If your practice uses third-party financing services like LendingClub, CareCredit, or similar companies, it’s a good idea to review how these options are being presented on your website. Recently, regulators have been paying more attention to the language used around terms like "interest-free" or "no-interest" financing.

What's the Issue?

In some cases, third-party financing companies such as LendingClub, CareCredit, and others have asked practices to adjust or remove phrases like "interest-free" from their websites. While some of these companies do offer true interest-free plans, others, like CareCredit, provide deferred interest options, meaning interest is waived only if the balance is paid off in full by a certain deadline. This subtle distinction is where regulators may step in.

What to Do

To ensure compliance, review the language on your practice's website, particularly on your financial info page. If you're uncertain about the specifics of the financing plans you offer, the safest option is to remove any language that might be misleading, like "interest-free." You can update your wording to something more precise, such as “Often with deferred interest plans,” which is applicable for many third-party services like LendingClub and CareCredit. This way, you avoid potential regulatory issues and keep your patient messaging accurate.

We're Here to Help!

Are you unsure if your website needs updates? We're here to help. At GDW, we can assist you in auditing your website and making any necessary changes to keep everything compliant. If you have any questions or concerns, don’t hesitate to reach out to our team—we’re always happy to help!