CareCredit, OxyGo Strike Financing Partnership
Entry into HME market by established healthcare credit card company should expand oxygen patients’ equipment, therapy options.
- By David Kopf
- Jul 20, 2017
CareCredit, a provider of healthcare credit services, has entered the HME marketplace via a multi-year agreement to help finance patient purchase of Applied Home Healthcare Equipment Inc.’s OxyGo line of portable oxygen concentrators.
Portable oxygen devices have become an important retail sales opportunity for some respiratory providers who are discovering some patients will pay cash for POCs and other portable devices. The deal will see CareCredit provide financing options to patients visiting the nearly 20,000 providers of OxyGo devices. While new to the DME world, CareCredit has been financing healthcare purchases for 30 years and serves millions of clients annually.
"Entering this new market with a well-regarded partner aligns perfectly with our goal of helping people pay for the care they need when they need it," said Greg Pierce, senior vice president and general manager for CareCredit. "Our agreement with OxyGo gives their providers a way to help people finance the equipment they need — with convenient, monthly payments — so they can maintain or regain their independence."
In general, having access to financing services will factor heavily in family healthcare decision-making. A study conducted by CareCredit showed 72 percent of people surveyed reported that a healthcare credit card lets them better prepare for their family's needs, as opposed to delaying care.
"This new partnership will help patients live more independent and healthier lives," said Dave Marquard, CEO & Founder of OxyGo. "Having the freedom to be on the go while you're on oxygen can make a big difference. Now more patients will be able to get an OxyGo and/or OxyGo FIT portable oxygen concentrator, giving them greater independence when they need it."
David Kopf is the Executive Editor of HME Business and DME Pharmacy magazine. Follow him on Twitter at @postacutenews.