Running an Independent Practice Doesn’t Mean Doing It Alone: How Your Financing Partner Works for Your Business

“I don’t have the time.” 

“It’s all on my shoulders.”

“I need more support.”

Sound familiar? 

Anyone in the health and wellness field has heard or even said one of these phrases probably at least once per day — especially among small and mid-sized practices. If you are one of them, then you are not alone. We know independent practitioners, whether dentists, veterinarians or audiologists, wear many different hats. They are not only busy treating patients, but they are also entrepreneurs focused on keeping operations moving and business thriving. 

Providers need to be prepared to stay competitive as consumers are valuing the patient experience more than ever before when choosing care. Running an independent practice is demanding, and the shifting financial and policy landscape can make it challenging for some to keep the doors open. We are seeing the consequences of this in real time, as the number of self-employed physicians has continued to decline over the last decade, according to the American Medical Association (AMA).

It does not have to be this way. 

Finding the right way to uplevel your business without sacrificing quality patient care can be difficult, but having the right financial partner in your corner can make all the difference. The key is to ensure that you select a partner that focuses on the unique needs of smaller businesses and can easily and quickly innovate based on the real-world issues impacting your operations. Let’s take a look at how financial partners can help — and first, at the factors that continue to impact the payment landscape for everyone. 

Patients Prefer Independent Providers

Research has shown that many patients appreciate the personalized experience and strong patient-provider relationships often found in smaller and independently owned practices. For example, surveys indicate that some patients value the increased face time and appreciate a more personal relationship, with over half of patients saying they trust these providers (60%) more and the quality of care is higher (57%).

This highlights the importance of fostering meaningful connections and tailored care across all practice types, as patients value environments that prioritize their unique needs and support strong relationships with their wellness teams.

The bottom line is that independent practices and the doctors who run them are important to their patients, so choosing a solutions partner that understands this is key to maximizing your success and ability to continue serving the community. 

How Your Financing Partner Is Key To Boosting Your Success 

There are several key ways that your financing solution partner can make an impact — from enabling credit access, to driving technology innovation. Let’s dig in: 

Connecting Patients to the Payment Options They Want With Multi-Source Financing

Healthcare costs can be overwhelming and are a known barrier to care for many patients. Sharing information about multiple payment options is an important way to help them overcome that anxiety, particularly those who may be seeking care that is not covered fully by insurance. 

Offering an in-house financing option is not always feasible, since taking on the burden of delayed payments and missed revenue can be hard on any business. This is where a third-party financing partner like Synchrony can help bridge the payment gap through solutions such as the CareCredit credit card. Our financing support helps make payments more manageable for patients while ensuring your practice can maintain healthy accounts receivable. But we do not stop there. Our ability to offer second-look financing makes it possible for us to seamlessly connect patients with credit access when they need it, delivering a scalable lender marketplace to ​providers.  

Embracing the Power of Technology

Financing partners know how difficult conversations around costs and payments can be, and as a high-quality partner, we prioritize seamless digital processes to speed up practice efficiency. Oftentimes, our tools help support clinicians as they navigate potential revenue cycle delays caused by any missed payments. 

We work closely with independent software vendors (ISVs) who develop and deliver practice management and patient relationship management solutions, helping to connect patients with credit access at moments that matter most. One example of this is screening patients for credit preapproval before their appointments in a way that makes it easy for administrative teams to see and start a conversation. Technology processes like these make it simple and easy to integrate financing communication and support with each patient’s experience.

Giving Your Practice a Leg up With Business Insights and Resources

As our understanding of general health and wellness has shifted over the years, consumers are exploring holistic care options that extend beyond the medical provider setting. We are seeing that patient demands in healthcare settings are mirroring their consumer expectations elsewhere, so having a partner who knows what these patterns look like can help you stay ahead of the curve. Synchrony’s financing products like CareCredit can be used to pay for purchases across a range of industries, including health and wellness services that go beyond the doctor’s office. Because of our product’s reach, we are able to collect consumer insights from across our network of organizations that span various industries, including cosmetic, dental and veterinary care. We synthesize these findings for healthcare providers so they can see how spending behaviors in other markets could impact how patients navigate their healthcare costs. A partner who prioritizes transparency and resources across industries, can help ensure consumers and your patients have the tools to make more informed decisions about how they choose to pay for their care and needs, making the payment process as clear and manageable as possible. 

The healthcare industry continues to change and navigating the complex financial landscape that comes with it is no small task. That is where we come in. 

For small and mid-sized practices, where resources can be more limited, it is essential to focus on solutions that will help drive sustainable and long-term growth to continue serving patients when they need it most. By leveraging partnerships with third-party financing solutions like Synchrony’s CareCredit credit card to elevate business management, healthcare staff can focus on personalized, patient-centered care and help ensure that people have access to quality treatments within their budget.