Health and wellness practitioners utilizing Clover technology have a new resource at their disposal, with the integration of CareCredit’s patient financing solution. This development enables a seamless process for patient financial interactions, making it possible both to accept CareCredit credit payments and to initiate CareCredit applications directly through Clover devices. The collaboration between Synchrony and Fiserv aims to enhance service delivery for small- to medium-sized healthcare providers by embedding financial options directly at the point-of-sale.
Last year, a similar initiative offered limited functionality for Clover users to process CareCredit payments. However, the new and comprehensive integration includes the ability to manage CareCredit applications, marking a significant milestone. This dovetails with Synchrony’s strategy to strengthen its position in the healthcare financing sector, by expanding the availability and functionality of CareCredit within the Clover App Market. The integration enables CareCredit to stand out as a pioneering solution in this market.
What Does This Mean for Healthcare Providers?
The initiative is expected to optimize operations for healthcare practices. Providers are set to benefit from streamlined payment processes, which offer a sophisticated financial ecosystem that integrates deeply into existing workflows. As noted by Kate Whalen from Fiserv, the integration is designed to deliver an enhanced experience both for healthcare providers and their patients.
“By integrating Clover technology with Synchrony’s financing capabilities, we’re helping healthcare practices operate more efficiently, streamline payment processes and enhance the patient experience,”
she explained in a statement.
How Does This Affect the CareCredit Network?
The expansion significantly broadens CareCredit’s reach, adding approximately 40,000 healthcare providers to its network who can now accept payments via Clover technology. This is in contrast to the prior landscape, where only 2,000 providers were equipped to utilize CareCredit payments. With this extensive network, CareCredit is set to play a key role in enhancing enterprise growth and customer loyalty, as Synchrony executive Beto Casellas emphasized.
“This expansion streamlines complex financial workflows for small- and mid-sized businesses while ensuring patients have seamless access to the care they want,”
he stated.
The consumer demand for convenient and efficient financial solutions is increasing, and platforms like Clover are adapting to this need by offering integrated experiences. According to Synchrony’s Chief Financial Officer, Brian Wenzel, a cohesive journey is what consumers seek, indicating a shift towards offering more personalized and controlled financial interactions. This wider integration effort underscores a strategic move by Fiserv to expand Clover beyond a point-of-sale device to a multifunctional business platform.
These developments point to a broader shift in the healthcare industry towards integrated financial solutions, backed by synchronized partnerships between technology and financial firms. Providing healthcare providers with the tools to optimize their financial transactions, the integration serves both providers in offering enhanced payment solutions and patients with accessible financial options.
The partnership reveals a promising future for embedded financing in healthcare, driven by a demand for seamless interaction and operational efficiency. The intention is not only to facilitate smooth transactions but also to foster a stronger connection between providers and patients through financial transparency and convenience.
