By Gina M. Wesley, OD, MS, FAAO 
Presenting patient financing options can be a powerful driver of second-pair sales—without resorting to discounting.
Consumers are used to financing options on all goods–and it works for eyewear, too. We make all of our patients aware of the financing options we offer. Knowing this option is valuable to patients who are able to use it to purchase more than they otherwise would, we make an effort to get the word out. That includes point-of-sale materials both in our office and online and through presentations by our opticians. These efforts have paid off with patients who opt for financing often purchasing additional eyewear. Offering financing to patients makes discounts on second pairs unnecessary as a greater number of patients will opt for that second pair with the ability to space out payments on it.
We’ve been offering CareCredit to patients for the past nine months, and have grown our second pair sales by 5 percent since then. This, for my small office, has resulted in an additional three to four pairs sold per month (during months when we see, on average, around 110 patients per month). We average $400 on a sale of a pair of eyeglasses. Of those patients who use CareCredit, about 50 percent are using it to purchase a second pair. Here is how we use patient financing to better our patient’s experience and increase our revenues.
Offering Patient Financing
Measuring the Results
Implemented Financing
Nine months ago
Second-Pair Sales
5 percent increase
Pairs of Eyewear sold
Additional 3 to 4 pairs per month
[4 pairs/month x $400/pair x 12 months = $19,200]
Average eyeglasses sale
$400
How many who use financing use it to buy a second pair?
50 percent
Patient Financing Shown in the Window
We have a decal from our patient financing provider, CareCredit, on our window so patients can see it when they walk in. Also, we have point-of-sale signs throughout the office (front desk, pre-test areas, in the exam lanes and in the optical shop). CareCredit comes up naturally if a patient expresses concerns about being able to afford a product (by my technician), and I will occasionally mention it to patients in the exam room if cost concerns are expressed to me.
I like to avoid monetary conversations, so I’ve trained my opticians to be the primary presenters of financing options to patients–whether they’ve expressed financial concerns or not. Even if a patient is doubtful about using it, we will give them a brochure in case they are interested in the future. Remember, we live in a “payment” society. Financing for a multiple pair purchase fits in with society’s lifestyles, so it is not a hard sell. It also helps that getting credit approval is simple. Patients are able to use a CareCredit-provided electronic kiosk to apply and receive approval right in our office. 
Pay in Full and Enjoy Eyewear Right Away
We present financing options as a way to pay in full (which my office has as standing policy), but being able to spread the payments out so patients can enjoy that pair of sunglasses or computer eyeglasses right away without having to pay the sum total right away. We only offer the six-month financing option in our office because we don’t want to pay the higher processing rate on the 12- or 18-month option. We practice in a more affluent area, so paying in full is not always an issue, but having the option to spread it out is always nice.
Reassure Hesitant Patients
The most common reason patients hesitate to take advantage of financing is they don’t want an additional credit card. We assure them that this card is easy to work with, and is only taken at health care providers and other professional businesses. Again, we give them the information to take with them in case they decide they want to apply at home or later on for future expenses at our office. We also recently started listing area businesses that also take CareCredit. Our thought is that patients will be more motivated to use the card if they see that other businesses they regularly use also take the card.
Use Patient Financing to Facilitate Second-Pair Sales:
Keys to Success
Promote. Let patients know that financing is available. Include an item in an online newsletter and put up a counter card saying so.
Discuss. Be sure to discuss the financing option, even if only briefly, with all patients in the optical shop at the time of sale. That may be all they need to go ahead with a second-pair purchase.
Repeat the message. Even if patients say “no” the first time, they may say “yes”after they’ve had time to think about it and research the option.
Make it easy. Streamline the process as much as possible for staff (CareCredit makes this easy with ready-made offline and online information and applications), and be sure to allow the patient privacy when applying and waiting for approval.
Related ROB Articles
Accentuate the Positive: Offer Financing to Expand Purchasing Power
Build Patient Purchases with Financing Options
Build Second-Pair Eyewear Sales
Gina M. Wesley, OD, MS, FAAO, is the owner of Complete Eye Care of Medina in Medina, Minn. To contact her: drwesley@cecofmedina.com
