1st Group – the company behind MyHealth1st – has developed an educational series of webinars for optometrists, which aims to expand practice knowledge when considering the addition of buy now pay later (BNPL) payment options in the healthcare industry.
The webinar series will be presented by Klaus Bartosch, chief executive officer of MyHealth1st along with local eye care professionals who have experience using BNPL in healthcare practices. The series is sponsored by Latitude Pay.
What is BNPL?
BNPL offers consumers a manageable way to access eye health services and purchase quality frames, lenses and additional eyewear they may otherwise not have been able to afford right away. BNPL providers do not charge interest and have set repayment periods. Providers have maximum allowable credit limits and some require users to ‘earn’ a higher credit limit by demonstrating their ability to pay off smaller amounts. If a user misses a payment, they are charged a fee (which differs according to each provider) and if they miss multiple payments, their ability to access credit is cancelled.
Realise the Opportunities
BNPL began as a Millennial and Gen Z proposition. It is now used by around one in two consumers aged under 45 and continues to grow and appeal to a much broader age group.
Despite this, Mr Bartosch said results from a recent survey conducted among practices showed that few optometrists understand the potential or relevance for BNPL to be offered in healthcare.
“We discovered that half of healthcare providers do not understand BNPL in the health care setting; one third think it is placing their patients into bad debt; and half believe BNPL patients are those looking for cheap service as opposed to quality eye care. The survey also confirmed that patients don’t know that a healthcare provider offers BNPL until point of sale, which is too late in the purchasing decision process.
“In fact, research shows that had patients been offered BNPL, they may have chosen better lenses, better frames, additional glasses or sunglasses, thereby improving their eyewear choices for their lifestyle,” Mr Bartosch explained. “Additionally, BNPL provides greater access to more costly ongoing services, such as intense pulsed light treatment for dry eye disease and orthokeratology treatment for keratoconus.”
The webinar series will explain how the health care landscape is changing to embrace BNPL, in the process dispelling myths surrounding this payment option and the user demographic. Additionally it will provide practical tips to help optometrists maximise the benefits of BNPL for both patients and practice.
Hosted by Mr Bartosch, each webinar will include presentations from guest speakers including optometrist Jessica Chi (Eyetech Optometrists, Melbourne).
Add to Industry Knowledge
Complete this BNPL survey to contribute to research into understanding BNPL in the healthcare setting and gain access to the results.
Register to Attend
CPD has been approved 1 non-clinical/non-scientific CPD hour through Optometry Australia for Institute of Excellence Quality Assurance
