Synchrony Bank has expanded the acceptance of its CareCredit solution, a health, wellness and personal care credit card, to more than 25 new markets.
The move is intended to broaden scope for healthcare providers and help patients address increasing healthcare costs. Synchrony cited a report by InstaMed, which predicts an increase in consumer out-of-pocket spending to $608bn in 2019 from $416bn in 2014.
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CareCredit is applicable across various medical specialties such as primary care, general practice, physical therapy, gastroenterology, ambulatory surgery, durable medical equipment and urgent care.
The credit card can be availed for co-pays, deductibles and planned medical procedures such as orthopaedic surgery, as well as for annual wellness visits, labs, imaging and additional ‘out of pocket’ costs.
Furthermore, CareCredit launched a Rewards Mastercard that will enable customers to earn points in certain categories, including health and wellness.
It also signed key strategic agreements with associations such as the American Osteopathic Information Association, American Med Spa Association and Spa Industry Association.
CareCredit CEO Dave Fasoli said: “As rising healthcare costs shift the financial responsibility from traditional payers like insurers to consumers, it’s a natural progression for CareCredit to expand into new medical specialties and give even more patients access to care.
“We have over a 30-year history in health and wellness and we’re committed to helping patients get the treatment they need as well as helping physicians and providers run successful and efficient practices.”
