CareCredit, a leading provider of promotional healthcare financing through its health, wellness and personal care credit card, today announced a new, multi-year agreement with Henry Schein Financial Services, LLC, a subsidiary of Henry Schein, Inc., the world's largest provider of healthcare products and services to office-based dental, animal health and medical practitioners.
Under the new agreement, CareCredit will provide patient financing services and offer integrated solutions with Henry Schein’s practice management software programs—Dentrix® and Easy Dental® for dental practitioners and AVImark®, ImproMed® Infinity, and ImproMed® Triple Crown® for veterinarians. The added feature will make it convenient for dental and veterinary practices to offer financing options to help patients and pet owners receive needed care and services. The alliance will also include co-marketing programs and collaboration on prospective, value-added services, and the availability of the patient financing services will be promoted by Henry Schein’s field sales consultants.
“This alliance brings together two respected brands that have collectively served the healthcare profession for more than a century,” said Doug Hammond, senior vice president and general manager, CareCredit. “Partnering with Henry Schein and leveraging their credibility and expertise in serving healthcare professionals builds on our sales and technology strengths to provide comprehensive solutions and greater value to dental, veterinary and medical providers nationwide.”
CareCredit research shows the availability of financing options plays a key role in how patients approach their healthcare decisions. According to Path to Purchase healthcare research*, more patients considered or researched financing (73%) than researched procedures or treatments (70%). The same study showed the likelihood of patients 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.
“Healthcare today offers an increased array of treatment options to patients. For some, the biggest obstacle to obtaining treatment may be financing for elective or cosmetic procedures and services that may not be covered by insurance,” said Keith Drayer, vice president, Henry Schein Financial Services. “At Henry Schein, we offer an array of business solutions and our agreement with CareCredit further demonstrates our commitment to help our customers operate more efficient practices so they can focus on delivering quality patient care.”
Henry Schein Financial Services provides business solutions for healthcare practitioners, including equipment leasing and financing, and practice credit card services, practice brokerage, practice valuations and practice transition and staffing services.
*Path to Purchase Research – conducted by Rothstein Tauber, Inc. on behalf of CareCredit, 2014.
For 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 200,000 healthcare practices and health-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.
About Henry Schein, Inc.
Henry Schein, Inc. (NASDAQ: HSIC) is the world's largest provider of health care products and services to office-based dental, animal health and medical practitioners. The company also serves dental laboratories, government and institutional health care clinics, and other alternate care sites. A Fortune 500® company and a member of the S&P 500® and the NASDAQ 100 indexes, Henry Schein employs more than 19,000 Team Schein Membersand serves more than one million customers. The company offers a comprehensive selection of products and services, including value-added solutions for operating efficient practices and delivering high-quality care. Henry Schein operates through a centralized and automated distribution network, with a selection of more than 110,000 branded products and Henry Schein private-brand products in stock, as well as more than 150,000 additional products available as special-order items. The company also offers its customers exclusive, innovative technology solutions, including practice management software and e-commerce solutions, as well as a broad range of financial services. Henry Schein may receive a marketing fee from CareCredit for products or services purchased. Headquartered in Melville, N.Y., Henry Schein has operations or affiliates in 33 countries. The company's sales reached a record $10.6 billion in 2015, and have grown at a compound annual rate of approximately 15 percent since Henry Schein became a public company in 1995. For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein and @HenrySchein on Twitter.