CareCredit, a provider of promotional healthcare financing through its health, wellness, and personal care credit card, has entered into a multi-year agreement with Henry Schein Financial Services LLC, a subsidiary of Henry Schein Inc, a provider of healthcare products and services to office-based dental, animal health, and medical practitioners.
Under the new agreement, CareCredit will provide patient financing services and offer integrated solutions with Henry Schein’s practice management software programs—Dentrix and Easy Dental for dental practitioners and AVImark, ImproMed Infinity, and ImproMed Triple Crown for veterinarians. The added feature will make it convenient for dental and veterinary practices to offer financing options to help patients and pet owners receive needed care and services. The alliance will also include co-marketing programs and collaboration on prospective, value-added services, and the availability of the patient financing services will be promoted by Henry Schein’s field sales consultants.
“This alliance brings together two respected brands that have collectively served the health care profession for more than a century,” says Doug Hammond, senior vice president and general manager, CareCredit, in a release. “Partnering with Henry Schein and leveraging their credibility and expertise in serving healthcare professionals builds on our sales and technology strengths to provide comprehensive solutions and greater value to dental, veterinary and medical providers nationwide.”
CareCredit research shows the availability of financing options plays a key role in how patients approach their healthcare decisions. According to Path to Purchase healthcare research,1 more patients considered or researched financing (73%) than researched procedures or treatments (70%). The same study showed the likelihood of patients applying for or using a healthcare credit card increases as the cost of care increases. Additionally, half of respondents (50%) who did not have a CareCredit credit card stated they would consider financing if it enabled them to purchase the healthcare service, or related items, immediately.
“Healthcare today offers an increased array of treatment options to patients. For some, the biggest obstacle to obtaining treatment may be financing for elective or cosmetic procedures and services that may not be covered by insurance,” says Keith Drayer, vice president, Henry Schein Financial Services. “At Henry Schein, we offer an array of business solutions and our agreement with CareCredit further demonstrates our commitment to help our customers operate more efficient practices so they can focus on delivering quality patient care.”
Henry Schein Financial Services provides business solutions for healthcare practitioners, including equipment leasing and financing, and practice credit card services, practice brokerage, practice valuations, and practice transition and staffing services.
1. Path to Purchase Research – conducted by Rothstein Tauber Inc on behalf of CareCredit, 2014.