- Credit score
- No interest
- Patient approval rate
- Patient resources
Care Payment is a younger competitor in this market, but they still have more than a decade of experience. This means they've had some time to build a strong provider network and learn what patients really want.
One of the nice things about Care Payment is that, to them, credit is not an issue. If you have poor credit and need help with your hospital bills, Care Payment might be an option because they don't even consider the patient's credit to determine eligibility. In addition, they establish a revolving line of credit rather than giving out credit cards.
It's not that Care Payment offers a no-interest period as a promotion; "no interest" is really their motto. No matter how long you have an account with Care Payment, you will never be charged interest. How do they afford this? They profit instead off of the fees that your provider pays to be enrolled in their program. That's right-with 0.00% APR, you can hardly go wrong.
Patient Approval Rate
Conveniently, you don't even have to submit an application to be approved for a line of credit with Care Payment. Rather, you set up an account with them through your provider (who, of course, must be enrolled in their program in order for you to use Care Payment). As long as your hospital is a participant, and as long as you have a social security number or a TIN, then you're in! And if you ever want to opt out, Care Payment makes for an easy exit. You will not be locked into a contract; when you do away with your account, your remaining balance is just returned to your hospital.
It's almost a given that Care Payment provides an online portal where you can log in, make payments, ask questions, and view your account. But the company goes above and beyond and provides additional resources online-articles about credit scores, healthcare financing, and laws that affect credit lines. Why? Because an informed patient is a confident patient, and when it comes to your medical finances, you want to be as confident and feel as secure as can be.
Care Payment has taken a lot of steps to give patients many reasons to feel safe using their program. Without requiring an application and with zero interest, they are a very risk-free company in many ways. In addition, they accept basically any patient whose provider is enrolled with Care Payment.