One of the most important conversations
you have with patients is the financial conversation.
This can be the defining moment during the patient's
decision-making journey when they choose
to move forward with your care recommendations or not.
I'm Randy Baldwin Vice President of Marketing for Hearing at CareCredit
and we welcome you to the third video in the
four-part series Sound Strategies for Hearing Health.
In the first two videos we shared practical ways CareCredit can
help you attract more patients and how to use the initial patient phone call
and your practice environment to set the foundation for hearing health care.
After the examination and hearing health recommendations the next important
patient conversation is about cost and payment options.
The key here is to be proactive so that the cost does not
become a barrier to patients receiving the care they want.
Give patients all the payment options upfront and let them
choose what's best for them. Don't wait
until they feel forced to ask for a payment solution.
Many may not. They just walk out of your practice tested, not treated.
CareCredit studied the decisions
patients make on their path to hearing health and found that the majority of
patients, 60%, use credit to pay for their hearing health.
And 44% said that if they were not able to use credit they will be less likely to choose hearing health.
Patients financial situations vary greatly.
In fact, the study found that the
average price point that would motivate a patient to apply for CareCredit range
from four hundred and ninety dollars to over three thousand dollars.
Let's see what a great financial conversation
might sound like and how using visual aids can help the patient understand and retain information .
Mr. Jones you spoke with the doctors or any questions I can answer for you?
No doctor answered all my questions.
Okay if one pops into your head please let me know.
Sounds good.
I've prepared a worksheet for you that details the
cost of the hearing instruments, what your insurance will contribute to the
cost, your payment responsibilities, and options for your out-of-pocket portion.
Would you like to take a look?
As you can see for the hearing technology recommended the cost is $2100 per hearing
device that brings your total cost for
the pair to $4200. The good news is your insurance will contribute $1200 towards
your hearing health. That leaves $3000 as your out-of-pocket investment.
To make it as easy as possible for our patients to get the hearing health they want
we have several payment options.
We accept cash and credit cards. We also accept the CareCredit health care credit card
because so many of our patients want to take advantage of promotional financing options.
When patients understand the benefits of CareCredit, many find it to be very valuable.
In fact, in a recent satisfaction survey
92% of card holders rated CareCredit a "good", "very good" or "excellent" value.
For more ways to present patient financing
and to get connected to free resources
that can help you reduce your tested not treated population visit CareCredit.com/SoundStrategies
or call 800-859- 9975.
The next video in this series Sound Strategies for Hearing Health will discuss how to effectively
follow up with patients who leave the practice tested, not treated.
We'll see you in our next video.
For more infomation >> Start a New Video - Duration: 0:42. 
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