Patients’ Path To Optical Care Purchase Study · Page 4 Copyrg 2015 ynchron aa g eeve ee expre...

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Patients’ Path To Optical Care Purchase Study

Path to Purchase Research conducted for CareCredit by Rothstein Tauber Inc., 2014Copyright 2015 Synchrony Financial. All rights reserved. No reuse without express written consent from Synchrony Financial.

Copyright 2015 Synchrony Financial. All rights reserved. No reuse without express written consent from Synchrony Financial.

Respondents by treatment type:

Total Sample Size — 1,954**

Research Design Timeframe: August 11, 2014 through September 5, 2014

Methodology: Online survey of patients who had made a healthcare purchase requiring an out-of-pocket

expense in the past 12 months OR were likely to make a healthcare purchase in the next 12 months

CareCredit, from Synchrony Financial, has been listening carefully to our patients to better

understand their decision-making process and the unique needs and wants as they pertain to a very personal

topic – their family’s healthcare. Previous research efforts have shown that the vast majority of CareCredit

cardholders are brand advocates and often discuss their healthcare needs, and CareCredit, with family and

friends*. The role of CareCredit is to help make needed care more accessible for cardholders and their families,

and to help alleviate some of the stress of deciding whether or not to purchase care. CareCredit is committed to

ongoing market research with our own customers and general consumers so that we can continue to innovate

and improve our product to better meet their current and evolving needs.

682

Dental Care

332 218

Veterinary Care

Optical Care and Products

281

Vision Surgery

209

Hearing Healthcare

209

Cosmetic Treatments/

Surgery

* Q2 2015 Customer Engagement Study ** Several respondents indicated healthcare purchases in more than one profession.


Key Findings The following insights emerged from the Patients’ Path to Optical Care Purchase Study:

The decision to purchase optical care and products was among the shortest of all healthcare categories. Sixty-two percent of patients indicated optical care was an absolute necessity. Perhaps because of this, patients’

decision-making processes were among the shortest of all medical specialties, taking an average of 35 days (see

page 4).

Cost and financing are key considerations. A larger percentage (69%) of patients researched and considered cost and financing than researched the

treatment or products (63%). Patients seek information on cost and payment solutions throughout the

decision-making process (see page 5).

A large majority of patients sought information in the provider office. More than half (60%) of patients were not aware they could finance their family’s optical needs with a

healthcare credit card. Yet 52% of respondents who were not CareCredit cardholders said they would

consider financing if it enabled them to get the care or products immediately (see page 7).

Choosing a provider was based on relationships and trust. The majority (57%) of patients selected the provider they already had a relationship with for the optical

care and products they were considering, indicating satisfaction with the provider experience and loyalty to the practice (see page 8).

CareCredit was an attractive option. The percentage of optical patients who were very likely or extremely likely to apply for or use CareCredit increased as the cost of care increased. Even at treatment costs of only $200, almost one-third of patients would be interested in CareCredit as a financing option (see page 7).


The Path To Purchase In general, there were five key areas of consideration in a patient’s path to making a purchase related to

healthcare. Patients considered cost and financing throughout the decision-making process.

Patients’ path to purchase optical care and products takes, on average, 35 days and is among the

shortest of all healthcare categories. More patients viewed optical care as a necessity than any other healthcare

category. When the care is considered to be need-based, patients’ path to purchase tends to be shorter. The

average expected out-of-pocket expense was $292.

Patients viewed care as an absolute necessity

Medical Specialty

Dental Cosmetic

Average days to decision 69.8 97.7 144.6141.1

Vision Surgery

Pay for purchase

Provider options Cost/financing

Treatment options

Initial research of treatment options

Visit provider office

Care/product details

Provider details Financing

Financial viability and options

Discuss care and cost with friends/family

Initial Consideration

General Research

Financial Considerations

Specific Research

Decision

60%

Veterinary Care

25.9

55% 31% 17%48%

Optical

35.3

62%

Hearing Healthcare

Most steps in a patient’s decision-making process focus on cost and payment options, including financing.Key Insight:


Key Insight:

Patients researched the care and products offline, online and through discussions with family and friends. During

the offline, face-to-face research, patients asked their provider about cost and financing their optical care.

Researching Finances and Optical Care Options More patients considered or researched cost and or/finances (69%) than researched the treatment (63%).

Researched the procedure

Considered/ researched cost/finances

70%

73%

Medical Specialty

Note: These numbers reflect only those who responded to this question.

58%

67%

DentalOverall

88%

84% 86%

92%

Cosmetic

93%

79%69%

63%

Optical

71%

65%

Veterinary Care

Vision Surgery

72% Sought information offline

32% Gathered information from friends and family

21% Visited a provider Visited the office regarding cost

14%

50% Went online for information Patients’ top four online destinations:

30% 24%

7%

32% 39%

Researched cost Medical advice website

Researched financing

Gathered information from friends and family

Website with reviews of providers

Researched care/product options Search engine 38% 60%

34% 58%Researched provider options

Provider’s website

Hearing Healthcare

Introducing financing as a payment option early may make patients’ decision-making process easier.

12% Asked provider about financing


“Which credit card is the most practical to use?”

“I am surprised at how much lenses (and glasses in

general) cost.”

“Just hated to pay so much for a needed item.”

“The biggest challenge in planning was determining

whether I wanted to stay with the same provider or find a new one. I called another recommended

optometrist only to discover they cost more.”

“Having the money to go ahead with treatment or purchase.”

“I wasn’t sure ahead of time how much it would cost.”

“How am I going to pay for this?”

“Finding lenses and frames within my insurance coverage.”

Cost

Affordability Payment Options

Thinking About Finances Patients indicated affordability, payment options and cost as the three key challenges when determining their

payment choice.

When patients know CareCredit financing is available, cost may be less of a concern and source of stress.Key Insight:


Attitudes Toward Financing Of those considering optical care, only 40% of patients said they were aware that the payment option

was available. Yet when made aware of a healthcare credit card, more than half of the respondents who

did not have a CareCredit credit card said they would consider financing if it enabled them to purchase

the care immediately.

The percentage of patients who are very likely or extremely likely to apply for or use CareCredit increased

as the cost of care increased.

52%60%

$200

$1,000

$600

Extremely/ Very Likely

32%

43%

49%

Dental

13%

19%

28%

25%

20%

35%

Cosmetic

38%

49%

29%

Optical

17%

31%

23%42%

49%

33%

Veterinary Care

Vision Surgery

Hearing Healthcare

When patients know financing is an option, more may be able to get care immediately.Key Insight:

Survey respondents who said they were not aware of financing

Respondents who do not have CareCredit and said they would consider financing if it

enabled them to get care or products immediately


Key Insight:

Selecting a Provider Since optical care generally involves routine visits, the majority of patients selected the provider they already

had a relationship with or went to a provider and chose them on the first visit.

Already used the provider

Purchased on first visit

23%

33%

56%

34%

Dental

Medical Specialty

20%

40% 31%

25%

Cosmetic

30%

57%

Optical

Paying for Healthcare Cost and financing were highly-researched topics and key considerations on patients’ path to purchase. Patients

used a variety of methods to pay for optical care. About half of patients used credit-based payment methods*.

General Purpose Credit Card

Medical Credit Card

Provider/Other Cash, Check or Debit Card or HSA/FSA

36% 7% 3% 56%

Credit-Based 46%* Non-Credit Based 54%*

INVOICE

* Some respondents indicated using more than one payment method.

20%

66%

Veterinary Care

Vision Surgery

Hearing Healthcare

It’s important for practices to be visible in their community so new patients can find them. It’s as

important to remember existing patients are often a source of referrals (32% of patients sought

information from friends and family).


Opportunities Having a deeper and more detailed knowledge of the unique way patients research, consider and

purchase healthcare can help providers better meet the needs of patients. For instance, these

insights may:

Encourage providers to find ways to minimize stress during the patients’ decision-making

process, like helping with insurance benefits, accommodating working schedules and

making financing options available.

Encourage providers to let patients know that financing options are available early in their

decision-making process because that can make it easier for patients to purchase needed

and desired optical care and products at the practice instead of purchasing online or at

another optical retailer.

Remind providers to communicate the importance of accepting a variety of payment

options, including CareCredit, and provide patients easy access to information on these

options early and throughout their path to purchase.

Emphasize patients’ ability to use CareCredit for their family’s ongoing healthcare needs,

because that can benefit the practice in terms of patient loyalty and retention.*


* Subject to credit approval.

About CareCreditWe do something very simple at CareCredit: we help people get the care they want for themselves and

their families.

And for us, that’s very important. Together, with more than 186,000 healthcare providers, we’re helping

people access care.

Thousands of times each day, people are using their CareCredit health, wellness and beauty credit card to have

important dental work done, be fitted with new hearing aids, have vision or cosmetic procedures, and get

care for a beloved family pet.

We help make it easier for people to get the care they want and need, right when they need it, without having to

delay treatment or appointments.*

For almost 30 years, CareCredit has been providing a valuable financing option for treatments and procedures

that typically are not covered by insurance, or for times when insurance doesn’t cover the full amount. CareCredit

is also used by cardholders to pay for deductibles and co-payments.

We think people like having financing options because that gives them the freedom to make decisions about

treatment options so they can do what’s best for their situation and their family.

That’s why CareCredit is here. We help make care possible...today.

CareCredit, from Synchrony Financial, is one of the largest health, wellness and beauty credit cards in the

nation, serving millions of families each year.

Author: Sheila Dreyer Van Buskirk – Market Research & Competitive Intelligence Leader

Contributors: Dave Fasoli – President and CEO of CareCredit

Virginia Hall – Director, Provider Strategies


Contact your CareCredit representative or

visit us at www.carecredit.com for more information.

®

This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. CareCredit, Synchrony Financial and any of its affiliates (collectively, “Synchrony”) make no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

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