PharmaShots Interview: Synchrony’s Shannon Burke Shares Insight on Healthcare Consumerism

In an interview with PharmaShots, Shannon Burke, Synchrony Senior Vice President, and General Manager, Health Systems, share her views on healthcare financing & empowers the patients to pay for their healthcare

Synchrony’s CareCredit card is a comprehensive healthcare financial solution that is designed for health and wellness needs. The CareCredit solution helps health systems, reduce accounts receivable, increase revenue, improve cash flow and reduce debt risk
Synchrony’s financial solution helps streamline hospitals, financial workflows, and payment processes
Under the collaboration with Synchrony, Prime Healthcare established a new payment option for its patients that enables price transparency and affordability and empowers patients to access the care

Tuba: Please provide a brief introduction to Synchrony’s business focused on health and wellness.

Shannon Burke: Synchrony is a leading provider of comprehensive financing solutions in the health and wellness space. We’re committed to providing a convenient payment solution that addresses the evolving health and wellness needs of our customers and empowers them to pay for the healthcare they want or need.

As out-of-pocket healthcare expenses, such as high deductibles and copays continue to rise and patients assume more financial responsibility for their own care, we’re helping hospitals, health systems, and healthcare providers navigate evolving patient preferences and demands for flexible payment options.

Tuba: Can you tell us more about the CareCredit credit card and how it works?

Shannon Burke: CareCredit gives patients flexibility in how they pay for healthcare services through a full suite of promotional financing options, including deferred-interest promotional financing. CareCredit helps patients pay for their healthcare over time and fit care into their individual budgets. For the health system, Synchrony’s financial solution helps streamline hospitals’ financial workflows and payment processes. The CareCredit solution helps health systems reduce accounts receivable, increase revenue, improve cash flow and reduce debt risk.

Tuba: Can we discuss the latest trends Synchrony has observed about its customers’ buying interests by age group?

Shannon Burke: One of the biggest trends right now is the rise of healthcare consumerism and the need to ensure that the patient is at the center of care - from the time the patient makes an appointment through the patient’s final payment.

Patients today are comparing their hospital experiences to other consumer purchasing experiences and they are expecting to have similar options available as part of their healthcare journeys. Every touchpoint between the healthcare provider and the patient is a contributing factor to the patient’s overall experience with that provider.

This is a trend we’re seeing across different age groups. Last year we sponsored a consumer survey conducted by CWH Advisors, that found that healthcare consumers under age 55 are particularly interested in their healthcare providers sharing the cost, payment products, and options before receiving care.[i]

Patients are seeking the same level of convenience they have come to expect in other facets of their life, where they can select buy now, flexible payment options for online purchases or use mobile payment services for secure person-to-person payments.

Today, patients expect their providers to offer financial resources. A payment solution like CareCredit can help by providing tools and resources to help patients pay for their out-of-pocket healthcare costs.

Tuba: How do different age groups benefit from the CareCredit credit card?

Shannon Burke: Paying for healthcare services over time is widely embraced by patients of all ages, and perhaps especially by younger individuals (aged 18-34) as high-deductible health insurance plans grow in popularity and patients’ out-of-pocket expenses increase exponentially. A financing option that allows patients to pay their healthcare bills over time has already been used by 45% of all patients and 69% of younger patients, according to the CWH survey.[ii]

Tuba: Can we talk about your recent partnerships (such as Prime Healthcare) and how they and their patients benefit from the CareCredit solution?

Shannon Burke: Synchrony partners with over 20 health systems to provide proven and reliable financial options to patients. We recently announced a partnership with Prime Healthcare, an award-winning physician-founded and physician-led health system, to offer patient financing options at Prime Healthcare’s 45 hospitals in 14 states.

By partnering with Synchrony to offer the CareCredit credit card, Prime Healthcare established a new payment option for its patients that enables price transparency and affordability and empowers patients to access the care they need throughout their healthcare journey.

For the health system, Synchrony’s financial solution streamlines the hospital’s financial workflow and payment process, helping improve cash flow and reduce debt risk.

The result is that patients and providers are able to make more informed decisions about their care plans and have a clear understanding of payment costs throughout the care journey.

Tuba: How does CareCredit work in the area of veterinary care?

Shannon Burke: Synchrony’s CareCredit card is a comprehensive healthcare financial solution designed for the health and wellness needs of individuals, their families, and their pets. Similar to patients’ financing options for the healthcare services they receive, the CareCredit credit card is a comprehensive solution for financing and paying for pet care through relationships with providers, retailers, and select pharmacies.

Tuba: What are the benefits of CareCredit and how can an individual open an account/use it?

Shannon Burke: Patients with the CareCredit credit card can use their cards at any CareCredit-enrolled provider or select retail locations, not just where you opened your card. There is no annual fee. All cardholders enjoy easy online account management, Apple and Android compatible mobile apps, access through patient portals (where available), helpful monthly statements, payment reminder options, cost calculators, and the support of a third-party certified “Center of Excellence” call centeriii.

Tuba: Is there anything else you would like to talk to with our readers?

Shannon Burke: As the consumerization of healthcare accelerates and patients assume more responsibility for the cost of their care, the need to integrate the payment experience into the complete patient journey is growing in importance. Healthcare providers are adapting to this reality by offering flexible payment solutions and by making these solutions known as early in someone’s care journey as possible. Synchrony supports health systems with the reputational and financial strength of a Fortune 200 partner and has consistently demonstrated a long-term commitment to its legacy of health and wellness financing solutions.

About Shannon Burke: Shannon Burke is a Senior Vice President and General Manager, Health Systems, industry veteran at Synchrony. She has more than 25 years of experience in the healthcare industry, particularly with technology startups, health insurance, pharmacy, and managed care organizations. Shannon received her BS in Business Management from Cal State Polytech and studied her MBA at the University of Southern California.

References:

[i] CareCredit, CWH Advisors Patient Pay Survey Finds Majority of Patients Would Consider Financing Options to Pay Healthcare Costs, Synchrony, March 2021. https://www.synchrony.com/carecredit-cwh-advisors-patient-pay-survey.html.

[ii] CareCredit, CWH Advisors Patient Pay Survey Finds Majority of Patients Would Consider Financing Options to Pay Healthcare Costs, Synchrony, March 2021. https://www.synchrony.com/carecredit-cwh-advisors-patient-pay-survey.html.
iiiBenchmark Portal, 2013-2022, benchmarkportal.com

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About Author: Shannon Burke is a Senior Vice President and General Manager, Health Systems, industry veteran at Synchrony. She has more than 25 years of experience in the healthcare industry, particularly with technology startups, health insurance, pharmacy, and managed care organizations. Shannon received her BS in Business Management from Cal State Polytech and studied her MBA at the University of Southern California.