The Payment Toolbox: How Third-Party Financing Can Improve the Patient Journey While Supporting Your Practice

Beto Casellas is Executive Vice President and Chief Executive Officer of Health & Wellness at Synchrony.

Growing consumer interest in one’s overall health and wellbeing has contributed to the boom in the health industry. Fueled in part by new innovations that have been developed to help people look and feel their best, the health and wellness sector is projected to grow by 2/3 over the next decade-from $6 trillion in 2024 to $11 trillion by 2034.¹

This rapid growth in health consumption and wellness options offered by traditional and non-traditional providers presents both opportunities and challenges.² While keeping up with the latest techniques and treatments available to patients and customers can prove difficult, the potentially greater challenge is remaining abreast of the back-office infrastructure advances needed to efficiently deliver the best patient journey - from scheduling to payments.

Implementing the latest innovative technologies outside of the treatment room

It’s a given that the use of telehealth, patient portals and electronic health records are intended to streamline operations and expand patient access to care. Being able to move beyond these technologies to other solutions designed to improve practice efficiency and streamline administrative tasks is the next frontier.

As providers search for partners that can adapt with their changing needs and offer tools that may help make running their businesses easier, partnering with independent software vendors (ISVs) to enhance systems like practice management software (PMS) and patient relationship management (PRM) platforms could prove vital. These systems support daily operations through streamlining tasks such as scheduling, practice communications and record keeping.
A third-party financing partner who has taken the step to integrate their services with ISVs may offer practices a seamless experience that could allow for easier adoption and help providers meet patients with their primary goal top of mind: delivering quality care and enhancing the patient journey.⁵

Understanding the budget dynamic in the patient journey

While providers are working hard to offer the latest treatment options and keeping pace with patient demand³, helping patients navigate ways to pay for the care they want is also critical. According to Synchrony’s “Lifetime of Healthcare Costs” study, around 80% of surveyed Americans do not have dedicated savings for unexpected medical expenses, and a quarter have even delayed recommended procedures due to costs.⁴

To close this gap between the array of health and wellness services providers are offering and consumers being able to pay for the care they’re seeking, providers can offer payment options for out-of-pocket costs.

While providers across healthcare specialties acknowledge the value of offering alternative payment solutions, less than half of those who provide in-house financing (40%) are extremely or very satisfied with that arrangement.⁵ Therefore, finding and choosing the right partner to help bridge the gap between consumer financing needs and their desire for the latest and greatest healthcare advances is essential.

Expanding access through multi-source financing

As patients navigate their health journey, they may look to their provider for guidance on costs and tools to help pay for their care. Not all patients qualify for every financing solution, and it is important to recognize the importance of multi-source financing (MSF) options.

Over half (53%) of surveyed providers say there are not enough payment options available for their patients, and patients agree, with 59% feeling their options are limited. However, over half of providers (56%) say they do not have the staff or resources to support patients in finding alternative payment options.⁵

Practices can work with a third-party partner to help seamlessly integrate financing options into their operations, which may include structured payments that fit a patient’s budget or help identifying alternative options. A third- party financing partner who offers MSF can connect more patients with credible lenders to help them structure payments for the care they desire and could help practices reduce receivables sitting on their books.

An MSF focused approach does three critical things:

1. Unlocks more credit approvals, increasing the likelihood that patients can finance the care they want.
2. Helps providers receive timely payments.
3. Reduces the financial risk associated with offering in-house financing.

The availability of MSF could also impact how patients view their overall care experience and pursue services. In fact, over half of surveyed patients reported the cost of services (71%) and offering of financing options (59%)
were extremely or very important in deciding where to go for treatment.⁵

Clear and accessible financing options empower patients to make informed choices that suit their needs, enabling providers to focus on what they do best: delivering quality care.

Putting purpose into practice

At Synchrony, our commitment is not just about offering a credit card. It is about reimagining what support for healthcare providers and patients should look like in a modern, connected world. We harness an array of innovative technological tools to not only help providers streamline their operations, but also to support patients on their care journeys with our financing solutions.

Synchrony’s strong relationships across MSF and ISV partners allow us to provide vital support to healthcare leaders. We have spent over 35 years helping providers and patients bridge the financial gap. Today, our CareCredit credit card is accepted at more than 270,000 healthcare provider and retail locations. That growth speaks to our partners’ trust in our team.

Fair Financing Principles, one of our most recent resources, explains how our financing options work and provides tools to help estimate procedure costs and monthly payments based on their financing options and location — so patients can feel well-informed engaging in transparent financial conversations before care begins.

As innovation reshapes the future of the health and wellness industry, financial solutions must evolve alongside it. By empowering patients with financing options that fit their unique needs, Synchrony is helping more people seek the care they want while easing administrative burdens for providers.

Together, we are building a more connected and accessible health and wellness experience to help foster a space for more collaborative efforts for healthcare financing.

References

1. Health and Wellness Market Size and Forecast 2025 to 2034.” Precedence Research, 2025. Retrieved From: https://www.precedenceresearch.com/health-and-wellness-market#:~:text=Health%20and%20Wellness%20Market%20Size%2C%20Share%2C%20and%20Trends%202025%20to,2024%20as%20the%20base%20year.
2. “The trends defining the $1.8 trillion global wellness market in 2024.” McKinsey & Company, 2024. Retrieved from: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/the-trends-defining-the-1-point-8-trillion-dollar-global-wellness-market-in-2024.
3. “2025 global health care outlook.” Deloitte, 2025. Retrieved from: https://www.deloitte.com/us/en/insights/industry/health-care/life-sciences-and-health-care-industry-outlooks/2025-global-health-care-executive-outlook.html.
4. “Lifetime of Healthcare Costs,” Synchrony. Accessed July 11, 2025. Retrieved from: https://www.carecredit.com/sites/pc/pdf/lifetime-of-healthcare-costs.pdf?msockid=1eae37ff700267f52592236471b5665a(CareCredit is a Synchrony solution.)
5. Healthcare Journey Research Consumers and Providers”. Synchrony, 2023. CareCredit is a Synchrony solution