Interview with Peter Adams, Sycle.net
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Topic: Patient Financing from Sycle.net
CAROLYN SMAKA: Hi Peter! Your booth was very busy at AudiologyNOW! and I didn't get to say hello. Thanks for your time today. What's new with Sycle?
PETER ADAMS: Once again it's great to talk to you, Carolyn. We've had another tremendous year of growth. We're happy to announce that we crossed the 4,000 clinic threshold, meaning that 4,000 practices are utilizing Sycle every day. That comes out to more than 10,000 customers logging into the system every day, we couldn't be happier. AudiologyNOW! was a very successful event for us - we not only released new features but also a whole line of new products and services, including Sycle's Integrated Patient Financing Program.
SMAKA: Excellent, and those are very impressive numbers. It sounds like a significant portion of the industry.
ADAMS: We certainly have a large footprint in the industry, but it took time. Sycle's been around for nine years now and we've been growing since day one. It takes a lot to maintain an online software and you need to establish a large client base like we have. We have the brand recognition, and people trust Sycle now. It takes numbers like these to sustain the business model and to ensure that the product has longevity.
Another interesting statistic we've noticed is about 26 percent of our growth annually in the past few years has been from our current customers opening additional offices. I think that speaks a lot to the power of Sycle and how it has succeeded in its goal. The mission of the company is to help practices grow their businesses and help practices increase efficiency and hearing aid sales. And now we're seeing that happen on a daily basis with customers that have been with us for one, two, three years - they're opening up their third, fourth, fifth office.
SMAKA: Especially considering the state of the economy the last few years, that's very good news.
ADAMS: Indeed.
SMAKA: Let's get into HealthiPlan, Sycle's Integrated Patient Financing Program. What was the motivation behind Sycle getting into patient financing?
ADAMS: At Sycle, we're always looking for new services that will save our customers time. Since launching the company in 2001 we've been helping hearing care practices manage their businesses, from small family facilities to large networks of clinics. The addition of credit services just enhances the core product. We've partnered with Alliance Data who branded the patient financing program as HealthiPlan. We know that our customers are dedicated to Sycle. They're using the system every day, both office staff and audiologists, and they're spending a good portion of time each day working with the system. We know that a lot of our customers are utilizing patient financing programs, so marrying the two together into one integrated system that allows them to save time and money just made perfect sense.
SMAKA: Now that HealthiPlan has been available what has the response been?
ADAMS: The response has been tremendous. We unveiled it at AudiologyNOW! and from the first day of the launch customers started enrolling. Each day we're seeing more and more customers coming on board.
SMAKA: What about customers who haven't used financing in the past?
ADAMS: We're definitely seeing a mix of both people that were using other financing plans that simply want options, and those who weren't using financing before. Our program is a great way for them to to dip their toes into the world of financing. They're already using Sycle and there's absolutely no risk in using our program.
There are no enrollment fees. Customers can sign-up for it, try it out with a few patients, see if they like it. We're confident it's going to work with their businesses but if for some reason they do not want to continue with it, that's fine too. They can try it at their own pace, with no pressure.
SMAKA: I am a big believer in patient financing because in my clinical experience I found it to be both a need and a benefit for my patients. But for people that may not be on board with financing yet, can you go over why an audiologist may want to offer it?
ADAMS: Absolutely. I think when dealing with some of these big ticket items - which hearing devices and hearing technology are - the price point can be difficult for a lot of people. Patients out there might not even be aware that financing options exist, but it may be the one thing that can help move them toward a purchase.
In the research we've done over the past few years, we've found that there are two points of potential failure when it comes to acquiring new patients. The first critical point comes when the patient inquires about your practice, and whether or not you're able to book the appointment. The second is whether or not you're able to actually fit that person with a hearing aid. Offering a financing option helps to take away one of those last barriers to securing that patient and fitting the person with hearing aids.
SMAKA: You mentioned there are other financing options available. What is unique about Sycle's Integrated HealthiPlan Patient Financing Program?
ADAMS: One of the most appealing aspects of the program - and one that sets us apart from other financing options available today - is the integration into Sycle. It's seamless. The program integration was built by the same programmers and developers that built Sycle.net, of course, and it's extremely easy to use.
With just a few clicks of the mouse customers are able to complete the patient financing screening and the financing process for their patients. The pre-screening preapproval tool is also unique to our system. It's a key component - a huge differentiator - and some say it's revolutionizing how hearing care professionals are able to offer financing.
SMAKA: How does the pre-screening preapproval tool work?
ADAMS: All the hearing professional has to do is enter the patient's name and address into the system. The system automatically prescreens the patient to verify the credit offer,. Or, if the provider prefers he or she can click a button to run a prescreen. It doesn't affect the patient's credit at all. Literally, within just a matter of seconds of booking that appointment - the hearing care professional knows whether or not the patient will more than likely qualify for the HealthiPlan Program.
SMAKA: That sounds simple.
ADAMS: It is. If the patient is interested in a HealthiPlan credit account the provider clicks the accept offer button on the pre-approved screen.
SMAKA: Where does the patient make payments to?
ADAMS: This is one of the great things that we're hearing from participating customers. Alliance Data is the company that is backing the financing, and as I mentioned, they've branded the program HealthiPlan. They're a large publicly-traded company on the NASDAQ;ADS is their ticker code.
The feedback that we're hearing is that the patients love it because they get a monthly statement in the mail. They see the name HealthiPlan and they immediately tie it back to their hearing aid purchase, so it's really clear to them what it's all about.
SMAKA: If I have been using Sycle, where will I find this program in my software?
ADAMS: Current Sycle customers will notice that on the top of every patient's file - next to the name - is a little button that says 'Patient Finance.' The first time you click it you'll see a button that says 'Enroll now.' The clinic fills out that enrollment form and it gets sent to us. We just do a quick check to make sure all the information's there that's needed, if not we'll call the practice to fill in the holes. We submit that to Alliance Data and within 72 hours we let the clinic know whether they have been approved on the HealthiPlan program. And then we just flip the switch on our end and the system's good to go.
SMAKA: How are the rates?
ADAMS: I'm glad you brought that up. I think another reason for the success of this program has been the great plans and rates we're offering. Through the end of December 2011 they are offering a rate of 4.9 percent merchant fee on the 12 Month, deferred interest plan - In addition, there's a whole menu of other payment plans, such as budget plans where you can set up monthly payments so that they're accommodating to an individual's specific budget or economic needs. W
SMAKA: With financing, the idea is that anything you're paying in fees, you're making up many fold because of the fact that more people are purchasing instruments because financing has put them within reach.
ADAMS: Exactly. It's essentially an investment in your business because you're gaining from what would have been lost opportunities had this option not been available. You see this immediately;you don't have to wait long to see the gains to your business. And with the integration into Sycle, it makes it so easy.
There's no more getting up to fax in forms or waiting a response. The front office and operations staff in a lot of practices are some of the programs biggest cheerleaders right now because they were the ones chasing paper and trying to track this stuff down with other financing plans. Now with Sycle, they're telling us that with just a few clicks of the mouse one of the most convoluted and confusing parts of their job has become so easy.
For the professional, being able to let the patient know that he or she qualifies for financing instantly really helps make sure that the sale happens.
SMAKA: Peter, for clinics that aren't on board with Sycle - how do they get started?
ADAMS: I strongly encourage professionals to check out our Web site at www.sycle.net. You can request a free demonstration there or just give us a call at 888-881-7925 to request a demo. If you're somewhat familiar with the system and you just haven't signed up, you can skip the demo process if you like, register an account right online and we can have you up and running within 24 hours.
SMAKA: Sounds great. Nice to see new tools and resources being added like Sycle's Integrated Patient Financing Program. Let's catch up soon to go over some of the other new products and services from Sycle.
ADAMS: That would be great. Thanks Carolyn.
Learn more about Sycle.net by visiting the Sycle.net web channel on AudiologyOnline.
PETER ADAMS: Once again it's great to talk to you, Carolyn. We've had another tremendous year of growth. We're happy to announce that we crossed the 4,000 clinic threshold, meaning that 4,000 practices are utilizing Sycle every day. That comes out to more than 10,000 customers logging into the system every day, we couldn't be happier. AudiologyNOW! was a very successful event for us - we not only released new features but also a whole line of new products and services, including Sycle's Integrated Patient Financing Program.
SMAKA: Excellent, and those are very impressive numbers. It sounds like a significant portion of the industry.
ADAMS: We certainly have a large footprint in the industry, but it took time. Sycle's been around for nine years now and we've been growing since day one. It takes a lot to maintain an online software and you need to establish a large client base like we have. We have the brand recognition, and people trust Sycle now. It takes numbers like these to sustain the business model and to ensure that the product has longevity.
Another interesting statistic we've noticed is about 26 percent of our growth annually in the past few years has been from our current customers opening additional offices. I think that speaks a lot to the power of Sycle and how it has succeeded in its goal. The mission of the company is to help practices grow their businesses and help practices increase efficiency and hearing aid sales. And now we're seeing that happen on a daily basis with customers that have been with us for one, two, three years - they're opening up their third, fourth, fifth office.
SMAKA: Especially considering the state of the economy the last few years, that's very good news.
ADAMS: Indeed.
SMAKA: Let's get into HealthiPlan, Sycle's Integrated Patient Financing Program. What was the motivation behind Sycle getting into patient financing?
ADAMS: At Sycle, we're always looking for new services that will save our customers time. Since launching the company in 2001 we've been helping hearing care practices manage their businesses, from small family facilities to large networks of clinics. The addition of credit services just enhances the core product. We've partnered with Alliance Data who branded the patient financing program as HealthiPlan. We know that our customers are dedicated to Sycle. They're using the system every day, both office staff and audiologists, and they're spending a good portion of time each day working with the system. We know that a lot of our customers are utilizing patient financing programs, so marrying the two together into one integrated system that allows them to save time and money just made perfect sense.
SMAKA: Now that HealthiPlan has been available what has the response been?
ADAMS: The response has been tremendous. We unveiled it at AudiologyNOW! and from the first day of the launch customers started enrolling. Each day we're seeing more and more customers coming on board.
SMAKA: What about customers who haven't used financing in the past?
ADAMS: We're definitely seeing a mix of both people that were using other financing plans that simply want options, and those who weren't using financing before. Our program is a great way for them to to dip their toes into the world of financing. They're already using Sycle and there's absolutely no risk in using our program.
There are no enrollment fees. Customers can sign-up for it, try it out with a few patients, see if they like it. We're confident it's going to work with their businesses but if for some reason they do not want to continue with it, that's fine too. They can try it at their own pace, with no pressure.
SMAKA: I am a big believer in patient financing because in my clinical experience I found it to be both a need and a benefit for my patients. But for people that may not be on board with financing yet, can you go over why an audiologist may want to offer it?
ADAMS: Absolutely. I think when dealing with some of these big ticket items - which hearing devices and hearing technology are - the price point can be difficult for a lot of people. Patients out there might not even be aware that financing options exist, but it may be the one thing that can help move them toward a purchase.
In the research we've done over the past few years, we've found that there are two points of potential failure when it comes to acquiring new patients. The first critical point comes when the patient inquires about your practice, and whether or not you're able to book the appointment. The second is whether or not you're able to actually fit that person with a hearing aid. Offering a financing option helps to take away one of those last barriers to securing that patient and fitting the person with hearing aids.
SMAKA: You mentioned there are other financing options available. What is unique about Sycle's Integrated HealthiPlan Patient Financing Program?
ADAMS: One of the most appealing aspects of the program - and one that sets us apart from other financing options available today - is the integration into Sycle. It's seamless. The program integration was built by the same programmers and developers that built Sycle.net, of course, and it's extremely easy to use.
With just a few clicks of the mouse customers are able to complete the patient financing screening and the financing process for their patients. The pre-screening preapproval tool is also unique to our system. It's a key component - a huge differentiator - and some say it's revolutionizing how hearing care professionals are able to offer financing.
SMAKA: How does the pre-screening preapproval tool work?
ADAMS: All the hearing professional has to do is enter the patient's name and address into the system. The system automatically prescreens the patient to verify the credit offer,. Or, if the provider prefers he or she can click a button to run a prescreen. It doesn't affect the patient's credit at all. Literally, within just a matter of seconds of booking that appointment - the hearing care professional knows whether or not the patient will more than likely qualify for the HealthiPlan Program.
SMAKA: That sounds simple.
ADAMS: It is. If the patient is interested in a HealthiPlan credit account the provider clicks the accept offer button on the pre-approved screen.
SMAKA: Where does the patient make payments to?
ADAMS: This is one of the great things that we're hearing from participating customers. Alliance Data is the company that is backing the financing, and as I mentioned, they've branded the program HealthiPlan. They're a large publicly-traded company on the NASDAQ;ADS is their ticker code.
The feedback that we're hearing is that the patients love it because they get a monthly statement in the mail. They see the name HealthiPlan and they immediately tie it back to their hearing aid purchase, so it's really clear to them what it's all about.
SMAKA: If I have been using Sycle, where will I find this program in my software?
ADAMS: Current Sycle customers will notice that on the top of every patient's file - next to the name - is a little button that says 'Patient Finance.' The first time you click it you'll see a button that says 'Enroll now.' The clinic fills out that enrollment form and it gets sent to us. We just do a quick check to make sure all the information's there that's needed, if not we'll call the practice to fill in the holes. We submit that to Alliance Data and within 72 hours we let the clinic know whether they have been approved on the HealthiPlan program. And then we just flip the switch on our end and the system's good to go.
SMAKA: How are the rates?
ADAMS: I'm glad you brought that up. I think another reason for the success of this program has been the great plans and rates we're offering. Through the end of December 2011 they are offering a rate of 4.9 percent merchant fee on the 12 Month, deferred interest plan - In addition, there's a whole menu of other payment plans, such as budget plans where you can set up monthly payments so that they're accommodating to an individual's specific budget or economic needs. W
SMAKA: With financing, the idea is that anything you're paying in fees, you're making up many fold because of the fact that more people are purchasing instruments because financing has put them within reach.
ADAMS: Exactly. It's essentially an investment in your business because you're gaining from what would have been lost opportunities had this option not been available. You see this immediately;you don't have to wait long to see the gains to your business. And with the integration into Sycle, it makes it so easy.
There's no more getting up to fax in forms or waiting a response. The front office and operations staff in a lot of practices are some of the programs biggest cheerleaders right now because they were the ones chasing paper and trying to track this stuff down with other financing plans. Now with Sycle, they're telling us that with just a few clicks of the mouse one of the most convoluted and confusing parts of their job has become so easy.
For the professional, being able to let the patient know that he or she qualifies for financing instantly really helps make sure that the sale happens.
SMAKA: Peter, for clinics that aren't on board with Sycle - how do they get started?
ADAMS: I strongly encourage professionals to check out our Web site at www.sycle.net. You can request a free demonstration there or just give us a call at 888-881-7925 to request a demo. If you're somewhat familiar with the system and you just haven't signed up, you can skip the demo process if you like, register an account right online and we can have you up and running within 24 hours.
SMAKA: Sounds great. Nice to see new tools and resources being added like Sycle's Integrated Patient Financing Program. Let's catch up soon to go over some of the other new products and services from Sycle.
ADAMS: That would be great. Thanks Carolyn.
Learn more about Sycle.net by visiting the Sycle.net web channel on AudiologyOnline.
Peter Adams
Director of Sales and Marketing