April 4, 2016, 9:00 AM EDT
CareCredit Announces Patient Financing Agreement with DePuy Synthes Mitek Sports Medicine
COSTA MESA, Calif.
Public Company Information:
COSTA MESA, Calif.--( BUSINESS WIRE)-- CareCredit, a leading provider of patient financing, today announced a new program in collaboration with orthopedics sports medicine leader DePuy Synthes Mitek Sports Medicine (DePuy Mitek). Under the terms of the multi-year agreement, CareCredit will be the preferred patient financing option recommended through the DePuy Synthes Mitek Sports Medicine network of providers.
DePuy Mitek develops and manufactures orthopedic sports medicine products, soft tissue repair devices, joint movement solutions, and minimally invasive and arthroscopic solutions related to sports and physical activity, as well as degenerative tissue conditions.
CareCredit research shows the availability of financing options plays a key role in how consumers approach their healthcare decisions. According to a 2014 survey,* more consumers considered or researched financing (73%) than researched procedures or treatments (70%). The same study showed the likelihood of consumers applying for or using a healthcare credit card increases as the cost of care increases. Additionally, half of respondents (50%) who did not have a CareCredit credit card stated they would consider financing if it enabled them to purchase the healthcare service, or related items, immediately.
“CareCredit is committed to growing its availability and presence in orthopedic medicine and to building strategic relationships with companies like DePuy Synthes Mitek Sports Medicine,” said Greg Pierce, senior vice president, CareCredit. “Equally important, this agreement gives our more than 10 million cardholders greater access to providers when seeking care for their sports medicine and orthopedic needs.”
As the healthcare and medical insurance landscape continues to change, expansion into orthopedic medicine is part of CareCredit’s strategy to become a broader payment solution for health and wellness out-of-pocket expenses not covered by insurance. CareCredit cardholders have asked for CareCredit to expand its acceptance network into orthopedics and a variety of medical care and surgery specialties.
For nearly 30 years CareCredit, from Synchrony Financial (NYSE: SYF), has helped millions of people pay for needed and desired care and health expenses. CareCredit is a health, wellness and personal care credit card accepted through a national network of more than 195,000 healthcare providers and healthcare-focused retailers. For more information on CareCredit, call 800-300-3046 or visit www.carecredit.com. For more information about Synchrony Financial visit www.synchronyfinancial.com.
*Path To Purchase Research, conducted for CareCredit by Rothstein Tauber, Inc., 2014.
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