Finances

Patient Financing: Employ it for a Marketing Advantage

By Gary M. Freestone, OD, and Charla Thrash

SYNOPSIS

Offering financing on optical goods and eyecare services provides a marketing advantage—if you show all patients how they can use it to extend their purchasing power.

ACTION POINTS

USE POINT-OF-SALE MATERIALS. Posters and counter cards let patients know you offer financing on purchasing.
USE POP AS CONVERSATION-STARTER. In the exam room, the doctor can point to posters and mention the chance to use financing on everything prescribed.
OPTICIANS CAN UPSELL TO PREMIUM PRODUCTS. Opticians can let patients know they can add Transitions and AR to their basic lens using financing.


Offering patient finance can serve as a marketing advantage. Patients value the ability to pay for purchases over time, rather than worrying about paying for it all at once. However, this marketing advantage only works if you let patients know about the patient financing you offer.

When a busy mom affords herself premium performance and technology in her eyewear, that’s one less thing holding her back from doing all she needs to in a day. Whether it’s using her freeform lenses to be a top producer at work, or watching her son’s soccer game in polarized sunglasses, premium eyewear enables her to live a more fulfilling life. Patient financing, using the CareCredit credit card, has been a great way for our practice to capture sales that might have otherwise walked out the door. Our monthly CareCredit sales average 4 percent of optical revenues. Here is how our practice ensures all patients know we offer a financing option.

Tent cards advertising CareCredit financing plans.

Use Point-of-Purchase Materials

We use CareCredit point-of-sale materials in our welcome area. As a patient moves within the office they see posters and counter cards displayed throughout, including exam rooms. The signage is bright and clear, setting it apart from other posters.

The signage lets patients know that we offer six-month special financing when a patient uses their CareCredit credit card as a form of payment. Not only does the signage let patients who do not currently use financing know that it’s an option in our office, but this signage also lets patients who have used their CareCredit card in other offices know that they can use it here, too.

Use POP as Financing Exam Room Conversation-Starter

When the patient is in the exam room, the presence of the posters makes it easy for the doctor to educate the patient about CareCredit. For example, let’s say the doctor has completed the exam and is reviewing eyewear needs. The doctor has prescribed three pairs of glasses: everyday glasses with Transitions; polarized, prescription sunwear for the patient’s boating hobby; and polycarbonate sports glasses for the patient’s softball and racquet ball activities.

The patient then realizes they may not be able to immediately pay for all three pairs of glasses at the same time.

The doctor can then easily transition into a conversation about financing: ” You might have noticed these posters we have in the office (pointing at the poster). We accept the CareCredit credit card as a form of payment, which gives you the option of paying for your glasses over an extended period of time instead of all in one day.”

A CareCredit point-of-sale poster available to practices to educate patients.

Opticians Continue Financing Conversation in Optical

The topic of financing might happen at any time, whether it’s in the beginning of a conversation with an optician or at closing. We present it as an alternative form of payment to their other credit cards. We love that we can offer special financing for purchases over $200.” Recently, a patient who was going to settle for a basic lens was thrilled to upgrade to premium AR and Transitions, thanks to her CareCredit approval. As a psychology student who had completed her last final a few hours prior, she knows the importance of an investment like high-quality eyewear.

Tie Financing Option to Added Value

Our practice offers many choices in eyewear, from value packaging to premium lens and luxury frame products. We feel as an independent practice it is vital to be relevant to all budgets. For example, when a patient purchases eyewear, they have the opportunity to purchase a second pair the same day at up to a 50 percent discount. CareCredit is a great way to enable a patient to pay for the eyewear they need or want. The chance for a patient to bring home premium performance eyewear is something we love to see.

Patients Who Use Financing Are Loyal to Practice

The CareCredit conversation is common here at our practice. We would encourage other offices to start the conversation, as well. We are in the “business” of patient care, and this is a way to round out that care. A patient well equipped with premium eyewear for all situations, and an alternative payment option, is a loyal patient!

Related ROB Articles

Accentuate the Positive: Offer Financing to Expand Purchasing Power

Patient Financing: Your Second-Pair Sales Tool

Build Patient Purchases with Financing

Gary M. Freestone, OD, is the owner of Freestone Optometric Center in Rialto, Calif., and Charla Thrash is an optician at the practice. To contact them: Garyfreestoneod@aol.com

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