LATEST NEWS

Credit Financing Options

Aug 05, 2017

 

 

 

 

 

 

 

 

 

 

 

Eleven years ago Muhammad Yunus, a Bangladeshi, won the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance. The bank specializes in giving loans to entrepreneurs too poor to qualify for traditional bank lending loan packages. Its loans have made a tremendous difference in the quality of life for millions of people. The citation for Yunus and the bank included praise “for their efforts through microcredit and microfinance to create economic and social development from below”.

Creative and generous credit programs, used responsibly, are very powerful tools to improve the quality of life for patients and care givers. Dr. Yunus’s first loan was $27.00 USD to 42 borrowers (mostly poor women) in one small village. They made an average profit of $0.02 per dollar and created small businesses that even today feed their families. The loans were repaid in full.

Today, Dr. Yunus’s Grameen Bank loans 7 million borrowers an average of $862 of which 94% are poor women starting small businesses to feed their families. The repayment rate is currently between 98 and 99%.

While homecare credit programs are not going to win the Nobel Peace Prize, the United States Presidential Medal of Freedom and / or Congressional Gold Medal, which were won by Dr. Yunus, we too can help millions of patients have a better life. Nothing makes us a happier in the home healthcare industry than the words we so love to hear: “Thank you. You gave me back my life”.

I believe the power of imagination behind our two newest financing program offers, OxyCare Total Advantage™ and Care Credit, is transformative. They are available through providers like yourself right now and are showing that they, too, have great promise for improving millions of lives. You are missing the boat for yourself and your patients if you do not sign up for both OxyCare Total Advantage and Care Credit.

Specifically, these new credit tools are empowering patients and providers as never before. They enable patients to acquire HME equipment such as portable oxygen equipment (POCs), power chairs, scooters, and more… even if their credit is capped out or nearing its cap. Think about it! There are plenty of patients who would acquire better or more equipment from you if they thought they could afford it.

OxyCare Total Advantage gives them the affordability and confidence to make purchases from you that they might otherwise have been afraid to make. And Care Credit puts the power of numbers on your side with more than eleven million people carrying that card—many of them potential customers for you.

Signing up is easy. Just contact your local OxyGo® sales representative today or call us toll free at 888-327-7300 and touch 1 for Customer Care.

These same credit tools are a win-win for providers because they provide much needed new revenue and profits to offset declining reimbursements.

Why would my patients want OxyCare Total Advantage if they already have MasterCard or Visa credit cards?

MasterCard or Visa credit card holders are what we call Responsible Credit Users or “RCUs”. RCUs know how to use credit responsibly and will recognize the unique insurance and other advantages that OxyCare Total Advantage and Care Credit offer over their current credit cards while in your store. Neither MasterCard or Visa are designed or have the many unique & often exclusive features required by patients.

Why can’t a provider wait until a patient asks for OxyCare Total Advantage or Care Credit and then sign up?

The meek may inherit the earth but they will never do a good job of maximizing your revenues. The idea is for you, as a provider, to be proactive—not reactive. Many patients simply do not know about these new credit programs that are much more flexible and payment-friendly than anything they may have used before.

Providers shouldn’t wait for their competitors to provide HME equipment that vastly improves the patient’s quality of life. Providers should learn about these great programs, often with little or no cost, and reach out to their patients. They shouldn’t wait for another reimbursement cut or their own financial crisis to take action. Sign up now!

My patients are poor or indigent and don’t have any credit!

These programs are designed for your less (financially) fortunate patients also. For example, OxyCare Total Advantage reaches patients with FICO scores as low as 500. While these patients might have to put up some money as a down payment, that’s okay. This is because the down payment is paid directly to you, the provider. You can keep the down payment as an immediate and welcome infusion of cash into your business.

Is the provider responsible for the loan or credit card charge?

No, these are non-recourse loans or charges. The provider is not responsible. Common sense says, though, that if you see or suspect something fraudulent—report it. This would be true for any business transaction.

Are there really 11 million Care Credit card holders out there?

Yes, and more are joining every day. The numbers are huge. And there are around 4 million OxyCare Total Advantage contracts in force today.

How do I sign up?

Contact your local OxyGo sales representative or OxyGo Customer Care: 855-410-4493, med@applied-inc.com.

Should I sign up for both programs?

Yes, OxyCare Total Advantage and Care Credit are different programs that provide widely different patient financing options. For example: with OxyCare Total Advantage reaching FICO scores as low as 500, the program is very much like a furniture or other retailer’s in-store credit plan. However, it is considerably more aggressive in trying to serve as many patients as possible. There is really no financing option comparable to it anywhere.

The Care Credit card is a specialized medical products credit card, specifically designed to improve the lives of your patients with options and services. It is nothing like Visa, MasterCard, or even American Express. Only Care Credit offers your patients features such as insurance that pays off if a patient can’t pay, dies, or is disabled.

Is this the credit future of HME Providers?

Yes, absolutely! These credit programs should be a vital part of any provider’s future.

As one DME offering OxyCare Total Advantage in Arizona told us… “It has opened up revenue gains for us I never thought possible, in just the first few days of my signing up. I am going to start advertising it on my box truck!”

RELATED POSTS
When You Should Not Use Social Media
Social Media,Internet Safety
Many of us who grew up working summer jobs in defense or other types of factories may remember seeing signs that had dire warnings to keep what we saw...
COVID-19 Resources: Keep It Clean
Timely Topic
With the number of maintenance chemicals and standards out there, it can be a little overwhelming trying to figure out whats the right chemical to use...
Portable Oxygen Concentrators: What are they and how do they work?
The Oxygo Difference
Portable oxygen concentrators, or POCs, are lightweight medical devices that dispense oxygen while being highly portable.  They allow those prescribed...
Oxygen EXPO2 is Big Hit in Orlando
Events
DMEs from Oklahoma, Texas, Florida and across the country attended Oxygen EXPO2 in Orlando, FL on Jan 21st of this year.  The expo, subtitled The NEXT...
OxyGo Announces Oxygen EXPO2 2020 - The Next Tech in Ambulatory Oxygen
Events
Orlando, FL – (December 13, 2019) – OxyGo, a company noted for providing high quality home healthcare oxygen products, announced that it will host its...
Traveling with OxyGo NEXT!
News
  Traveling with OxyGo NEXT is straightforward and simple.  One reason is it so easy to travel with is because it meets all the Federal Aviation Admi...
OxyGo Celebrates 5th Anniversary
News
FOR IMMEDIATE RELEASE: October 14, 2019 Orlando, FL: OxyGo LLC, a leader in the portable oxygen concentrator market celebrated their 5th anniversary...
Did you know? Home oxygen fires claim a life every four days in the US
Product Info
                      The true death toll of home oxygen fires across the United States is likely to be higher than previous estimates by t...
OxyGo Announces Launch of OxyGo NEXT
Product Info
FOR IMMEDIATE RELEASE: August 12, 2019 Orlando, FL: OxyGo LLC, a leader in the portable oxygen concentrator market announced the launch of their new ...
Competitive Bidding - Are you ready?
Regulatory
                      June 15, 2019 – By Cara C. Bachenheimer for HomeCare Magazine With the Medicare Durable Medical Equipment, Prostheti...
How Technology Can Enhance Growth at Home and at Work
Technology
                        June 8, 2019 – By Dave Marquard, WEMCO Tech Chair Curiosity has often driven me to action.  In 1982 I purchased o...
OxyGo Announces Launch of OxyGo FIT Connect
Technology
                          FOR IMMEDIATE RELEASE: February 19, 2019 Orlando, FL: OxyGo LLC, a leader in the portable oxygen concentrator ...
Why the #1-Rated POC is NOT Selling Direct
The Oxygo Difference
OxyGo® is known for its amazing customer service, sales and marketing support. And its brand, Applied Home Healthcare Equipment, has long been trusted...
Trust Your Gut to Make the Right Choice
The Oxygo Difference
You may have heard of The Centipede’s Dilemma: A centipede was happy – quite! Until a toad in fun Said, “Pray, which leg moves after which?” This rai...
Telepresence Robots Are Changing the Way We Work
Technology
                      “Beam me up, Scotty” You are probably familiar with this iconic catchphrase that made its way into the popular cul...
The OxyGo Difference
The Oxygo Difference
An acquaintance recently asked me how providers of home healthcare equipment might define what I like to think of as “The OxyGo Difference.”  Id love ...
Las Vegas Medtrade Still Wows
Events
There were lots of products to be seen and deals to be made at the recent Las Vegas Medtrade Show that ran March 27-29 at the Mandalay Bay Convention ...
How the New Tax Code Affects Home Healthcare Providers
Timely Topic
                      President Trump’s new tax law went into effect this year, boosting take home pay for about 90% of Americans. The amou...
Increasing Your Cash Flow
Financing
                      For more years than I wish to count, CMS has been busy—working hard to decrease their funding of DME products. The re...
Moving the Needle
Retail
                      In July, 2017, American Association For Homecare published a vivid report that brought into focus the DME decline pla...
Is OxyGo Right for Your Patients?
Product Info
                      ABSOLUTELY! Thousands of patients love the OxyGo® family of Portable Oxygen Concentrators, and so will yours. With th...
Booming Business
Timely Topic
                      Forget, for a moment, the problems caused by Competitive Bidding and shrinking government reimbursements. Think, inst...
Countdown to Medtrade
Events
                      It comes to the Las Vegas Mandalay Bay Convention Center March 27-29. It’s the second largest trade show in the U.S. ...
Planning for Long-Term Care: The Time is NOW
Timely Topic
                      The population is aging, and as more people move closer to retirement and beyond, the importance of planning for long...
Creating a Successful Referral Network
The Oxygo Difference
It is no secret that strong, reliable referral sources are crucial to any providers business. An effective, high-caliber network will give any HME the...
Does Today's Technology Make You Feel Lonely?
Customer Service
                      I was listening to some “oldies but goodies” on the radio recently and lyrics from Roy Orbison’s “Only the Lonely” (1...
Setting Achievable Goals for Your Business
The Oxygo Difference
                      It’s no surprise that having and achieving business goals are critical for any kind of success. Goals are necessary t...
Recognizing the Famous… and Not So Famous
The Oxygo Difference
                      I was intrigued by an article I read recently in Cristaux, a design manufacturing company with a global vision that ...
Tips To Help You Grow Your Business
The Oxygo Difference
                      In 2005 I was given the responsibility of starting a new homecare company from scratch for the Cleveland Clinic. It w...
Affordable Patient Financing
Financing
                      It’s no secret that most home healthcare providers spend an inordinate amount time engaging various payors on behalf ...
365 Days of Marketing
The Oxygo Difference
                      Have you considered building special promotions that relate to national healthcare days and months? …  WHY NOT? Oppo...
Staying Safe in Public Places
Timely Topic
                      Before I started my own business I was a cop in the Cleveland, Ohio area. Police officers are trained to deal with ho...
2018 Med-Tech Trends
Technology
                Technology continues to transform every industry—and home healthcare is no exception. As new medical tech trends continue to ...
Lasting Impact
Timely Topic
                      Many of us have enjoyed opportunities to visit Florida and other sunny destinations. Usually it’s a fun trip to soak ...
From the Corner Office
Timely Topic
                      The late great St. Louis Cardinal’s Hall-of-Fame pitcher Dizzy Dean once reportedly said: “It ain’t braggin’ if ya’ c...
In the Know with OxyGo
The Oxygo Difference
                      Say hello to Robert “Bob” Gunner, one of the most dedicated exercise fanatics in Sugarland, Texas. Bob, an OxyGo® sal...
Driving HME Costs Down and Profit Up
The Oxygo Difference
                      The Home Oxygen Company (HOC), with offices in Modesto and Sacramento, California, is all about doing what it takes t...
A DME Holiday Wish List
Timely Topic
                        “Be careful what you wish for, it might just come true.” … We’ve all heard that warning from time to time. With th...
How to Recruit a DME Technician and Get Results
The Oxygo Difference
                      Some classified ads are better than others. Here is one of the best—an extremely well written classified ad for a DM...
Fighting Back
Timely Topic
                      On September 10th the eye of Hurricane Irma crossed over Cudjoe Key, not far from Key West, FL and about 70 miles sou...
Providing That “Perfect” Customer Service Experience
Customer Service
                      Good customer service is the most important value your company can provide to your customers. In a typical transactio...
The Art of "Please" and "Thank You"
Customer Service
                      The late great Alabama football coach Bear Bryant once made an observation always worth remembering: “It doesn’t cost...
Hungry for VC Money?
The Oxygo Difference
                      Have you ever wondered what it might be like to be a venture capitalist and make the call on whether or not to invest...
More Tips for your Traveling Oxygen Patients
Customer Service
                      Just because a patient is on oxygen doesn’t mean that they are stuck at home and cannot travel. On the contrary, toda...
Fly High with POCs
Product Info
                      The POCs you sell or rent to oxygen patients today allow greater freedom than ever before for travel and independence...
Hurricane Update
Timely Topic
                      Do you have patients who were impacted by either Hurricane Harvey or Hurricane Irma? Or were you directly impacted as...
Get more profitable patient revenue NOW!
Retail
TV spots, radio, direct mail, paid search and social media are just some measurable ways to effectively reach new customers. Set a budget and test dif...
How to Prevent Personal Obsolescence
Other
                      CAUTION! Personal obsolescence in a leader/manager can manifest itself in organizational under-performance, less than...
Special Staff Report
Regulatory
                      As this issue of Home HealthCare TODAY went to press, the Food and Drug Administration called for comments on its fir...
Spruce Up Your POC with a Designer Bag Look
Other
                        A new craze has been sweeping the country: rock painting! It’s being hailed as a new way of spreading happiness ...
Is Filling Your Own Cylinders Still the Best Option?
Product Info
                      In a world where everything keeps getting more expensive, and portable concentrators seem to the be the next big thin...
‘Hail’ to Keeping All Your Patients Going!
Customer Service
                      Jim Harbaugh, the football coach at my alma mater, the University of Michigan, has a favorite saying: “Attack eac...
5 Must-Dos at Medtrade 2017
Events
                      Once you arrive at Medtrade Fall 2017 in Atlanta… how do you make your time really count? As you take in the show and...
How an Idaho-based DME Serves Customers as Far Away as Hawaii
Retail
                      There is Texas ‘BIG’. And then there is Prairie Medical of Meridian, Idaho, ‘BIG’. The territory this highly special...
Arizona DME's Patient Satisfaction and Revenue Surge with OxyCare Total Advantage
Retail
                      Situated in Wickenburg, AZ, about 25-miles from Sun City, AZ, Discount Medical Equipment LLC caters to a well establi...
Healthcare Privacy and Confidentiality Requirements
Regulatory
                      Sometimes what looks easy is quite complex. Take, for example, the Healthcare Insurance and Portability and Accountab...
Zeroing in on the OxyGo Difference
Product Info
                      Every company has a reason to explain its existence and survival in a challenging and harsh business environment. Thi...
From The Showroom Floor
Events
                      The FIME 2017 Show (Florida International Medical Expo), which bills itself as “The Largest Medical Trade Fair Across...
A Checklist for Picking the Right POC
Product Info
                      More and more homecare companies are purchasing portable concentrators because they recognize the need to decrease th...
Behind the Scenes with OxyCare Total Advantage
Product Info
the occurrence and development of events by chance in a happy or beneficial way. good fortune; luck. For Shirley Rice, a Sun City West, AZ, resident ...
Credit Financing Options
Financing
                      Eleven years ago Muhammad Yunus, a Bangladeshi, won the Nobel Peace Prize for founding the Grameen Bank and pioneerin...
Using Credit to Leverage Cash Sales
Financing
                      Being Manager of Respiratory Therapy for the Cleveland Clinic was one of the most rewarding experiences of my life. W...
The World’s Shortest Definition of Economics
Customer Service
                      Once upon a time, in a kingdom far away from audits and competitive bidding, there lived a king and his beautiful dau...
OxyGo Day Proclaimed by the City of Westlake, Ohio
The Oxygo Difference
Westlake Mayor Dennis M. Clough issued a proclamation marking it as “OxyGo Day” in the city of Westlake. The proclamation noted how the company’s conc...
Taking the Sting out of Negative DME Online Reviews
Customer Service
As review sites have proliferated, a new industry has been spawned: reputation management and review alert firms that keep companies appraised about w...
CMS Home Health Star Rating System
Regulatory
Lets Patients Compare Home Health Agencies Consumers are being given the opportunity to be smarter and wiser in their selection of home health agenci...
Reduce Your Risk of Being Hacked
Business Tips
10 proven tech tips for every home healthcare DME Benjamin Franklin was addressing fire prevention, not healthcare, when he coined the famous axiom “...
Telehealth: The Future is Here
Technology
The future is now for DME’s keeping up with the latest advances in healthcare technology, especially in the area of telehealth. The big elephant in th...
How to Ride Oxygen’s Big Wave of Change to Greater Profits
The Oxygo Difference
Jason Flanigan, OxyGo’s® General Manager, has seen the future and it is loaded with high profit potential for DME’s and HME’s that ride the wave of ch...
Separating the Healthcare Millions, Billions, and Trillions
Other
If you are like me, keeping track and making sense of all the zeroes in the millions, billions and trillions of dollars spent on U.S. healthcare is da...
POC Game Changer
Product Info
Big surprises often come in small packages that can make a huge difference in a person’s life. Read one patient’s personal story… For Cathy Work, a h...
Latest Healthcare Stats Show Solid Growth
Other
Newest healthcare data from the Bureau of Labor Statistics and Census Bureau show continued growth in the size, scope and cost of the U.S. healthcare ...
Spring 2017 Medtrade Recap
Events
“I think what’s NOT here from an exhibitor standpoint is almost as noticeable as what is on display here…” said one veteran attendee traversing the ...
Introducing Patient Financing to Help Increase Cash Sales
Business Tips
A DME supplier can no longer survive while being dependent on Medicare for fee-for-service… with competitive bidding, stringent documentation requirem...
Innovative Financing to Help Your Patients Keep Going
Business Tips
The great early twentieth century sports and short story writer Damon Runyon wrote many memorable lines, perhaps none so famous as his observation tha...
Reduce Costs and Increase Sales with OxyGo "Smart Delivery"
Product Info
Recently CMS announced another round of oxygen reimbursement cuts. To combat this new decrease, you need to not only reduce your costs, but win more p...
Then ... and Now
Other
This past May, I wrote a column called “Keeping Concentrators New Car Smell Fresh”. It referenced how to deal with foul smelling rental equipment bein...
Four Tech Predictions That Failed — And One That’s On-The-Money!
Business Tips
The crystal ball business can be tricky. This is especially true when it comes to predicting the degree to which new commercial technology will be acc...
16 Tips for Oxygen Safety at Home
Customer Service
Oxygen is very safe to have in the home when the following guidelines are followed. Are the following 16 tips included in your oxygen safety training ...
Cracking Medicare’s Healthcare Jargon Code
Regulatory
Every industry has a shorthand code for its prominent and frequently referenced terminology. Healthcare is no exception. In fact, for the outsider, th...
Surviving Lower Oxygen Reimbursement Costs
The Oxygo Difference
Missy Cross is a veteran in Ohio’s homecare industry who is paying close attention to recent CMS oxygen reimbursement cuts that can be as high as 16 p...
What Today's Oxygen Provider Needs To Know About "Smart Delivery"
Product Info
In the aviation business there is an old saying that there are only two types of pilots: old pilots and bold pilots, but there are no old bold pilots....
Sell More POCs with New OxyGo and OxyGo FIT Commercials | Home HealthCare Today
Product Info
Pour on sales with OxyGo® POCs and their new super light model, the OxyGo FIT™. New 30-seccod, 60-second and 120-second OxyGo and OxyGo FIT commercia...
Healthcare Marketing Tips to Help You Grow
The Oxygo Difference
How many texts do you receive in a day? … Emails? … How many websites do you read each day? … What about social media? Twitter? Facebook? With techno...
Home HealthCare TODAY's Sweet 17
Business Tips
With the start of a new year, it’s time to follow through on resolutions that every DME-focused business should seriously consider. Here’s a list of o...
A Pro Talks About the Best of the Best
Product Info
Marc Gordon created Newtec Medical Equipment LLC, Toms River, NJ, with the intent of bringing affordable new technology home respiratory equipment to ...
The Next Big Thing in Portable Oxygen Concentrators is HERE! | Home HealthCare Today
Product Info
At Medtrade Fall 2016, the OxyGo® booth was a very busy place to be. There was considerable buzz and excitement surrounding the introduction of OxyGo’...
Smaller. Lighter. Better. | Home HealthCare Today
Product Info
A Paradigm Shift Worth Noting Bigger is NOT better when it comes to most home healthcare products. Medical device miniaturization is one of the cutti...
From the Showroom Floor: Medtrade Draws Tech-Savvy Attendees
Events
                      Here’s the Atlanta Medtrade show in a nutshell: “The show is dwindling. Fewer exhibitors, and fewer attendees—but o...
Healthcare Is The Fastest Growing Of All Occupations
Other
The U.S. Bureau of Labor Statistics has made it official… Healthcare employment is leading the nation in fast paced growth. Statistics available to H...
Keeping Healthcare Workers Healthy in the Wintertime
Timely Topic
Winter is a particularly challenging time for healthcare workers. This is true because healthcare workers often find themselves interacting with sick ...
FDA Annual Records Review
Regulatory
If you received a letter from the FDA, and it said the following, would you know what it meant? “Written procedures are not established for evaluati...
Fall 2016 Medtrade Show Report
Events
Medtrade’s annual fall show concluded in Atlanta (October 31 – November 3) with new products galore on display and over 90 educational sessions. Atten...
Connecting with Medtrade — The Place To Be
Events
I feel fortunate to have attended the recently concluded fall 2016 Medtrade show in Atlanta. It reminds me that the more things change, the more they ...
Does Your Team Bring Its “A-Game” Every Day?
The Oxygo Difference
As we begin this new year, I am willing to make a bet. I will bet the best performing DME’s and HME’s almost always are those homecare medical provide...
Categories
The Oxygo Difference (18)
Product Info (15)
Timely Topic (11)
Events (10)
Customer Service (8)
Regulatory (6)
Other (6)
Technology (5)
Business Tips (5)
Financing (4)
Retail (4)
Popular (3)
General (3)
News (2)
Social Media (1)
Internet Safety (1)
+ Show More

Home HealthCare TODAY is a news and regulatory magazine for the home healthcare industry.

© , Home HealthCare TODAY
Powered by VirteomVirteom Logo
LATEST POSTS