How Providers Can Help Simplify Patients' Financial Planning and Care

Navigating the healthcare system can be overwhelming, and as 2025 brings a new set of expectations for providers and patients, it is a valuable moment for healthcare leaders to evaluate how their staff is set up for success. This year may bring a new set of challenges and complexities for patients and providers alike -- with not only the market shifts in reimbursements, but also the various ways patients may be paying for their care, from insurance coverage and government programs to payment plans or other options.¹

The financial uncertainty of patients can only add to these complexities. More than 1 in 4 said they delayed care because of cost.² As we look to the year ahead, let’s examine the factors providers can consider as they seek to help connect patients with the care they want, while setting their healthcare organizations up for success.

Patients Facing a New Era of Financial Uncertainty

Providers may see an increase of patients who are uninsured or underinsured as 2025 brings new policies and shifts to the healthcare landscape.¹ For years, there has been a noticeable shift of healthcare financial responsibility onto the patient³ and, according to Synchrony's 2022 Lifetime of Healthcare Costs (LOHC) research, one quarter of Americans surveyed are impacted by concerns about healthcare service costs and how to pay for them, with 46% admitting that delaying or ignoring a recommended medical procedure caused additional medical complications.²  

A knowledge gap exists, leaving patients surveyed unsure how to manage their healthcare expenses, and this could negatively impact not only the wellbeing of the population, but the fiscal health of practices in the long-term.³ Concerningly, healthcare costs are nearly 1.5 higher than what most respondents estimated, with four out of five Americans reporting they do not have savings to cover medical emergencies.²  

Providers play a crucial role in helping patients understand the cost of care and their rights and options, to help ensure they can manage their financial responsibilities in a way that suits their circumstances. Many consumers reported they would seek out additional care if they had ways to pay for it,³ and providers can help by proactively sharing guidance of patients’ financial options to help address healthcare cost concerns while connecting patients with more care options for their health.

Transparent and timely conversations may help patients to confidently pursue care with less financial stress and possibly allow practices to better equip their staff to meet patients’ financial and payment needs,⁴ but this starts with the support of staff to ensure they have the bandwidth and education to facilitate these conversations. Practices that offer financial resources can help transform the patient experience by reducing uncertainty around costs and offering additional payment options.

Setting Healthcare Staff up for Success

Shifts in reimbursement rates and the various ways patients pay healthcare services are only expected to grow in 2025,¹ and ensuring staff and practices are prepared on the back end to handle the changing landscape may be crucial in freeing up time to have financial conversations with patients.

Although 2024 may have been a time of stabilization for healthcare practices, the gap between struggling and fiscally successful practices is widening.¹ A key strategy to confront this is investment into technologies that may help practices increase access and availability to resources for patients seeking care. This could look like choosing a third-party partner who supports the growing demand of integrated solutions, with quick and easy application for integrated software vendors (ISVs) that may allow practices to stay competitive within the healthcare payments space despite changes to patients’ financing preferences and the payer landscape.

It may not be surprising to many, but according to a 2023 study from The Commonwealth Fund, administrative tasks account for an estimated 30% of total costs for practices.⁵

By partnering with a third-party financial provider like Synchrony, providers gain access to innovative financial solutions like CareCredit, that emphasizes improving the provider's experience through time-saving integrations that, reduce transaction times and simplify application, billing, and payment processes. Additionally, by expanding patients’ payment options providers may help them make more informed financial choices. Offering CareCredit not only enhances the patient's experience but also supports the fiscal health of practices.

With CareCredit, providers can offer a financing solution that enables patients to pay for their care over time,* helping to address cost considerations that may impact how patients access the care they want. CareCredit connects providers with a flexible solution and provides staff training on how to confidently engage in financial discussions.

As 2025 brings a new era for patients and providers to navigate, there is a foreseeable trend of increased investment into technologies that support the care process.¹ It’s an important time to stay mindful of the resources healthcare staff may need to support their patients.

Providers have an invaluable role to play when it comes to connecting their patients with the right resources to improve their overall care experience. Through clear communication, and engaging the right partners, we can all take steps forward to address healthcare cost concerns and helping patients access the care they want.

Learn more about CareCredit and see how your practice can benefit.

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.

Disclaimer

This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accepts 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.

*Subject to credit approval. Note: not all patients are approved.

Notes:

1. 2025 Outlook: Hospital finances show signs of stability, but rising costs will be a major headwind. Fierce Pharma. January 1, 2025. https://www.fiercehealthcare.com/hospitals/2025-outlook-hospital-finance-show-signs-stability-rising-costs-will-be-headwind#:~:text=Revenue%20growth%20will%20drive%20improved%20operating%20margins&text=Fitch%20expects%20this%20trend%20will,Moody's%20wrote%20in%20the%20report.
2. Lifetime of Healthcare Costs Research. Synchrony 2022. CareCredit is a Synchrony solution. https://www.carecredit.com/sites/pc/pdf/lifetime-of-healthcare-costs.pdf?sitecode=houeorahb1
3. National Health Expenditure. CMS.gov, 2023. https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/historical#:~:text=U.S.%20health%20care%20spending%20grew,spending%20accounted%20for%2017.6%20percent.
4. Healthcare Journey Research Consumers and Providers. Synchrony 2023. CareCredit is a Synchrony solution. As seen in, https://www.carecredit.com/sites/pc/pdf/how-cost-impacts-patient-and-provider-journey.pdf.
5. High U.S. Health Care Spending: Where Is It All Going? The Commonwealth Fund. October, 2023. https://www.commonwealthfund.org/publications/issue-briefs/2023/oct/high-us-health-care-spending-where-is-it-all-going