1 00:00:00,240 --> 00:00:02,980 Looking for a solution that helps alleviate administrative 2 00:00:03,199 --> 00:00:05,599 tasks for your staff and also helps your 3 00:00:05,599 --> 00:00:07,599 patients cover their out of pocket health care 4 00:00:07,599 --> 00:00:08,099 expenses? 5 00:00:08,559 --> 00:00:11,199 Find what you're looking for from CareCredit because 6 00:00:11,199 --> 00:00:13,919 CareCredit is a credit card and more. It's 7 00:00:13,919 --> 00:00:16,375 a helping hand for staff and a flexible 8 00:00:16,375 --> 00:00:19,434 payment solution for patients. For over thirty years, 9 00:00:19,574 --> 00:00:22,934 CareCredit, a Synchrony solution, has offered patients a 10 00:00:22,934 --> 00:00:25,894 credit card with promotional financing options to get 11 00:00:25,894 --> 00:00:27,894 the care they want while helping staff do 12 00:00:27,894 --> 00:00:30,649 what they do best, provide care. To learn 13 00:00:30,649 --> 00:00:32,929 more, visit carecredit.com 14 00:00:32,929 --> 00:00:34,229 forward /beckerspodcast. 15 00:00:35,649 --> 00:00:38,049 Hello, everybody. This is Gracelyn Keller with Becker's 16 00:00:38,049 --> 00:00:39,809 Healthcare. Thank you so much for tuning in 17 00:00:39,809 --> 00:00:42,145 to the Becker's Healthcare podcast series. In In 18 00:00:42,145 --> 00:00:43,825 this two part series, we're going to talk 19 00:00:43,825 --> 00:00:46,704 about innovating for impact, information to consider for 20 00:00:46,704 --> 00:00:48,085 the next era of ASCs. 21 00:00:48,545 --> 00:00:51,104 Joining me for today's discussion is Claude Royster, 22 00:00:51,104 --> 00:00:53,104 who serves as the vice president and general 23 00:00:53,104 --> 00:00:55,024 manager of health and wellness at CareCredit, and 24 00:00:55,024 --> 00:00:57,284 Cathy McDowell, who is the president and CEO 25 00:00:57,539 --> 00:00:59,940 of Karen Zip Co and Associates. Claude and 26 00:00:59,940 --> 00:01:01,640 Cathy, thank you for being here today. 27 00:01:01,940 --> 00:01:03,140 Thank you for having us. Thank you for 28 00:01:03,140 --> 00:01:05,459 having us. So let's kick us off by 29 00:01:05,459 --> 00:01:08,180 sharing a little bit more about yourselves and 30 00:01:08,180 --> 00:01:10,040 your work in the ASC space. 31 00:01:10,444 --> 00:01:11,965 Thank you. I'll I'll kick us off. 32 00:01:12,765 --> 00:01:15,325 Again, Claude Royster. I bring over thirty years 33 00:01:15,325 --> 00:01:18,125 of sales account management and operational experience to 34 00:01:18,125 --> 00:01:20,045 my role as senior vice president and general 35 00:01:20,045 --> 00:01:22,379 manager of wellness business within Synchrony. 36 00:01:22,780 --> 00:01:24,859 In this role, I am responsible for leading 37 00:01:24,859 --> 00:01:27,439 the wellness sales team with a focus on 38 00:01:27,500 --> 00:01:29,759 driving company strategy growth 39 00:01:30,060 --> 00:01:32,859 through its health and wellness financial solutions, including 40 00:01:32,859 --> 00:01:34,640 CareCredit and Allegro Credit. 41 00:01:34,945 --> 00:01:36,945 Little bit about Synchrony. Synchrony is a Fortune 42 00:01:36,945 --> 00:01:39,344 200 company with ninety years of experience in 43 00:01:39,344 --> 00:01:40,325 consumer lending, 44 00:01:40,704 --> 00:01:43,745 offering unique perspective and understanding of the issues 45 00:01:43,745 --> 00:01:45,844 people face when seeking to pay for care. 46 00:01:46,145 --> 00:01:49,170 CareCredit has helped over helped providers for over 47 00:01:49,170 --> 00:01:51,730 thirty five years by offering a payment solution 48 00:01:51,730 --> 00:01:53,909 to help patients manage costs. 49 00:01:54,290 --> 00:01:57,329 The CareCredit credit card offers zero interest if 50 00:01:57,329 --> 00:01:59,489 paid in full within the promotional period on 51 00:01:59,489 --> 00:02:02,444 qualifying purchases, and we are integrated in 90% 52 00:02:02,444 --> 00:02:04,944 of the health and wellness practice management softwares. 53 00:02:05,644 --> 00:02:08,205 We offer a simple convenient solution that helps 54 00:02:08,205 --> 00:02:10,865 drive practice growth and improve the patient experience. 55 00:02:11,405 --> 00:02:14,064 CareCredit is honored to have more than 12,000,000 56 00:02:14,125 --> 00:02:17,180 cardholders and acceptance at 285,000 57 00:02:17,239 --> 00:02:19,799 plus health care provider and retail locations across 58 00:02:19,799 --> 00:02:20,780 The United States. 59 00:02:21,560 --> 00:02:24,780 With over 157,000,000,000 60 00:02:24,840 --> 00:02:26,060 finance since inception, 61 00:02:26,519 --> 00:02:28,215 we have over 2,400,000 62 00:02:28,215 --> 00:02:30,854 new accounts opened since 2024 63 00:02:30,854 --> 00:02:32,055 and an 83% 64 00:02:32,055 --> 00:02:34,235 satisfaction rate of cardholder survey. 65 00:02:34,615 --> 00:02:37,254 These figures demonstrate the trust our cardholders have 66 00:02:37,254 --> 00:02:39,754 within, the CareCredit and Synchrony family. 67 00:02:40,134 --> 00:02:41,354 I'll turn it over to Kathy. 68 00:02:41,719 --> 00:02:44,199 Thanks, Claude. I'm Kathy McDowell. I have over 69 00:02:44,199 --> 00:02:46,439 twenty nine years of health care experience starting 70 00:02:46,439 --> 00:02:48,139 as a registered nurse and transitioning 71 00:02:48,599 --> 00:02:51,400 to various administrative roles, for sixteen years in 72 00:02:51,400 --> 00:02:52,459 hospital administration 73 00:02:53,159 --> 00:02:55,674 and service line leadership. I held the market 74 00:02:55,674 --> 00:02:57,514 VP role for twelve of those years with 75 00:02:57,514 --> 00:03:00,814 oversight of orthopedic spine and cardiovascular services. 76 00:03:01,354 --> 00:03:03,674 I'm also a published author and presenter at 77 00:03:03,674 --> 00:03:06,495 national and international and regional conferences in orthopedics, 78 00:03:06,875 --> 00:03:09,215 practice management, and service line operations. 79 00:03:10,270 --> 00:03:12,510 Wonderful. Well, thank you both for joining me. 80 00:03:12,510 --> 00:03:14,669 And let's start our conversation talking about the 81 00:03:14,669 --> 00:03:17,010 ASC market. In The US, this is projected 82 00:03:17,069 --> 00:03:19,629 to reach $60,800,000,000 83 00:03:19,629 --> 00:03:20,849 by 2030, 84 00:03:20,990 --> 00:03:23,550 and it continues to experience strong year over 85 00:03:23,550 --> 00:03:26,074 year growth. So from your perspective, what are 86 00:03:26,074 --> 00:03:28,794 the most significant trends in Market Forces driving 87 00:03:28,794 --> 00:03:29,534 this expansion, 88 00:03:30,155 --> 00:03:33,215 and how should ASC leaders be preparing today? 89 00:03:33,594 --> 00:03:35,435 Absolutely. I'll I'll I'll start us off on 90 00:03:35,435 --> 00:03:36,574 this question here. 91 00:03:37,050 --> 00:03:39,610 The driving force behind ASC market growth has 92 00:03:39,610 --> 00:03:41,689 to do with the continuing shift of patients' 93 00:03:41,689 --> 00:03:43,069 desires for more personalized 94 00:03:43,610 --> 00:03:46,009 and cost effective care as well as the 95 00:03:46,009 --> 00:03:47,629 industry's progression with technology. 96 00:03:48,409 --> 00:03:50,009 According to a 2024 97 00:03:50,009 --> 00:03:53,034 Forbes article, the consumer revolution in medicine is 98 00:03:53,034 --> 00:03:55,915 finally here. What comes next? In the past 99 00:03:55,915 --> 00:03:57,754 three years, we've seen a shift in how 100 00:03:57,754 --> 00:04:00,634 consumers value convenience for the for their care, 101 00:04:00,634 --> 00:04:02,495 valuing options like telehealth, 102 00:04:03,034 --> 00:04:04,094 online scheduling, 103 00:04:04,395 --> 00:04:06,814 and direct digital communication with providers. 104 00:04:07,409 --> 00:04:09,349 As we continue to live in an increasing 105 00:04:09,729 --> 00:04:12,769 increasingly digital age, it may be no surprise 106 00:04:12,769 --> 00:04:14,930 to our listeners that this trend in consumer 107 00:04:14,930 --> 00:04:17,329 preferences is not limited to how they access 108 00:04:17,329 --> 00:04:20,245 the care they care for, and want, but 109 00:04:20,245 --> 00:04:22,404 expands to how they want to navigate their 110 00:04:22,404 --> 00:04:23,225 payment options. 111 00:04:23,685 --> 00:04:26,425 And in another, article, 2023, 112 00:04:26,564 --> 00:04:29,444 the digital platform promise, how patients want to 113 00:04:29,444 --> 00:04:30,985 streamline health care payments, 114 00:04:31,285 --> 00:04:34,259 report from payments, and links highlights that nearly 115 00:04:34,259 --> 00:04:37,300 48% of respondents with a digital portal believe 116 00:04:37,300 --> 00:04:40,360 that use of online channels improves the health 117 00:04:40,419 --> 00:04:43,079 care payment or billing management experience. 118 00:04:43,699 --> 00:04:44,199 Lastly, 119 00:04:44,980 --> 00:04:47,785 potential area for growth for ASCs is is 120 00:04:47,785 --> 00:04:48,925 implementing technology 121 00:04:49,384 --> 00:04:52,105 to stay current with shifting markets. I'll let 122 00:04:52,105 --> 00:04:53,625 Kathy talk a little bit more about, 123 00:04:54,264 --> 00:04:56,824 what to expect for, what these ASCs would 124 00:04:56,824 --> 00:04:59,305 expect to really be able to, grow their 125 00:04:59,305 --> 00:04:59,805 markets. 126 00:05:00,180 --> 00:05:02,660 Sure. ASE leaders can take the next step 127 00:05:02,660 --> 00:05:05,300 in staying well equipped for industry growth by 128 00:05:05,300 --> 00:05:08,899 evaluating their current practice operations and identifying the 129 00:05:08,899 --> 00:05:10,439 answer to four key questions. 130 00:05:11,139 --> 00:05:14,475 First being, could my current processes like in 131 00:05:14,475 --> 00:05:17,435 house financing models cause additional stress or work 132 00:05:17,435 --> 00:05:18,335 for my staff? 133 00:05:18,795 --> 00:05:22,475 Is my practice strategically evaluating impact of offering 134 00:05:22,475 --> 00:05:24,975 payment solutions and supporting practice success? 135 00:05:25,519 --> 00:05:28,639 Are the current payment options offered at my 136 00:05:28,639 --> 00:05:32,080 practice meeting patients where they are in their 137 00:05:32,080 --> 00:05:33,779 care journey? And lastly, 138 00:05:34,160 --> 00:05:37,199 how is my practice utilizing technology for practice 139 00:05:37,199 --> 00:05:41,454 operations, improving patient experience, and streamlining administrative tasks 140 00:05:41,454 --> 00:05:42,435 for my staff. 141 00:05:43,055 --> 00:05:45,134 And, Claude, I have a direct question for 142 00:05:45,134 --> 00:05:45,615 you. 143 00:05:46,495 --> 00:05:49,214 From your experience as a leader, how can 144 00:05:49,214 --> 00:05:49,714 financing 145 00:05:50,014 --> 00:05:52,115 resources and tools support the preparedness 146 00:05:52,894 --> 00:05:55,235 of ASC leaders and their staff? 147 00:05:56,310 --> 00:05:58,470 Well, patients may look to their provider for 148 00:05:58,470 --> 00:06:00,470 guidance on health care costs and tools to 149 00:06:00,470 --> 00:06:02,870 help pay for their care. But for more 150 00:06:02,870 --> 00:06:05,589 than half of the survey providers, 56% 151 00:06:05,589 --> 00:06:08,649 from a Synchrony twenty twenty three health journey 152 00:06:08,790 --> 00:06:11,595 research consumer and provider study, They say that 153 00:06:11,595 --> 00:06:13,694 they do not have the staff or resources 154 00:06:13,754 --> 00:06:17,055 to support patients in finding alternative payment options. 155 00:06:17,435 --> 00:06:19,935 To support in bridging this gap, Synchrony recently 156 00:06:20,154 --> 00:06:23,519 launched the fair financing principles, a web page 157 00:06:23,759 --> 00:06:26,639 that provides interactive tools and information on key 158 00:06:26,639 --> 00:06:29,539 things consumers should know before choosing to finance 159 00:06:29,680 --> 00:06:31,759 with a CareCredit credit card. One of the 160 00:06:31,759 --> 00:06:33,680 tools on the web page is our new 161 00:06:33,680 --> 00:06:34,740 procedure calculator. 162 00:06:35,279 --> 00:06:37,120 This can be a great tool for the, 163 00:06:37,519 --> 00:06:40,634 to help patients plan ahead. The calculator estimates 164 00:06:40,634 --> 00:06:43,134 the cost of over 1,000 common procedures 165 00:06:43,595 --> 00:06:46,314 and treatments with average cost compiled from all 166 00:06:46,314 --> 00:06:47,214 50 states. 167 00:06:47,995 --> 00:06:50,814 And from AI and robotic surgeries to advanced 168 00:06:50,955 --> 00:06:52,495 electronic health record systems, 169 00:06:52,919 --> 00:06:54,759 technology can be a make or break factor 170 00:06:54,759 --> 00:06:57,000 and a critical driver of ASC operations at 171 00:06:57,000 --> 00:06:59,399 scale. So how do you both see deeper 172 00:06:59,399 --> 00:07:01,879 tech integration shaping the way ASCs deliver care 173 00:07:01,879 --> 00:07:04,199 and manage their businesses over the next few 174 00:07:04,199 --> 00:07:06,475 years? Sure. I'll start, then I'll pass it 175 00:07:06,475 --> 00:07:07,774 to, Cathy here. 176 00:07:08,074 --> 00:07:10,235 The influence of consumer trends in health care 177 00:07:10,235 --> 00:07:12,495 make it more important than ever for ASCs 178 00:07:12,555 --> 00:07:15,274 to meet patients through digital integration to provide 179 00:07:15,274 --> 00:07:18,394 financial information throughout their health care journey to 180 00:07:18,394 --> 00:07:20,175 stay competitive in the in the industry. 181 00:07:20,750 --> 00:07:24,050 Synchrony's health journey research consumer and providers, 182 00:07:24,829 --> 00:07:26,829 survey shows that more than half of the 183 00:07:26,829 --> 00:07:28,209 survey providers believe, 184 00:07:29,069 --> 00:07:31,870 that there aren't enough health care financial solutions 185 00:07:31,870 --> 00:07:34,865 available to patients, with 59% of the respondents 186 00:07:34,865 --> 00:07:37,904 reporting that offering alternative payments are critical for 187 00:07:37,904 --> 00:07:38,645 their patients. 188 00:07:39,105 --> 00:07:39,605 However, 189 00:07:39,985 --> 00:07:42,384 this can be difficult as burnout continues to 190 00:07:42,384 --> 00:07:45,045 be a consistent concern among health care workers, 191 00:07:45,279 --> 00:07:47,680 and practices may not be able to dedicate 192 00:07:47,680 --> 00:07:50,560 the additional resources to meet the demands on 193 00:07:50,560 --> 00:07:51,680 top of their current, 194 00:07:52,000 --> 00:07:53,139 administrative task. 195 00:07:53,519 --> 00:07:55,139 We briefly discussed how 196 00:07:55,519 --> 00:07:57,225 over half, 56% 197 00:07:57,305 --> 00:08:00,425 of providers responded in Synchrony's health care journey 198 00:08:00,425 --> 00:08:02,845 research consumer and providers survey. 199 00:08:03,464 --> 00:08:05,145 They reported that they do not have a 200 00:08:05,145 --> 00:08:08,425 time or staff available to support patients in 201 00:08:08,425 --> 00:08:11,040 finding alternative payment methods. And this is most 202 00:08:11,040 --> 00:08:12,560 notable when 70% 203 00:08:12,560 --> 00:08:15,199 are currently offering some kind of variety of 204 00:08:15,199 --> 00:08:18,100 payment plan or financial options for their patients. 205 00:08:18,319 --> 00:08:20,480 Kathy? Sure. I'll add to that. In the 206 00:08:20,480 --> 00:08:23,040 future, what I'm seeing is the adoption of 207 00:08:23,040 --> 00:08:24,020 digital solutions 208 00:08:24,524 --> 00:08:27,185 like those offered by independent software vendors 209 00:08:27,485 --> 00:08:30,285 who specialize in creating software products and digital 210 00:08:30,285 --> 00:08:33,245 solutions that function on one or more computer 211 00:08:33,245 --> 00:08:34,945 hardware or operating systems. 212 00:08:35,404 --> 00:08:36,065 I think 213 00:08:36,524 --> 00:08:37,264 these systems 214 00:08:37,830 --> 00:08:40,490 could play a vital role in how ASC's 215 00:08:40,629 --> 00:08:43,750 practice leaders could work towards streamlining the financial 216 00:08:43,750 --> 00:08:46,490 aspects of care, including payment processes 217 00:08:46,950 --> 00:08:49,750 for their staff and patients, and ultimately help 218 00:08:49,750 --> 00:08:51,050 improve patient satisfaction 219 00:08:51,430 --> 00:08:52,570 and practice efficiencies. 220 00:08:53,815 --> 00:08:56,455 Well, thank you both, Claude and Kathy, for 221 00:08:56,455 --> 00:08:58,774 your time and insights today. And I also 222 00:08:58,774 --> 00:09:01,414 wanna thank our podcast sponsor, CareCredit. You can 223 00:09:01,414 --> 00:09:03,495 tune into part two of this episode to 224 00:09:03,495 --> 00:09:05,735 hear more insights from our wonderful speakers on 225 00:09:05,735 --> 00:09:07,495 what to consider for the next era of 226 00:09:07,495 --> 00:09:07,995 ASCs.