Healthcare technology platform Wellfit has partnered with FinTech HFD to bring more health financial solutions to consumers.
“This partnership represents a pivotal step toward enhancing access to healthcare financing solutions across the credit spectrum,” the companies said in a press release on Tuesday (April 9).
This partnership will allow Wellfit to expand its ability to offer customized financing solutions, allowing healthcare providers to approve nearly 100% of patients who apply. The release states that HFD specializes in serving people with low credit scores.
(The company says applicants will be denied financing under any program because of “public bankruptcy or terrorist watch list,” and limits its use of the word “nearly.”)
As PYMNTS noted last month, dental services represent a $155 billion market, projected to grow to $254 billion by 2032.
“Against this background, especially in an inflationary environment, it is important to include point-of-treatment funding to link patient care and dental services and ensure that practices recover unpaid funds,” the report said. “There is.”
Ed O'Donnell, CEO of Versatile Credit, said in an interview with Karen Webster, CEO of PYMNTS, that when discussing costs before treatment, He said that financing can go a long way in smoothing out initial conversations.
O'Donnell said the platform matches lenders with patients and drafts long-term payment terms, but financing options are offered at the point of treatment, not just at the end of each dentist visit. said it should be done.
“It's awkward for everyone,” O'Donnell said. “It’s awkward for the patient and often uncomfortable for the office finance person.”
But by decentralizing payments, he says, these conversations become easier, and everything becomes transparent because the relevant data is entered from the user's phone or iPad and no one is passing sensitive information back and forth at a desk. added.
Erin Gadavi, Synchrony's senior vice president and general manager of wellness, said in a January interview with PYMNTS that financing can be helpful for consumers seeking other forms of health and wellness offerings. Ta.
“50% of U.S. consumers consider health a top priority, but services such as acupuncture, fitness programs, nutritional support, and counseling are often considered elective and not covered by insurance. ” she said.
“Offering financing for these products and services is attractive to consumers. Patients can make informed decisions not only about their care but also about their budgets, leading to a more engaged and healthier customer base. It leads to.”
