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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.
Page 2 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.
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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).
Page 4 Copyright 2015 Synchrony Financial. All rights reserved. No reuse without express written consent from Synchrony Financial.
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:
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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
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“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:
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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
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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).
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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.*
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* 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
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Copyright 2015 Synchrony Financial. All rights reserved. No reuse without express written consent from Synchrony Financial.
Contact your CareCredit representative or
visit us at www.carecredit.com for more information.
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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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