopathic Association.