Mercyhealth Partners with Synchrony to Provide Patients More Accessible Financing Options
Synchrony's CareCredit helps streamline financial workflows for Mercyhealth and enables flexible financing options for patients to pay for care over time
Multi-year strategic partnership helps Mercyhealth patients finance treatments to get recommended care, when they want and need it
STAMFORD, Conn. and ROCKFORD, Ill., Feb. 9, 2022 /PRNewswire/ -- Synchrony (NYSE:SYF), a leading provider of consumer payments and financing solutions, and Mercyhealth, a regional health system with seven hospitals and 85 primary and specialty care locations, today announced a multi-year strategic partnership to expand patient financing options. Mercyhealth will accept Synchrony's CareCredit credit card, for pre-care, point-of-care and post-care payment, enabling innovative financing options to fit the needs and budgets of Mercyhealth patients across their journey of care. Synchrony's CareCredit financing program is integrated into Mercyhealth's Epic MyChart patient management platform for patient convenience and flexible financing options.
"Mercyhealth is committed to finding solutions to improve the lives of our patients and their families, which includes providing options to finance their medical journeys," said Kimberly Scaccia, Vice President, Revenue Cycle at Mercyhealth. "This partnership allows us to offer patients flexible payment options across all points of care and service lines so they can get the care they want or need."
As out-of-pocket healthcare expenses such as high deductibles and copays continue to rise, Mercyhealth sought a financing solution to provide a flexible payment option for their patients and their families. By partnering with Synchrony to offer CareCredit, Mercyhealth has established a reliable payment option that enables price transparency to help patients understand approximate costs for treatment and empowers patients to access the care they need.
With Synchrony's CareCredit, patients can conveniently apply for the credit card through Epic MyChart or on their mobile device, computer or over the phone, and find out within minutes if they have been approved. Patients can select from short-term and long-term financing options when processing a payment. Additionally, patients can use the CareCredit payment calculator to help estimate their monthly payments based on the amount of care financed and the financing option selected.
"Synchrony's CareCredit was created with the goal of helping people pay for the healthcare they need or want for themselves and their family," said Shannon Burke, General Manager Health Systems, Synchrony. "Our partnership with Mercyhealth will positively impact the patient financial experience and simplify the organization's own financial workflow, at the same time."
Synchrony's CareCredit credit card is a way for people to pay for care not covered by insurance, including elective procedures, copays, deductibles and coinsurance, often with special financing. Today, Synchrony's CareCredit credit card is accepted at more than 250,000 provider and health-focused retail locations, including 20 health systems, and has more than 11 million cardholder accounts.
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers. Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony
Mercyhealth is a multi-regional health system with more than 700 employed physician partners, seven hospitals and 85 primary and specialty care locations serving 55 northern Illinois and southern Wisconsin communities. Mercyhealth's over 7,000 employee/partners care for over 2.4 million patient visits each year. As the top vertically integrated healthcare provider, they continuously work with a passion for making lives better for the people, families and communities they serve.
Michelle Blaya Romero
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Released February 9, 2022