Vision Care Product News

MAY 2017

Product information for optical people.

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options for their exam and eye- wear. (Path to Purchase research— Optical Category, conducted by Rothstein Tauber, Inc. on behalf of CareCredit, 2014.) Clearly, finances are at the forefront of the patient's concerns and must be addressed during the care process. PATIENTS AND PRACTICES BENEFIT While CareCredit may solve a financial issue for a patient need- ing care, it can also solve several issues for the practice. With annu- al supplies of multifocal and daily contact lenses often exceeding $700, the full purchase can be dif- ficult for many consumers. Despite the fact that many daily contact lens manufacturers offer rebates on annual contact lens supplies ranging from $100 to $160, some patients continue to purchase sin- gle boxes because of upfront costs. CareCredit can then be intro- duced to the conversation to help the patient spread out the large upfront cost of lenses or proce- dures found to be most beneficial. The practice benefits from a more profitable sale, and the patient receives the large manufacturer rebates. In this scenario, both the patient and the practitioner allow the needs of the patient, rather than the price of the product, to determine the course of action. If you are concerned about In our dispensary, we need tools to sell and finance the products that our patients need. CareCredit is a great tool for every dispensary, offering both financing and lead generation. The CareCredit credit card is an alternative payment option for health-related expenses at enrolled provider and select retail locations. For the office, it can function like a custom in-house financing option to aid in closing a sale. CareCredit does not charge providers a month- ly fee. Instead, the credit provider charges the office a percentage of the sale. In a study conducted by CareCredit, only 63% of poten- tial patients researched eye exam procedures, while 69% said that they had researched payment VisionCareProducts.com VCPN 68 May 2017 B y M a r k C l a r k , A B O C W i t h C a r e C r e d i t , f i n a n c i n g b e c o m e s o n e o f t h e t o o l s e y e c a r e p r o f e s s i o n a l s c a n u s e t o p r o v i d e t h e i r p a t i e n t s w i t h t h e e y e w e a r t h e y n e e d . C a r e C r e d i t 8 0 0 . 3 0 0 . 3 0 4 6 • C a r e C r e d i t . c o m GIVING CREDIT ITS DUE BusinessSolutionsCloseup adding another piece of electron- ics to your front desk, CareCredit offers the practice a simple online portal to quickly process sales transactions and credit applica- tions. One of the additional ben- efits of this online portal is the ability to process standard credit card transactions as well. Though many providers charge large fees for mobile or online processing, a CareCredit provider may utilize it also serves as a great additional marketing tool for the practice. As is the case with any tool, suc- cess is dependent upon utilization. The most successful practices using CareCredit have honed their skill of injecting it into a conversation with every patient. In a poll of cardhold- ers, 32% stated that they would have postponed a purchase if CareCredit had not been available. As the optical industry faces CareCredit Donates 25K Earlier this year, CareCredit's Caring Communities Program provided a $25,000 grant to Optometry Cares - The American Optometric Associ- ation Foundation's InfantSEE pro- gram. More than 3,600 InfantSEE optometrists examine an estimated 10,000 infants annually for normal eye development and to inter- vene early if necessary. CareCred- it's grant will be used to expand awareness of the InfantSEE pro- gram among new parents through print advertising, brochures, sig- nage and displays, as well as on- line efforts. This marks the fifth consecutive year the company has contributed to InfantSEE. While helping consumers absorb the upfront cost of necessary health purchases is the main function of Care Credit, it also offers the practice valuable marketing benefits. this website for processing other credit cards at trade shows and health fairs. SALES AND MARKETING TOOL While helping consumers absorb the upfront cost of necessary health purchases is the main function of CareCredit, it also offers the prac- tice valuable marketing benefits. With over 12,000 daily applications and over 24 million open accounts, CareCredit's free provider listing is a great reason alone to sign on as a provider. CareCredit's website receives over 1.6 million views per month. In addition to being a pur- chase finance tool to the practice, challenges from the cyber market- place and "commoditization" of eyewear, salesforces may need more tools in their bag, and CareCredit can be one of them. In addition, staff members also need to become more agile in each sales encoun- ter. Heightened competition may eventually draw a clear line between mere "order-takers" and profes- sional sales personnel. The effective implementation of CareCredit is a powerful tool in this process with no upfront cost to the practice. Mark Clark, ABOC, is founder of iProfit Group, a healthcare investment consulting firm.

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