Financial health is a core element of overall health.
The relationship between financial security and health is well-established, and the provision of financial options can have positive spillover effects on many aspects of consumers' lives.
Especially given the fact that consumers are increasingly having to shoulder much of the cost of many health products and categories. That's why giving people the tools to buy the wellness and health products they need helps build consumer loyalty.
“50% of U.S. consumers consider health a top priority, but services such as acupuncture, fitness programs, nutritional support, and counseling are considered elective and are often not covered by insurance. .” Erin GadaviSenior Vice President, General Manager, Wellness synchronyhe told PYMNTS.
“Offering financing for these products and services is attractive to consumers,” Gadavi said. “Patients can make informed decisions not only about their care, but also about their budget, leading to a more engaged and healthier customer base.”
Experience matters to consumers, and offering payment solutions that democratize access to health and wellness solutions can transform the decision-making process.
Gadhavi noted that nearly half (45%) of Synchrony's CareCredit cardholders “would have postponed or reduced the scope” of the procedure if financing options were not part of the patient journey. did.
He added that healthcare providers and wellness brands that consider finance as an important part of consumer behavior have higher patient satisfaction rates than those that don't.
Financial options can improve your health and benefit your business
Gadhavi offered CareCredit's partnership with Good Feet, a manufacturer of premium, personalized arch supports, as a success story.
Since the partnership began in 2009, Good Feet has seen a 10% increase in average transaction value and a 35% increase in total transactions. She said this shows the power of loyalty and brand extension, as her 30% of Good Feet's store sales come from existing CareCredit cardholders.
This success is due to the fact that flexible payment options are playing an increasingly important role in consumers' decision-making process regarding health and wellness purchases.
With high health insurance plans and increasing out-of-pocket costs, patients need ways to manage their budgets and receive recommended treatments, Gadavi said.
Economic options that make fitness programs, gym memberships, and healthy food choices more affordable can encourage individuals to adopt healthier lifestyles and reduce the risk of chronic disease. You can also.
“If the process is a good experience, it builds trust and loyalty,” Gadavi said. “Today's healthcare consumers are smarter than ever, shopping a wide variety of products and not only providing a solid healthcare experience. [work with] They control what the costs are. ”
Good communication helps foster scalable awareness
Therefore, healthcare providers can communicate financing options throughout a patient's journey, from initial consultation to recovery, so that patients are aware of their options and can make informed decisions. It is important.
“Healthcare providers need to communicate with patients every step of the way about costs as they review the patient's journey. It will help patients be better prepared financially,” Gadavi said.
By taking a transparent approach, providers can build trust and loyalty with patients, leading to increased satisfaction and repeat business.
“In today's world, patient costs are increasing and health products tend to fall into the uninsurable category, which can help people make healthier choices and improve their health. It's important to look at our healthcare holistically and have funding options that allow us to say 'yes' more often,” Gadavi said.
By listening to consumers, understanding their satisfaction levels, and making necessary adjustments, healthcare providers can ensure patients get the care they need and within their budget. This long-term approach fosters trust, loyalty and a positive patient experience, which are essential to sustainable business growth, she added.
Therefore, offering financial options for wellness products and services and communicating their availability not only improves health outcomes, but also builds customer loyalty and ensures a sustainable business model. It is also important for
