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Synchrony Financial’s SYF solution – CareCredit, recently tied up with RevSpring, in a bid to facilitate seamless integration of the credit card application and payment option of CareCredit to RevSpring’s payment gateway – PersonaPay. Notably, RevSpring utilizes data-driven insights for rolling out enhanced patient engagement and payment solutions.
It is worth mentioning that PersonaPay, which was launched this year in March by RevSpring, has been aiding both healthcare providers and patients. The providers have been able to offer a personalized payment experience according to patients’ needs, thereby resulting in improved outcomes for both the groups.
Notably, patients whose providers are already using the PersonaPay portal will benefit from the newly formed alliance. The availability of an additional financing has provided patients the option to avail credit in order to make or speed up payments linked to healthcare and related services.
It has to be noted that the CareCredit solution offered by Synchrony is one of the several financing solutions offered by the company. Accepted by over 240,000 healthcare providers, health systems and retail locations across the United States, the CareCredit health and wellness credit card has been offering an integrated and easy to use payment option thereby accelerating decisions regarding treatments and procedures, which are not covered by insurance. Needless to say, additional financing options aid people in taking informed and faster decisions about choosing treatment options per the needs of their families.
The usage of CareCredit card can also be extended to make specific out-of-pocket costs not falling under the ambit of medical insurance, which comprises copays, coinsurance and deductibles. CareCredit card exclusively offers promotional financing on purchases equal to or above $200 — a feature not available with general purpose credit cards. These features have caught the attention of not only providers who can easily integrate the solution to their platforms in a hassle-free manner at no cost but also cardholders who can make faster decisions and pay healthcare costs.
Shares of this Zacks Rank #3 (Hold) company have rallied 32.2% in the past six months against the industry’s decline of 13.7%.
Furthermore, the latest tie up seems to be time opportune amid the uncertainties induced by the COVID-19 pandemic, ranging from health to financial woes. At a time when financial burdens are raging across the United States, people are in dire need of getting access to credit facilities for meeting the unavoidable healthcare expenses.
Additionally, the Synchrony platform, CareCredit, had joined forces with AxiaMed last month. Per the deal, the latter’s payment platform will be utilized to generate enhanced patient payment experience. In October, CareCredit extended its deal with National Veterinary Associates (NVA), which has enabled CareCredit to continue delivering valuable payment options for pet parents coming under NVA’s growing network of over 700 hospitals.
Notably, Synchrony has made several investments for boosting the CareCredit business by collaborating with several healthcare providers, which positions the CareCredit platform well for growth. It is worth mentioning that the CareCredit network has added around 2,000 new provider locations to its network in third-quarter 2020. Sound performance of the CareCredit platform and Synchrony’s efforts to boost digital capabilities are likely to not only simplify consumer financing ways but also enable companies in augmenting customer experiences.
Stocks to Consider
Some better-ranked stocks in the finance space are Discover Financial Services DFS, The Charles Schwab Corporation SCHW and City Holding Company CHCO. While Discover Financial and Charles Schwab sport a Zacks Rank #1 (Strong Buy), City Holding carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Discover Financial, Charles Schwab and City Holding have reported an earnings surprise of 50.31%, 8.51% and 31.58%, respectively, in the last reported quarter.
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