I searched and found only a couple of posts about GE's CareCredit card which allows patients to create what looks like their own flex spending account.
A search of the web site show's a lot of veterinarians and dentists but according to an article in Vision Care Product News it is now promoting Opticians and OD's to sign up their offices. (Don't see them on a drop down list on the website though!)
Any Optiboarders doing anything with it?
http://www.carecredit.com/
Last edited by Uncle Fester; 03-09-2012 at 02:07 PM. Reason: tweak...
We used it at the last office I worked for. It was nice for people who had no insurance or realized they needed more than the crappy covered allowance.
I take CareCredit. I don't get a lot of people asking about it, but those people who use it tend to spend more on their eyeglasses because they realize they have six months to pay it off without paying an interest charge.
Right now it's the best alternative to getting low monthly payments for patients, just like their cable or other bills.
We don't do a lot, but so few offices take it, we've been getting more and more new patients who already have an account.
It's not as easy to get them to sign up because it still has credit card penalties etc.
Our office takes it. I have yet to open an account, but I have processed one transaction for a patient who already had it. We might get one or two a month.
In my old office we did take Care Credit but in 5 years not one application (despite the offer) or transaction took place. Our customers all had credit cards or flex accounts already. I looked into it for myself when I had no health insurance and it seems I recall the interest rate was very high.
In my last office, we actually did a lot of Care Credit (not multiple transactions a day, but several a month). I think it's a great plan--just like going to buy a new couch or mattress and paying it off over a few months, but with no interest. Strider and I always make big purchases like that if we can.
It's nice to be important, but it's more important to be nice.
Our office uses it, but rarely for glasses. The most common usage is for optional, out-of-pocket upgrades for IOL's (torics and multifocals).
Care Credit is not really a flex account, its a credit card. Customers can use the same account at the veterinarian as they do the optical shop. Their interest rate is fairly low if they pay on time. But if they are late they can get hit by a huge interest rate penalty, it goes up to 24% for the entire original balance, not just the unpaid portion.
There is another company doing this too, through GE Capitol, and its the same program really. Higher % at first but lower penalties.
I think its a great thing for a practice to offer, but be up front about the late penalties before they sign up. If a patient gets angry you could lose them because they will blame you, but it could be a great tool to gain a few extra sales.
we dont sign many people up, but we have a few transactions with it every month.
one thing we have had to keep in mind is the fees on our side. Its noticeably higher than everything else....
but we also notice people generally indulge themselves alittle more when they use it. It helps alot that our receptionist has one for dental, so whenever anyone asks about it she is able to discuss it away from the brochures and posters.
We had a $1700 sale w/a Carecredit customer. She was atypical in that she was wealthy, and took the carecredit out for her cat, so her husband wouldn't see how much she was spending at the vets.
Ophthalmic Optician, Society to Advance Opticianry
I don't talk about the one year or longer payment options -- only the six month option. I'm sure a customer wouldn't be happy about continuing to pay for glasses they've already trashed. Also, the merchant rate is 5.9% for the six month plan and 9.9% for the one year plan.
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