Five key questions independent practice leaders should ask when selecting a financing partner

Independent practices serve as vital community anchors, yet face many challenges and financial pressures to stay competitive and meet patient demands. We’ve seen the number of rural independent physicians decline by 43%, and nearly 3,300 rural practices closed between 2019 and 2024. Concerningly, between 2012 and 2024 the number of physicians who worked in smaller sized practices that had 10 or fewer physicians fell by 13.7%.

Patients expect more choice, transparency and convenience when pursuing care, and practices can address both patient demands and practice challenges with the right financing partner in their corner. Investing in modernized technologies and integrated financing options can support managing reimbursement cycles and patient financial concerns more seamlessly — which ultimately can support practice growth in a challenging market.

To help independent practices remain competitive and patient-focused, leaders evaluating financing partners should consider including these five key questions. Let’s dive in!

1. Can your partner help your practice grow and adapt?

Strong financing partners do more than process payments — they can help enable growth. So, it is vital to evaluate how prospective partners are staying current with the health care landscape and supporting practice leaders.

The health and wellness industry is evolving rapidly, from telehealth to subscription care and digital wellness ecosystems, but as over half of surveyed physicians (56%) in Synchrony’s “Healthcare Journey Research Consumers and Providers” say they lack time and resources to help patients navigate alternative payment methods, adapting to the industry may feel impossible to do alone.

Moreover, as 68% of surveyed physicians cite reducing administrative burden as a top issue to support their practices in staying independent, choosing a financing partner that goes beyond processing transactions can enable growth through flexibility, data-driven insights and scalable infrastructure.

Practice leaders should seek out partners that provide patient financing solutions with seamless integration into current systems, built for small and mid-sized businesses, to help adapt to changing consumer expectations. With the right infrastructure, practices can respond to evolving consumer expectations while maintaining timely revenue operations that support sustainable growth.

Working with a financing partner that can streamline operations while reducing administrative burden, could help leaders focus on solutions to expand services and improve the patient journey.

2. Is your staff equipped to navigate financial conversations confidently?

Roughly 80% of surveyed Americans have no dedicated savings for unexpected medical costs, yet only 5% of providers surveyed said they handle billing and payment conversations.

Patients could be turning to their physician for financial guidance, as one in four surveyed consumers report delaying recommended procedures because of costs, and over half (61%) prefer to learn about payment methods directly from their physician.

Choosing the right financing partner may help with connecting practice staff to an array of resources to help them engage in these conversations, from trainings to online resources they can share with patients — such as procedure cost estimators, payment calculators and clear information – so they feel prepared before entering the office.

3. How seamlessly will your partner integrate into existing systems?

Introducing financing options should enhance, not disrupt, operations. Financing partners that integrate with most leading practice-management software (PMS), billing, scheduling and revenue-cycle systems could help reduce some administrative burdens.

Look for a partner with strong relationships with independent software vendors (ISVs), which allow for integrated financing capabilities to be embedded directly into everyday workflows — and may ultimately help streamline reimbursement approvals and payment processes, without adding additional work for staff.

Ultimately, a partner that fits into your current digital ecosystem could free up time for what matters most: patient care.

4. Does the partner support patients across their full care journey?

Patients’ financial needs may evolve, from initial consultations to procedures and ongoing care. As practice leaders, staying ahead of evolving needs could be essential in maintaining efficient operations to meet demand, and continuing to deliver quality patient care.

With 70% of surveyed physicians citing cost as a barrier to care for patients, and over half (53%) saying there are not enough financing options for patients, MSF-enabled partner may fill a crucial gap.

A multi-source financing approach connects patients to a network of reputable lenders, broadening credit access. For practices, this could mean shorter receivable cycles and fewer challenges with current processes like in-house financing.

By offering more pathways to approval, practices may help patients move forward with treatment sooner, strengthening both health outcomes and business stability.

5. How does your financing partner drive meaningful digitization?

Today’s patients expect convenience and transparency at every step, from scheduling to payments. Mobile-first resources, secure portals and instant access to financing status may no longer be “nice to have,” but essential.

A digitally-enabled partner helps make payment information and transparency accessible at key decision points, such as during scheduling or treatment planning. This could look like guidance on how to read a financial statement, how to finance responsibility with third-party financing options and key things to know and ask when pursuing care.

When both patients and practice staff feel well-informed about the resources at their disposal, it could help improve the patient experience, starting before they enter the office to once they complete payment.

Looking ahead

Independent practices may be at a crossroads.

Clinical excellence alone may no longer be enough, as financial strategy and operational sophistication could play a larger role in determining overall success. With the health and wellness market projected to grow from roughly $6.6 trillion in 2024 to $11 trillion by 2034, patients may expect more options and greater clarity around how to pay for care.

Choosing the right financing partner can serve as a stabilizing force, one that delivers funds quickly, supports staff and empowers patients to access care confidently. These five questions help practices identify partners that reduce administrative burden, strengthen financial resilience and ultimately help independent practices thrive in a changing health care landscape.

Jeff is Senior Vice President and General Manager, Specialty & Wellness, at Synchrony, responsible for P&L, sales growth, product management and strategy across established and emerging markets including Cosmetic, Sight, Sound, Chiropractic, Fertility and more. Over his 20+ year career with Synchrony (formerly GE Capital Retail Finance), Jeff has held senior leadership roles across product innovation, marketing, and strategic initiatives, and previously managed the JCPenney portfolio. He holds an Executive MBA and BA from Loyola University Maryland, and currently serves as Vice Chair of Catholic Charities of Atlanta. Jeff and his family live in Dunwoody, GA.