Reducing Administrative Burden with the Help of Third-Party Financing Solutions

Healthcare workers are increasingly overwhelmed by the administrative burdens that accompany their roles.¹ Redundant documentation and evolving regulations are stretching staff thin, impacting operations, patient care, and overall job satisfaction.¹ Third-party financing solutions like the CareCredit credit card, a Synchrony solution, can help streamline operations.

Claude Royster, Vice President and General Manager of Health and Wellness at Synchrony, highlights the critical issue: “Healthcare workers are experiencing burnout in part due to administrative overload.² By partnering with third-party solutions, practices can help to alleviate some of this burden thanks to the support these solutions offer, allowing staff to focus more on patient care.”

The Impact of Burnout on Healthcare Operations

Burnout among healthcare staff is not just a personal issue; it can affect how businesses operate. A USA Today-Ipsos study found that 52% of healthcare workers surveyed feel burned out, which may have been exacerbated by the pandemic's long-term effects on staffing and work-life balance.³

Decision makers and staff members both indicated the burdensome documentation and regulatory issues limited their ability to spend time helping patients, and 32% of staff members reported that they often think about quitting their current position.² This high level of burnout can lead to increased turnover, decreased productivity, and a strain on the financial stability of healthcare organizations.⁴

The relationship between patient experience and staffing performance cannot be overstated. Burnout can lead to longer processing times, more errors, and higher claims denials, all of which negatively impact patient care. As healthcare executives rank staff burnout as a top priority, understanding and addressing its root causes is essential.⁵

Shifting Patient Preferences and the Impact on Staff

Patient preferences are shifting towards value-based care and a retail-like experience in healthcare meaning that maintaining positive customer service is crucial. Overworked staff dealing with administrative backlogs can negatively impact patient satisfaction, influencing their decisions to seek care at your practice. The rise of consumerism in healthcare shows that patients are increasingly shopping around for the best experience. Burnout, driven by staffing shortages and time-consuming administrative work, not only affects employee morale, but also the quality of care they can provide.⁵ Ensuring your staff are supported can help meet patient expectations and maintain a high level of service.

Leveraging Third-Party Solutions to Improve the Payments Process

Third-party solutions like CareCredit offer financing solutions that help reduce accounts receivable burden, allowing those employees to focus on more pressing tasks.

Respondents from the 2023 CareCredit Burnout Survey shared their desire for new technology and more training for staff to help with operations efficiency,² and based on the CWH Advisors PatientPay 2022 Survey, many providers are already adopting technology to automate processes, with a notable percentage planning to outsource or automate their revenue cycle.⁶ These improvements can enhance workflow efficiency and help improve patient satisfaction by providing a more seamless and retail-like experience. CareCredit ensures prompt payment within two business days, minimizing accounts receivable and easing administrative load. Additionally, CareCredit offers dedicated support to train staff in managing financing discussions, which can help increase patient satisfaction.

• Learn more about CareCredit and see how your practice can benefit.
• Read more about this topic in the CareCredit whitepaper: “Recognizing Burnout in Healthcare Staff and Ideas for Addressing It”. 

About Synchrony

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to customers in their channel of choice. For more information, visit www.synchrony.com and Twitter: @Synchrony.

Disclaimer

This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, “Synchrony”) makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.​

1. Burnout Related to Electronic Health Record Use in Primary Care. Journal of Primary Care and Community Health. April 19, 2023.
2. CareCredit Staff Burnout Survey. May 2023. CareCredit is a Synchrony solution.
3. American Healthcare Workers Persevering but Remain Stressed. IPSOS-USA TODAY. February 22, 2022
4. US Physician Burnout and Depression Report. Medscape. January 2024.
5. Healthcare Leaders’ Top Priority is Addressing Staff Burnout. Holon Solutions. (2023).
6. PatientPay 2022. March 23, 2023. CareCredit-CWH Advisors.