HIMSSCast: Out-of-pocket expenses are a challenge to keeping people well
Give patients the financial options that empower them to take charge of their own health, says Beto Casellas of Synchrony.
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Prioritizing wellness means taking into account the out-of-pocket cost for patients, according to Alberto "Beto" Casellas, EVP & CEO of Health and Wellness Platform at Synchrony.
Synchrony is a financial services company that offers a health and wellness platform in CareCredit. The promotional financing credit card gives consumers and providers a way to pay for medical expenses (minimum of $200) to be paid in full without interest, as long as it is paid within a 6-, 12-, 18- or 24-month time frame.
It can be used for deductibles, copays, unexpected expenses and high-cost medical necessities such as hearing aids that are not generally covered by insurance. With many employer health plans having a $2,000 medical deductible that is paid out-of-pocket, CareCredit bridges the financial gap, Casellas said.
"We change people's lives by being able to access and enable the care recommended by their doctors and professionals to live a better life," he said.
For more on how finances affect wellness, listen to Casellas' conversation with Susan Morse, executive editor of Healthcare Finance News.
Talking Points:
- Hospitals and patients need more conversations around price transparency and the cost of care.
- Patient financing is a proactive option that reduces chronic disease.
- Insurance incentivizes wellness programs and behaviors, but education is needed.
- AI and its ability to reduce administrative burden plays a role in a having a good patient/doctor experience.
- CareCredit has 90% customer satisfaction rating and is accepted at over 220,000 providers nationwide.
- Synchrony also has a myWagreens card that is co-branded with Walgreens.
More About this Episode:
Patients less likely to seek virtual behavioral care when paying out-of-pocket
High out-of-pocket costs are negatively affecting revenue cycles
RCM accelerates cash and secures financial health
CMS to spread awareness of Rx payment plan through guidance
Finance leaders balance AI investment to expected ROI
Email the writer: SMorse@himss.org
