About a 2 min. read
Buy Now, Pay Later (BNPL) has blossomed in the retail space, offering consumers new ways to pay, but what about Healthcare? Some predict inflation coupled with clinical workforce shortages could mean costs will spike up to 7% in 2024.1 Patients are looking for options. From medical credit cards to installment loans to Care Now, Pay Later (CNPL, BNPL’s close cousin), financing options in the healthcare world are rapidly growing.
What are the true costs of rising Healthcare costs? According to KFF, “four in ten U.S. adults say they have delayed or gone without medical care in the last year due to cost”3. Most often those services are ones not covered by insurance such as dental, vision, and prescription drugs. Moreover, this burden disproportionately impacts uninsured adults, Black and Hispanic adults, and those with lower incomes, with potentially devastating consequences. Even those with insurance report difficulty affording care due to spiraling out-of-pocket costs. Thus, there is strong interest in Healthcare payment plans, but “less than half [are] actually offered plans”4
Having different financing options can benefit both patients and providers. Breaking up payments makes healthcare costs more manageable for patients, enabling them to seek care in the first place or complete necessary treatments. For providers, CNPL is one way to create more consistent cash flow and increase patient satisfaction. So how can you enter or refine your offerings in the space? Here’s what you can do:
CMB assists clients in building and refining messaging /positioning as well as designing products that optimize the patient experience. Contact us today to get started.