By Bo Leslie, Advance Care C onsulting firm McKinsey& Co. estimates that by 2015, patients could be paying over $150 billion in out-of-pocket health-care costs, up from an estimated cost of $45 billion in 2010. Given this trend, offering patient financing at your practice may make sense. Some patients simply can not afford the care or treatment plan prescribed and need assistance while other patients are looking for an alterna-tive to paying cash or using one of their existing lines of credit. Credit card issuers have stepped up their marketing efforts to take advantage of this trend. Some of the largest financial institutions in the world, GE Money (Care-Credit), Chase (ChaseHealthAd-vance) and Citigroup (Citi Health Card) all participate in this market. Given each of these insti-tutions goals for financial return, we can assume that these products perform well and meet the profit goals established by the institu-tions. CareCredit is now accepted at over 140,000 health care providers, roughly a 40% increase over the past three years. Large financial institutions simply do not grow these segments without realizing an acceptable return on their investment. It is safe to assume, participating in the health care segment has proved to be very profitable for these large financial institutions. Providing patient financing may be an integral part of your practice’s marketing plan. Every business or practice needs and wants customers. That’s how we 30 January/February 2012 JAOS
Journal of the American Orthodontic Society January-February 2012: Page 30
