New Synchrony, Adit Partnership Expands Dental Payment Offerings

New Synchrony, Adit Partnership Expands Dental Payment Offerings | Image Credit: © CareCredit

As of today, more dental practices will have access to CareCredit patient financing solutions designed to make it easier for patients to get the oral care they need.

Synchrony—a consumer financial services company that provides the CareCredit credit card—today announced a new partnership with dental practice management software provider Adit. Increasingly, dentists are looking for external support to deliver patient financing while ensuring patients are getting the experience they want and financial support they need.¹

"Connecting patients to payment solutions at their dentist's office is an essential part of ensuring their care journey is as smooth as possible," Matt Muscolo, SVP and general manager, dental practices, Synchrony, says in a press release. "As margin pressures continue, a healthy practice depends on effective and timely revenue cycle management. This is where financial solutions like CareCredit and operations technology like Adit are able to lift that burden from the shoulders of practitioners."

CareCredit is one of the industry's first credit cards for health and wellness. It helps patients pay for their care over time and has been endorsed by major organizations in the industry including the American Dental Association, Academy of General Dentistry, and American Association of Dental Office Management.

When Synchrony conducted a study last year to learn how out-of-pocket costs affect decisions about dental treatments, the need to help patients was reinforced. So, offering financial solutions to patients is particularly important, as more than half (58%) of consumers expressed that dental care is not affordable, and for those living without dental insurance, that number rose to 75%, according to the company's recently published Dental Lifetime of Care study.

Related reading: Report Provides Insights to Help Give Patients Clarity on the Cost of Dental Care

This new partnership with Adit will integrate CareCredit into "AditPay," which easily allows dental practices to offer their patients CareCredit as a financing option seamlessly. CareCredit's innovative Batch Quick Screen will also help clinicians know when patients are preapproved for the health and wellness credit card.

"At Adit, our developers understand that creating a high-value dental business begins with a solid foundation based on creating satisfying customer experiences and efficient operations,"says Ali Jhaver, CEO of Adit, in the press release. "Our partnership with Synchrony to integrate CareCredit's offerings into our technology is just another way we can strengthen that foundation for providers."

CareCredit is integrated in top dental practice management software solutions, including a recent partnership with RevenueWell to more effectively communicate CareCredit financing options to patients using RevenueWell marketing campaigns, text messaging, and website templates. These integrations make it easy for dental teams to offer the financing solution to patients and for patients to apply. Patients looking for a modern, flexible way to pay for dental care can learn if they prequalify in the dental practice and on any smart device with no impact to their credit score. They also have the option to apply by phone.

A credit decision is made within minutes, the company states, and if approved, patients can use their account to pay their dentist right away. CareCredit has a variety of financing options available, from 6 to 60 months, depending on the purchase amount. The CareCredit payment calculator allows patients to help estimate their monthly payments based on the amount of care financed and the financing option selected.

"Patient expectations are evolving and dental professionals need to adapt their practices accordingly," adds Josh Gosnell, vice president of revenue at Adit. "Adit's seamless integration with other popular systems and technologies, such as CareCredit, gives practitioners a leg-up in overcoming these hurdles by transforming your practice, enhancing patient care, and setting you up to thrive in today's ever-changing landscape."

According to Synchrony, CareCredit is accepted at more than 270,000 healthcare provider and retail locations, including more than 117,000 dental care locations.

Founded in 2012, Adit provides a suite of dental software products designed to help dental practices manage their operations, improve patient communication, boost production, and enhance patient care.

Reference

1. CareCredit. October 19, 2023. Dental Lifetime of Care Study.

https://www.carecredit.com/providers/insights/dental-lifetime-of-care-study/