For Providers

Provider FAQs

Frequently Asked Questions

CarePayment is a patient financing company that is committed to helping people manage their medical expenses. We are not a collection agency or credit card company. CarePayment partners with medical providers to give patients an option to pay off their balance from healthcare services they received.

Studies show that patients who have had a positive medical treatment experience can end up reporting lower quality of care if they have a negative billing and payment experience. “Patient-friendly” means that CarePayment is focused on offering affordable, manageable and accessible financing solutions that help patients meet their financial obligations. CarePayment works as an extension of the provider, offering polite, respectful communications to patients and making it easy to activate their account, make payments in convenient ways, and get questions or concerns answered quickly. Our collaborative approach to both your team and your patients, and our depth of industry-specific knowledge, achieves better financial and patient satisfaction results. We maintain the highest level of transparency and service possible while being compliant with all applicable state and consumer lending laws and regulations.

Increasingly, patients are avoiding care because they can’t afford it, even if they have insurance. Many patients now have high deductible plans and may need to pay as much as $10,000 out of pocket before insurance kicks in. The reality is that not every patient can afford to pay cash or to take on interest-bearing debt through credit cards or home equity lines of credit to cover their share of medical expenses. Patients need budget-friendly alternatives when they need more time to pay. Offering affordable, transparent financing products ensures patients can pay off their medical bills with dignity, access care when they need it and avoid unnecessary stress and anxiety.

CarePayment partners with healthcare providers to offer a revolving line of credit at 0.00% APR. There is no application. Patients are not charged interest. CarePayment does not report delinquencies to credit bureaus,
and participation in the program has no impact on patient credit scores.

No. CarePayment is a voluntary program that is offered by providers to help patients make affordable payments over time without incurring interest fees or risk being sent to collections. Patients can opt out of CarePayment at any time and their outstanding balance will be returned to the provider. Late fees that may have been incurred are not included if the balance is returned to the healthcare provider.

Patients can access information about CarePayment through this website, by calling our toll-free customer service line at 866.625.8532 or by contacting their provider. We also send a welcome kit in the mail with all required disclosures and our privacy policy.

After 90 days of non-payment, the account is returned to the provider. We notify the patient by letter that his/her CarePayment account has been closed for non-payment and that the outstanding balance has been returned to the provider. Any late fees that have been assessed are removed from the account.

No. CarePayment does not make a hard inquiry into the patient’s credit history to qualify them for an account. All patients with valid SSNs/TINs qualify for the program. CarePayment does not report to credit bureaus if a patient becomes delinquent.

The healthcare provider pays CarePayment’s program fees.

The CarePayment product is co-branded with the provider. Most of the materials the patient receives have both the name of their provider and CarePayment on it. Additionally, the introductory materials clearly communicate that the provider is sponsoring the CarePayment program.

The benefits to the provider of offering CarePayment include improved financial performance, increased patient satisfaction and loyalty and compliance with applicable consumer lending laws and regulations, as well as a streamlined, efficient financing program. CarePayment allows providers to focus on what they do best – providing quality care – and helps ensure their continued financial stability and presence in the community.

CarePayment offers a patient-friendly revolving line of credit at 0.00% APR. We do not impact a patient’s credit history in any way. Our program is completely transparent and complies with all applicable consumer lending laws and regulations.

There are companies that offer alternative products that are not as patient-friendly in one way or another. These products include medical credit cards, installment loans, and deferred interest plans. To learn more about the difference between the various financing products available read our white paper on patient’s financing options.