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Hello, everyone. This is Erica Spicer Mason with

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Becker's Healthcare. Thank you so much for tuning

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into the Becker's Healthcare podcast series.

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Today, we'll be talking about key considerations

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in patient financial experiences.

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And joining us for this discussion is Matilda

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Pajaitis,

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the vice president and health care industry leader

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at CareCredit.

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Matilda, welcome to the podcast. Thank you so

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much for joining us today.

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Thank you, Erica, for inviting me.

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We're thrilled to have you here. And before

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we get into our conversation, I wanted to

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see if you'd like to share a little

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bit more about yourself, your role, your organization,

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whatever feels important to you.

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Sure. Happy to. So my name is Matilda

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Pajades,

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and I'm serving as a vice president of

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health care at Synchrony.

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I've been with Synchrony for over 5 years

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now and support health care industry work with

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our CareCredit Health and Wellness

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credit card.

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CareCredit, as an organization,

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provides a flexible solution to pay for health

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care expenses over time in ways that help

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feed our customers' budgets so they don't have

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to stress about out of pocket payments at

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their provider's office.

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On the patient side, our goal by offering

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a range of financing options through the CareCredit

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card is to help patients manage health care

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costs so they can get the care that

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they need and want.

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As we all know, the increasing out of

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pocket costs, high deductible health care plans, and

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reducing insurance coverage are significant challenges

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that can hinder people from obtaining the care

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they need or desire.

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On the provider side, CareCredit is a solution

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to help minimize accounts receivable

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and administrative burden

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while improving the patient payment process.

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For enrolled providers, CareCredit can be used to

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finance many of the services they offer. It

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provides patients flexible financing options to pay for

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the care they need or want for themselves,

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their families, and their pets.

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Wonderful. Thanks so much for the overview, Matilda.

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I really appreciate it. And to get our

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discussion started, I'm I'm hoping you can give

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us a little bit of context on what

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you're seeing kind of at an industry level

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when it comes to the patient experience and

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specifically,

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how the patient and provider dynamic and even

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patient behavior have really changed over time. What

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are you seeing on your end?

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Sure. So I think that because healthcare in

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the US has gotten so expensive,

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many patients may be struggling,

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to view healthcare as a tool to improve

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their well-being,

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and more so just as another expense or

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cost that they have to manage.

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Synchrony

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That

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research is titled That research is titled 2023

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Healthcare Journey Research Consumer and Providers.

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And it revealed a lot of interesting perspectives

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on care.

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We saw that a lot of consumer mindset

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varied based on their approach to healthcare,

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desire for treatment and perceptions of affordability,

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but, ultimately,

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more than half of them said they would

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delay or push off medical treatments due to

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costs.

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Actually, 76%

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of respondents

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said that they would pursue additional medical services

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if they had ways to pay for them.

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Likewise,

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with an increase in the consumerization

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of health care,

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many people are more willing to defer care

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these days, particularly since consumers don't don't believe

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the health care system supports their need.

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According to Mackenzie's

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driving growth through consumer centricity in healthcare report.

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If patients ignore recommended care, we could potentially

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see worsening health

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outcomes. Another survey that we conducted in 2022,

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the life called the lifetime of healthcare cost

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research,

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showed us that of people who had ignored

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or delayed the recommended procedure

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due to cost,

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nearly half face additional medical issues as as

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a result.

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So I believe there are many complex factors

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impacting the patient provider relationship,

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but clear

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that cost as a barrier to care is

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an important one to consider.

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Absolutely. And I really appreciate you sharing some

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of CareCredits research, Mathilda, and some other

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studies. It's interesting to hear about this trend

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of deferring care because of cost, which, of

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course, is completely understandable,

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but it almost goes against directly what health

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care organizations are aiming for, which is proactive

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care and preventative care,

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to improve outcomes and costs. So a very

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complicated situation. So Yes. Indeed.

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Yes.

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So from your perspective, what role does financing,

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whether it's in house or through a third

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party like CareCredit,

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what role does that play in how patients

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seek care and view their care teams?

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Sure. So in 2022,

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we conducted our lifetime of health care cost

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survey with nearly 3200

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people.

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The survey results found that insured Americans spend

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an average of $5,200

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on individual annual healthcare costs, including insurance premiums,

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out of pocket expenses, and coinsurance,

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over deductibles.

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Extrapolated during an adult lifetime, this could mean

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an estimated

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$320,000 in individual healthcare costs between the ages

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of 1879.

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Now this price tag doesn't even account for

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a chronic illness, mental health services,

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or elective procedures.

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Too often unexpected medical care can come with

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high copays

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for things like scans, medical tests, specialists, lab

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work, accidents, and medical emergencies.

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Even if individuals save for these costs, most

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survey respondents dramatically underestimate their out of pocket

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health care expenses.

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And I'll share with you all some some

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findings that are really eye opening.

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Findings from the study also suggest that high

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costs of health care are causing people to

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consider delaying or foregoing recommended care and treatment

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and forcing them to choose between financial health

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and physical or mental health well-being.

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So some stunning numbers here. 50% of Gen

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z, Millennials, and Gen Xers on average said

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that they would consider postponing non urgent medical

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care if the cost is between $502,000.

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32% of boomers said that they would consider

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postponing non urgent medical care if the cost

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is 500 to a $1,000.

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25%

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of Gen Z, Millennials, and Gen Xers

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on average said that they would consider delaying

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non urgent medical care that costs less than

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$500

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And 65%

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of Millennials and 60% of Gen Xers said

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that they would not financially prepare for their

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most costly out of pocket health care expenses.

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So these are, like, tremendous low numbers when

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we think about the cost of health care

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and and how people are prepared

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to pay for health care.

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Health insurance can be a good first line

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of defense, but here are a number of

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ways to plan for unexpected health care costs.

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Folks usually have, from from corporate world, health

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savings accounts.

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That that's available,

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to those with a qualifying high deductible health

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plan as a way to save pretax dollars

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specifically for health related expenses.

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Another tool is flexible spending accounts.

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If you have health insurance through your work,

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or, you know, an FSA or a flexible

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spending account

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is a pretax saving account that can be

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used for health related expenses like co pays,

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deductibles,

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and prescriptions.

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Savings

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accounts could be another one. Even a basic

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savings account through your bank can help you

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set aside money for unexpected medical costs not

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covered by our insurance.

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Another tool is CareCredit credit card.

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CareCredit is different from a general purpose credit

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card. Millions of people have CareCredit to help

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pay for out of pocket expenses

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not covered by medical insurance.

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Having said that,

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patients are looking for providers that offer multiple

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payment options and clearly communicate the costs

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associated to the treatment they are seeking.

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Patients feel valued when healthcare professionals have open,

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honest conversations with their patients and are transparent

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about pricing and any potential

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additional

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fees. CareCredit can help providers by offering educational

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resources to patients so they can feel empowered

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to make an informed decision about their care.

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Yeah. Again, really appreciate the research insights, Matilda.

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It's

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pretty alarming to hear some of those high

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percentages of folks who feel like they can

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only pay a relatively small amount of out

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of pocket costs or none at all. So

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I appreciate you highlighting that for our audience.

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And I I know the last point you

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just ended on was really how patients are

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looking for options when it comes to paying

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for their care. So

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considering

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that and what CareCredit does, you know, from

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an organizational standpoint, what strategies does CareCredit have

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in place that are aimed at helping to

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bring patients

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into practices or help to improve retention rates?

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Yes. So a third party financial financial provider

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can implement several strategies to help healthcare providers

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attract and retain patients.

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These strategies can help enhance the overall patient

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experience,

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reduce financial stress and improve satisfaction,

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leading to better retention rates. Here are some

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key strategies to consider.

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One is financing options.

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Some third party providers offer promotional financing or

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installment options that make it easier for patients

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to manage their healthcare expenses.

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Another one is transparent pricing.

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Provide clear and detailed information about the cost

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of various treatments and services.

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This can help patients make informed decisions and

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reduce anxiety about unexpected expenses.

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Financial counseling services is another one.

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Providers should offer financial counseling to help patients

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understand their billing statements, insurance benefits, and payment

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options.

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This can be done through dedicated financial counselors

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or through digital platforms.

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Another one is streamlined financing approvals.

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Implement a quick and easy approval process for

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financing options,

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reducing the time and the effort

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required for patients to secure funding for their

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treatments.

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Discounts and incentives can also play a role.

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So providers provide discounts

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or incentives for early payments, bundled services, or

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for patients who opt into certain payment plans.

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This can make the financial aspect of health

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care more manageable.

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Develop and integrate digital payment solutions that allow

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patients

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to pay bills online, set up automatic payments,

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and receive digital invoices.

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This convenience can improve the patient experience.

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Another one would be patient education programs.

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Educate patients about the financial aspects of their

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care through workshops,

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webinars, and informational brochures.

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Knowledgeable patients are more likely to feel in

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control and satisfied with their care.

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Collaboration with providers. Work closely with healthcare providers

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to ensure that the financial solutions offered

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align with the needs of their patients.

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This can involve regular meetings, discuss patient feedback,

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and adjust offerings accordingly.

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I think that by implementing these strategies,

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3rd party financial providers can play a significant

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role in helping to improve

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the overall patient experience,

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reducing financial stress, and fostering loyalty and retention

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among patients.

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Thanks, Matilda.

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Definitely sounds like there's no shortage of options

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in how providers

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can really help to improve the patient financial

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experience in general.

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And I wanted to also get a few

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more details from you or your thoughts on

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what that typical patient experience is right now

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when it comes to payment options.

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And how might accepting

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a payment solution like the CareCredit credit card

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really help out here?

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Yeah. Sure. So with the rising cost of

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health care, many Americans are finding it increasingly

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difficult to pay for the care they need.

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So according to Synchrony's 2023

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Healthcare Journey Research, Consumers, and Providers,

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which surveyed over 23100 consumers,

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more than half, 52% actually,

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said that they struggle to cover out of

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pocket medical expenses.

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Moreover,

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76%

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of consumers indicated they would pursue additional

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medical services

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if they had payment options available.

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This statistic underscores a critical gap in the

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current health care payment landscape.

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Patients are willing to invest in their health,

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but financial barriers prevent them

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from doing so.

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This unmet needs,

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highlights the importance of offering payment solutions to

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help improve patient satisfaction

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and health outcomes.

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3rd party providers like Synchrony

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offer promotional financing or installment options that can

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make it easier for patients to manage healthcare

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expenses.

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Accepting a payment solution like the CareCredit credit

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card

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can significantly enhance the patient experience

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by providing them with the flexibility to pay

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for their health care in a way that

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suits their financial situation.

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CareCredit allows patients to pay for deductibles, treatments,

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and procedures not fully covered by insurance,

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as well as other health and wellness services

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for themselves and their pets.

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So this broad utility means patients can use

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CareCredit across a wide range of medical and

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wellness providers at locations in the CareCredit network,

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enhancing their ability to manage health care costs

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effectively.

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Furthermore, by integrating CareCredit into their payment options,

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health care providers can

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improve their revenue cycle management and reduce the

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administrative burden associated with in house payment plans

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and accounts receivable.

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This not only helps accelerate cash flow, but

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also enables providers to focus more on the

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patient.

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So, overall, the adoption of a payment solution

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like CareCredit can lead to higher patient satisfaction

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by addressing the financial concerns that often accompany

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medical

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treatments. Patients may be more likely to follow

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through with recommended procedures and services when they

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have confidence in their ability to pay for

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them.

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This can lead to better health outcomes and

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a more positive overall experience with their health

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care providers.

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Additionally,

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providers benefit from accelerated cash flow and reduced

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financial administration.

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Yeah. Thanks, Mathilde. And I'm curious. You know,

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we're talking about

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patients feeling a bit more empowered with the

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ability to to pay for their health care.

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I imagine that would also

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kind of affect their relationship

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to health care in general and services that

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are available to them. So

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when we think about rebuilding that relationship between

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patients and their and their providers, where do

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you think the industry should really start

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to see those improvements?

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Yes. I think from a provider perspective, the

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key thing is focusing on that consumerization

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aspect.

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Costs drive a lot of decisions we make

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in everyday life, and same is now true

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for our health care.

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Working on transparency where possible to provide clear

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and detailed information about the cost of various

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treatments and services is a good start.

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Another thing to consider is figuring out how

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to work with patients who may not know

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all the ins and outs of their health

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care expenses.

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Education for people who don't understand their insurance

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coverage or what financial assistant programs or tools

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are available to them is just as important

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as being transparent about their costs.

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So introducing more options for them to pursue

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care should be a consideration.

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So according to our Health Care Journey research,

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76%

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00:15:39,434 --> 00:15:42,235
of consumers indicated they will pursue additional medical

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00:15:42,235 --> 00:15:42,735
services

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if they had ways to pay for those

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00:15:45,450 --> 00:15:45,950
additional

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00:15:46,570 --> 00:15:47,549
services available.

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00:15:48,410 --> 00:15:51,345
So, this statistic underscores the critical gap in

401
00:15:51,345 --> 00:15:53,205
the current health care payment landscape.

402
00:15:53,825 --> 00:15:55,825
Patients are willing to invest in her in

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00:15:55,825 --> 00:15:58,705
their health, but financial barriers may prevent them

404
00:15:58,705 --> 00:15:59,684
from doing so.

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00:16:00,960 --> 00:16:03,680
This unmet need highlights the importance of offering

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00:16:03,680 --> 00:16:05,379
payment solutions to help improve

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00:16:05,920 --> 00:16:08,100
patient satisfaction and health outcomes.

408
00:16:08,695 --> 00:16:10,774
This is where CareCredit comes into play to

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help your patients

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get the care they want or they need.

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CareCredit offer pay offers patients a way to

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pay for a wide range range of health

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and wellness wants and needs in ways that

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help fit into their budget,

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allowing them to pay for out of pocket

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expenses over time.

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This flexibility may help reduce stress around health

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care costs and could improve patient satisfaction.

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00:16:33,839 --> 00:16:36,559
Great. Thank you, Matilda, again, for for all

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00:16:36,559 --> 00:16:38,480
of these insights and the many ways that

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a patient's experience can improve,

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00:16:41,394 --> 00:16:44,195
just in feeling, you know, financially secure and

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financially sound in their decisions for their care.

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So,

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00:16:47,554 --> 00:16:49,475
before we wrap up our time together, I

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wanted to see if you had any quick

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00:16:50,990 --> 00:16:53,470
final thoughts for our audience, maybe anything we

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didn't cover.

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00:16:55,470 --> 00:16:58,029
Absolutely. I'd like to emphasize a few additional

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points to provide a comprehensive

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view of the benefits and and impact of

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third party solutions

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like the CareCredit credit card.

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One of them is strengthening trust and communication.

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By offering payment options, providers can help increase

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00:17:12,480 --> 00:17:13,380
patient satisfaction.

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When patients feel that their financial concerns are

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understood and addressed,

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00:17:18,634 --> 00:17:20,634
they may be more likely to engage openly

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00:17:20,634 --> 00:17:21,934
with their healthcare providers.

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00:17:22,634 --> 00:17:24,315
When patients have a way to pay for

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00:17:24,315 --> 00:17:27,275
recommended care, it can result in more positive

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00:17:27,275 --> 00:17:28,095
health outcomes.

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00:17:28,690 --> 00:17:30,609
Another thing that I would like our audience

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00:17:30,609 --> 00:17:33,750
to know is helping enhance provider patient loyalty.

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00:17:34,289 --> 00:17:36,535
When patients are able to manage cost and

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00:17:36,535 --> 00:17:38,234
have a positive health care experience,

448
00:17:38,775 --> 00:17:40,375
they may be more likely to return to

449
00:17:40,375 --> 00:17:42,234
the same provider for future care.

450
00:17:42,695 --> 00:17:45,035
This loyalty is beneficial for both patients

451
00:17:45,390 --> 00:17:48,590
who receive consistent care and providers who benefit

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from a stable patient base.

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CareCredit helps build this loyalty by offering a

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payment solution.

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And last but not least,

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00:17:56,494 --> 00:17:58,494
help prepare for the health care you want

457
00:17:58,494 --> 00:18:01,634
or need. With rising health care costs, patients

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00:18:01,650 --> 00:18:03,990
need options to help manage healthcare costs.

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CareCredit helps provide patients with a financial solution

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00:18:07,490 --> 00:18:09,809
to pay for want or need across their

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00:18:09,809 --> 00:18:10,309
journey.

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00:18:11,765 --> 00:18:14,565
Fantastic. Matilda, thank you again for those final

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00:18:14,565 --> 00:18:16,565
takeaways and just a great discussion today in

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00:18:16,565 --> 00:18:18,565
general. Really appreciate the time that you spent

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00:18:18,565 --> 00:18:19,625
with Becker's today.

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00:18:20,640 --> 00:18:22,660
Absolutely. Thank you, Erica. I appreciate that.

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And we'd also like to thank CareCredit for

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00:18:25,599 --> 00:18:26,980
sponsoring today's episode.

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00:18:27,654 --> 00:18:29,815
Listeners, you can tune into more podcast from

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00:18:29,815 --> 00:18:32,615
Becker's Healthcare by visiting our podcast page at

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00:18:32,615 --> 00:18:33,115
beckershospitalreview.com.