USA Economic Crisis: How Payment Plans Providers Revive Healthcare
The US economy's growth has slowed significantly over the past few quarters. Many call the financial year 2020-2021 the golden economic period. Those same "experts" now show concern for it based on the slow growth in the first quarter of 2023.
Need help paying off your medical bills? Consider a payment plan, using credit or negotiating the costs.
Also, several other calamities in the financial sector have thrown us into a recession, directly impacting the buying power of consumers. These same consumers also need help to borrow money from institutions due to bad credit history or high-interest rates. Fortunately, all hope’s not lost yet.
How Payment Plan Providers Are Helping Patients Stay Afloat
While the economy is pushing businesses to make their services more expensive, payment plan providers such as Credee are making them affordable. With so many people unable to pay for services upfront, it is a smart move for healthcare businesses to offer payment plans to patients.
Enhance Patient Experience and Grow Revenue with Flexible Healthcare Payment Plans.Enroll Now
Leading Payment Plan Companies in the U.S. and Their Services
This section will share some of the top payment plan companies in the U.S. These companies are helping businesses and patients by making healthcare payments accessible and affordable.
Sunbit is an innovative company that offers patients a buy now, pay later type of service. It allows patients to get the services they need and pay for them in installments. Also, they offer credit cards to patients, which are valid in over 19,000 locations. Patients can use Sunbit credit cards at various places, including dental practices, eye care clinics, specialty healthcare services, and more.
Sunbit also offers a point-of-sale-based lending technology to help merchants increase their sales. So, their solutions enable consumers and businesses to achieve their goals in these turbulent financial times.
How Sunbit Checks Your Eligibility
Sunbit performs a soft credit check to verify whether you qualify for financial assistance. This soft credit check doesn’t impact your credit score. So, once you pass this check, you can apply for a loan or credit card facility.
Sunbit loan and interest rate details
|State||Loan Amount||APR Range|
|Colorado||$1,000 or less||0-35.99%|
|Over $1,000 but not more than $3,000||0-20.99% |
(Additional Restrictions: Maximum loan amount: $1,500 - 3 month plans not available if the loan is more than $500)
|Connecticut||Less than $5,000||0-35.99%|
|$5,000 to $15,000||0-24.99%|
(Additional Restrictions: Maximum principal limit: $15,000 at any one time )
|Hawaii||Up to $1,500||(Additional Restrictions: Maximum loan amount: $1,500 - 3 month plans not available if the loan is more than $500)|
|Maine||$2,000 or less||0-29.99%|
|Over $2,000 to $4,000||0-23.99%|
|Massachusetts||Less than $1,000||0-17.99%|
|$1,000 to $6,000||0-22.99%|
CareCredit offers patients a medical credit card that they can use to pay for various healthcare services. These services can be for themselves, their family, or their pet. With an experience of over 30 years, CareCredit has over 11 million cardholders in the U.S. Their services allow you to get as many healthcare treatments as possible and pay for them monthly.
Healthcare businesses benefit from CareCredit as they receive payments within two business days. Over 240,000 locations across the U.S. accept their credit card. These locations include various healthcare facilities as well as veterinarians.
Eligibility Check at Carecredit
CareCredit conducts a soft check when you apply for their medical credit card. Once you qualify, they initiate a hard credit check and approve your application.
Carecredit’s Loan Duration and Interest Rates
Credee is a leading payment plan management software that helps businesses offer their services to customers uninterrupted. Credee approves applicants for payment plans within minutes.
It easily integrates with a business’s existing website, allowing them to sell services 24x7. We are helping healthcare practices increase their revenue by helping convert website traffic into patients.
Some key features that make Credee the perfect alternative to medical credit cards-
- 97% approval rate
- Instant approval
- No credit check policy
- Protected payments
- No reserve payments
- Flexibility to set your interest rate
- Option to split or pass on the transaction fee
Credee interest rates
Credee prides itself on offering lower interest rates compared to several other payment plan companies that are continuously increasing them. Our flexible payment plans provide many benefits to customers and businesses.
For instance, customers can defer paying interest for the first three months, and if they pay off the entire amount within that duration, they pay no interest. This translates into quicker payments for businesses.
The purchasing power of consumers may continue to take a beating due to the stressed-out economical situation. However, partnering with payment plan providers like Credee can help your business help your customers dampen their financial burdens while earning recurring revenue.