3 Best Alternatives to CareCredit
Is your credit situation, not the best right now? If it is, you're not alone. According to a survey, about 16% of Americans have bad credit. Medical coverage is one of the various difficulties and obstacles that come with having less-than-perfect credit.
CareCredit is a very popular medical credit card with over 11 million cardholders across the US. Their healthcare card helps users pay for necessary medical services for themselves and their pets. This company helps patients manage the burden of unforeseen medical expenses by allowing them to make monthly payments for the services.
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While CareCredit offers several benefits to its patients, some things can be better. These include a long wait time to get approval for your application. Also, they take a long time, even if they reject an application. So, in this post, we are going to share with you some leading alternatives to CareCredit as well as alternatives to medical credit cards.
Why is Healthcare Financing Important in Today’s Economy?
Due to the high cost of healthcare treatments, medical financing is essential for many. People may have sudden, serious medical problems and most of them lack the resources to pay out-of-pocket for life-saving procedures like surgery.
About 60% of Americans live paycheck to paycheck. Medical costs can be a significant barrier when more than half of Americans live in this manner. People who have access to healthcare financing options can break up a single big payment into several smaller ones.
This makes any procedure more accessible to people of all financial backgrounds. Without money, patients can’t obtain medical care that could enhance their quality of life.
CareCredit is one of the major lenders in this sector. It offers patients with credit cards that can only be used to pay for medical procedures. Since it functions and may be charged like a regular credit card, many people may find this highly alluring.
But there are several problems, such as high-interest rates and placing more money on the credit card, which results in bigger debt. This can cause a lot of stress for patients trying to recover from their medical issues.
With CareCredit, the interest rate will increase with the amount spent on the treatment. Another problem is that each patient must go through an approval process which leads to a hard credit check. Even more significant hardships arise when certain people don’t qualify because of poor or inadequate credit.
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What are Some Alternatives to CareCredit?
This section will give details of companies and software that can be an alternative to CareCredit. They are services that, similar to CareCredit, offer payment plans to patients for their healthcare expenses. These alternatives work with merchants and businesses to help make their services more affordable and accessible. Below are the top three alternatives to CareCredit.
ClearGage helps with medical bill payments. It is a popular tool used by healthcare professionals to simplify payment processing.
Healthcare providers can use ClearGage's payment suite more easily to collect payments based on their practice's model. Additionally, it is a financing option for patients.
The payment procedure for medical providers can become more effective and efficient with this payment solution. Patients who want to use ClearGage must first find a clinic that has this service.
All payment arrangements are made through the practice which allows patients to apply for and use a medical credit card. Once the patient pays the specific portion of their medical costs, ClearGage pays off the remaining balance to the healthcare provider.
This financing platform pays the medical offices for the services before the patient settles the bill in full. The outstanding balance gets collected via standard procedures if the patient misses a payment.
Unlike most other finance companies, ClearGage works with suppliers more effectively when it comes to late or missed payments. Customer service seems sincere and works hard to solve any problems between the patient and the provider so that they don’t miss the payments.
If you want to use ClearGage, you must find a doctor who uses the same platform to finance their patients. After your account is set up, you can make payments using credit cards, e-checks, or your bank account directly.
Strict credit approvals are one of the main issues people have while using these kinds of services to get loans. Everyone can not afford a credit check each time they apply for a loan, as it impacts their credit score.
There are no credit checks on iCare, so the patients using this platform can relax. It accepts all patients and there is no requirement for a credit check. The other key selling point here is that iCare makes timely payments to the medical provider even if the patient has fallen behind on their agreed-upon payments.
Patients of iCare must first obtain authorization from their healthcare practitioner to use this service, much like with ClearGage. After the platform accepts them, patients must agree to a suitable monthly payment schedule.
When patients can’t pay for their medical services completely at once, this helps them to receive the care they require. Additionally, some financing options might solely pay for medical expenses. However, iCare includes general, veterinarian, medical, and dental care.
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Besides the benefits iCare provides patients, medical practices also enjoy many advantages. iCare offers guaranteed payments to them. Patients' payments reach the practice's account within just two business days. Also, iCare does not take any percentage or discount off the bill; medical practices get paid the total amount for their services.
iCare offers a cloud-based system where doctors can manage all the payment details from a single location. They also provide proper training and assistance with the initial setup.
Credee is one of the best alternatives to CareCredit and all other medical credit cards. It is an automated payment plan platform that allows medical practices to provide their services to patients with easy payment plans. Patients don’t need a credit card or a loan for medical treatments. Credee makes medical bills into manageable monthly payment plans with comparatively low-interest rates.
Credee has a NO CREDIT CHECK policy, allowing medical practices to offer patient financing solutions, regardless of their financial situation. Credee has a 97% approval rate, meaning they instantly approve almost all your patients.
For businesses and medical practices, Credee offers various benefits. One such benefit is PROTECTED PAYMENTS, where they get recurring monthly revenue even if their patient misses a payment. Also, Credee allows practices to set their interest rates to exercise more control over their finances. If you are worried about bad debts or pending charges, Credee’s AUTOMATED DEBT RECOVERY feature helps recover those payments without hampering patient relations. Lastly, Credee’s software integrates seamlessly with your current website, so you can start offering medical payment plans from there immediately.
Comparison of CareCredit Alternatives
|CareCredit Advantages||ClearGage Advantages||iCare Advantages||Credee Advantages|
|Provides medical credit card||Large network of clinics||No credit check||No credit check|
|Easy payment options||Low monthly payments||Easy application process||97% approval rate|
|Allows financing for pet's treatments||Partial payment options||No compounding interest||No credit card or loan needed|
|Available in over 240,000 locations||Customizable payment plans||Guaranteed payments||Protected payments|
|Convenient mobile app||Send bills to mobile devices||Cloud-based portal||No payment reserves|
|Easy integration with the website|
|Instant approval within minutes|
|Multiple flexible payment options|
Healthcare financing has become a crucial necessity of our times, mainly due to rising treatment costs and a recession on the way. Healthcare Payment plans providers help shoulder the burden of medical expenses while assisting patients in getting their credit scores back on track. We hope the various alternatives to CareCredit’s medical credit card options that we have shared in this post help you make a wise decision regarding your next healthcare payment.