CareCredit was introduced in 1987 to help patients pay for new dental implant technologies. Now it is commonly used for cosmetic treatments and surgeries. The company provides a healthcare credit card that can be used to pay for certain expenses not covered by insurance or to bridge a payment when desired care exceeds insurance coverage.
“There have been a lot of changes—most notable are the advances in technology and procedures that have created many new options for care—and a widening gap in insurance coverage,” says Mindy Karro, vice president of marketing for CareCredit. “Financing now takes a more prominent role, whether it is in the form of provider payment plans, bankcards or healthcare-specific financing options.”
CareCredit offers patients two basic payment plans: deferred interest and extended payment plans. With a deferred interest plan, the accountholder pays no interest if she makes all of the required minimum monthly payments and pays the balance in full within a predetermined promotional period—typically 6, 12 or 18 months. Extended payment plans are available for 24, 36, 48 or 60 month time spans. These plans include an interest rate on purchases that is competitive with most bankcards. “Many providers tell us that the program has had a positive impact on their practices and patient satisfaction because it gives their patients a simple way to consolidate and manage certain healthcare expenses whether they are surgical procedures or minimally invasive treatments,” says Karro.