According to research, the healthcare cost in the US reached $4.3 trillion in 2021. That comes to $12,900 per person.
Compared to other developed countries, the average healthcare cost per person is only half of that. These statistics make you realize how expensive medical treatment is in the US. What worsens this is that the US economy is going through a rough patch. The unemployment rate is increasing due to major sectors planning layoffs soon.
So, what will Americans do to cope with this? They are already turning to companies that can help convert their bills into easy payment plans. Patients see these plans as good alternatives to medical credit cards. Americans are in massive debt. From student loans to mortgage payments, they have enough debt on their plate. That is why they prefer flexible payment plans instead of taking loans.
Explore all about payment plan software in detail. Equip yourself with the knowledge to navigate and use this powerful tool effectively.
How Is Sunbit Helping Manage Medical Costs?
Sunbit allows patients to pay off their expenses through monthly payments. Patients can use it to pay for various medical treatments like dental care, eye care, and more. Sunbit has quickly become a good alternative to medical credit cards in the US. Also, people use Sunbit to pay off auto repair bills. They have tied up with over 20,000 merchants across America and have a 90% approval rate.
Sunbit also offers software for merchants to offer payment plans at checkout. It helps merchants convert more patients while helping make services affordable for consumers.
While Sunbit has many benefits for medical practices and patients, it also has some flaws. One of them is that patients have to undergo a soft credit check, leading to rejection for many. As we mentioned before, many Americans that need treatment these days have a bad or unfavorable credit score. That is the reason they turn to companies like Sunbit. So, a credit check defeats the whole purpose of payment plans for them.
So, for these reasons, there is a need in the market for an alternative to Sunbit. Here’s our list of the top three options.
Best Alternatives to Sunbit or Medical Credit Cards
Below are the details of the alternatives to Sunbit to offer flexible payment plans to customers.
CarePayment
CarePayment offers payment solutions to medical practices, hospitals, and ancillary service providers. Their company helps patients pay off their medical bills with easy payment plans.
CarePayment helps patients reduce the burden of out-of-pocket expenses and high-interest rates.
The salient features of their services include:
- 0% APR
- Low monthly payments
- Flexible payment terms
- No impact on your credit score
CarePayment is available at over 2000 locations across the US. They have a vast network of providers that you can choose from.
Here are some ways in which CarePayment helps medical practices:
- Improved patient experience
- Increased ROI
- Helps in collecting missed payments
Even though CarePayment is a good Sunbit alternative,, they have limited availability. If we compare them with Sunbit or other payment plan providers, they still have a lot of ground to cover.
Afterpay
Businesses use Afterpay as a Sunbit competitor across various industries like retail, automotive, and others besides healthcare. Their solution helps patients pay their bills by converting them into four payments. Patients can pay off the amount over six weeks. However, you must make the first of the four payments upfront.
As long as patients pay off the amount within the given time frame, they pay no interest. Afterpay reportedly has over 19 million users at present. Merchants use it globally to allow customers to pay for their services easily. Afterpay works both online as well as in brick-and-mortar locations.
Afterpay’s benefits for users include the following:
- Interest-free payment opportunity
- Convert bills into easy installments
- Use for online & offline payments
Afterpay also offers various benefits to merchants. These include:
- Increase in average order value (AOV)
- Increase in the frequency of payments
- Integrates with various systems
- You can use it on a website, app, or physical location
While this company offers easy payment options, an upfront payment is necessary. Also, the interest-free payments are only valid if you make payments over six weeks. Any payment plan for a longer duration includes interest.
Denefits
Denefits is one of the best alternatives to Sunbit. It is a healthcare payment plan software several medical practices already use. Patients get to convert their medical bills into easy monthly payment plans.
We ensure that medical practices can offer payment plans to most patients due to our NO CREDIT CHECK POLICY. It means that we approve almost all your patients. That alone makes it one of the best alternatives to medical credit cards.
Denefits offers the following advantages to patients:
- 95% approval rate
- No credit check
- Instant approval
- Easy monthly installments
- No interest for the first three months (with the Deferred plan)
- Improved credit score through payment reports sent to credit bureaus
Medical practices and businesses also enjoy several benefits with Denefits, including:
- Increased revenue
- Improved patient loyalty
- Protected Payments
- Easy integration with the website
- API Hub for various functionalities
- Option to split or pass transaction fee with patients
- Option to set own interest rate
- Automated Debt Recovery
These are just a few reasons that make Denefits the best payment plan software.
The U.S. healthcare system is complex and unfriendly, but you can help patients and make a difference by offering payment plans.
A Brief Comparison Between Sunbit and Their Alternatives
| Sunbit | CarePayment | Afterpay | Denefits |
|---|---|---|---|
| 90% Approval | Low monthly payments | Easy installments | 95% approval rate with Instant approvals |
| Partnered with 20,000+ merchants | Flexible payment plans | Interest free payment option | No credit checks & Protected payments |
| Easy monthly installments | 0% APR | Available online and offline | Reporting payments to credit bureaus |
| No hard credit checks | No credit check | Easy integration with website and app | Flexible payment options |
| 3 month deferred interest plan | Option to defer interest payment | ||
| Easy integration with existing system | |||
| Automated debt recovery |
Conclusion
Choosing the right payment plan provider can help reduce the burden of expensive medical treatments. It is a tool for increasing revenue and collecting bad debts for medical practices. We hope the information in this post helps you determine the payment plan software for you.
As mentioned above, Denefits offers a wide range of benefits for both patients and medical practices. That is why you can consider it a leading alternative to Sunbit.
