Splitit Breaks into Healthcare Sector by Offering 0% APR Installment Payments to Patients
Splitit, announced that they are breaking into the healthcare industry by offering a new service called “Splitit Healthcare.”
Splitit enables customers to buy online using existing credit cards in installments without charging any additional interest. While credit card companies usually natively offer some 0% APR installment purchase options, Splitit takes the whole concept to a new level and act as a third party broker of such 0% APR deals.
Splitit Healthcare will also offer similar perks to customers who need to pay large medical bills, at 0% interest. Splitit said in a press release that customers will not require to go through detail credit checks or credit application and will be able to enjoy instant approval.
The 0% APR medical bill payment option provided by Splitit Healthcare will initially cover several key healthcare verticals, including dentistry, elective surgery, weight loss surgery and hearing.
Commenting on the new service, Alon Feit, CEO of Splitit said that “Today, about a quarter of working-age adults in the US struggle to pay their healthcare bills, leading many people to avoid future treatment and resulting in huge financial losses for medical and dental practices.” He claimed that “Splitit Healthcare is changing the paradigm,” and the new service will help make “medical expenses more manageable and affordable for patients while helping practices maximize revenue and offer a better service for their patients.”
The United States is one of the very few developed nations where universal healthcare is not provided by the government. With the rising cost of private medical care, medical bills are one of the major reasons behind a large number of bankruptcy in the country.
With the option to split large amount of medical bills, Splitit Healthcare will enable patients to better manage their monthly household budgets. Also, the 0% interest rate would be a blessing for people in financial distress.
According to the press release, Practices participating in the program will get the option to get full bill paid upfront with a discount fee of up to 7.5% + $1 per installment, making it a win-win deal for both patients and service providers.