Headquarters: STAMFORD, CT
Year Founded: 1987
1. What problem is SYNCHRONY's H&W Business FOCUSED ON SOLVING?
We believe health and wellness services and products should be more accessible to people – but costs continue to rise. Increasing out-of-pocket healthcare costs, the popularity of high-deductible healthcare plans, and insurance companies paying less and less means consumers are assuming more financial responsibility for their health and wellness care.
With over 270,000 enrolled locations and 12 million cardholders, Synchrony’s CareCredit credit card empowers both consumers and healthcare providers by offering cardholders options to pay for care -- helping them access the care they want and need.
2. How do you describe Synchrony's right to win in your market?
Synchrony’s strength in the health and wellness space comes from its ability to offer a trusted financing experience that benefits both consumers and providers. With CareCredit, Synchrony simplifies healthcare payments through quick and seamless practice management system (PMS) integration, credit decisions within minutes, easy online applications, and special financing options that patients can use across specialties without needing to reapply. For providers, Synchrony offers fast and reliable payments within two business days, taking on billing and collections to reduce risk and operational burden on practices. Transparent merchant fees and clear payment terms further establish Synchrony as a partner of choice, creating value across the care continuum while empowering more people to afford the services they need.
Additionally, Synchrony has built a range of payment products that ensure patients can find the right financing solution to pay for the products and services they want, in a way that works best with their budget, including the CareCredit credit card, installment loans and second-look financing. In the complex and competitive health and wellness financing market, Synchrony stands alone when it comes to product breadth. Credit access helps to build opportunities for patients, and through Synchrony’s dynamic partnerships and capabilities, millions of people can apply for and get approved for credit.
3. What are your key goals and definition of success in the next 12 months?
Over the next 12 months, our key goals are to continue expanding our reach, deepening our impact, and driving innovation across the health and wellness space.
We aim to empower more individuals with third-party financing options through CareCredit, helping them pay over time for the products and services they want and need. At the same time, we’re focused on equipping providers with the tools and resources they need to operate more efficiently and grow their business — such as settlement payments within two business days, streamlined billing and collections, and educational support to guide financing conversations.
A key part of achieving these goals involves strengthening our collaborations with independent software vendors (ISVs). By integrating CareCredit into over 65 of the top ISVs, we help ensure that financing is seamlessly embedded into existing workflows. These ISV partnerships allow providers to stay on a single platform, reducing friction and increasing operational efficiency.
We define success by two main things: when consumers feel confident paying for their care and when providers experience greater efficiency and ease of use within their systems. Their success is our success, and it drives everything we do at Synchrony.
FinMed Partners LLC