Are we ready for hospital-branded credit cards?
Patient Financial Services Weekly Advisor, April 26, 2007
Q: What are your thoughts on the movement toward hospital-branded credit cards and how they may tie into the more savvy/educated consumer?
A: The primary place where we see the use of credit cards expanding is through HSA accounts. When these accounts are established, your financial institution typically issues you either a credit card or checkbook to pay for medical expenses.
As far as hospital-branded credit cards, the adoption has been slow. Hospitals initially responded positively to the idea of credit cards but consumers didn't. For them there isn't much benefit to use a credit card over setting up a payment plan. As far as credit cards go, it is hard for hospitals to match all the bells and whistles that traditional issuers can offer.
Editor's note: Keith Siddel, MBA, PhD, president and CEO of HRM, answered this question.
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