News and Updates

CareCredit, a Synchrony solution, is a leading provider of promotional financing to consumers for health, veterinary and personal care procedures, services and products. The CareCredit credit card has approximately $10.2 billion in loan receivables and is accepted at more than 260,000 provider and health focused retail locations in the US. In all, more than 12.7 million cardholders have CareCredit to finance care for themselves, their families and loved ones, including their pets.

Jill Behm, General Manager of Cosmetic and Spa at Synchrony, has been with CareCredit since 2016, having worked within the parent company, Synchrony, since 2003.

CareCredit is a Financial Tool

“The CareCredit credit card is a way for people to pay for care not covered by insurance, including elective procedures, copays, and deductibles, often with special financing. We’ve been around for about 35 years, and entered the cosmetic space in 2004.

Synchrony partners with providers in more than 50 specialties. Providers can enroll with CareCredit and offer flexible patient financing options from 6 to 60 months on qualifying purchases for health care procedures. More than half of consumers (74%) prefer providers who offer financing options to pay for cosmetic care.¹ We have field teams that help providers understand the program and work with them on growing their overall business. We like to think of CareCredit as a financial solution providers can offer their patients. With our 35 years of success, we’ve proven that.”

Cosmetic Demand Keeps Growing

“Overall, we’ve seen quite an increase in cosmetic procedures since the pandemic. We’ve all heard of the ‘Zoom effect’ related to early COVID-19 lockdowns. Earlier this year, when people were starting to go back to work, going on vacations again, we saw increased demand for aesthetic treatments, including surgical body procedures.

The American Academy of Facial Plastic and Reconstructive Surgery (AAFPRS) reports, plastic surgeons estimated taking on an average of 600 more procedures in 2021 than in 2020./p>

Technology in the minimally invasive space is being enhanced and getting so much better. As a society, we're accepting more of these cosmetic procedures and it's not something that we have to hide. We see it on Instagram and TikTok; procedures are becoming more accepted.

Cost can be a significant barrier to moving forward with cosmetic care. Sixty-three percent of CareCredit cardholders and 50% non-cardholders said they would postpone cosmetic treatment if they could not use credit or pay overtime.¹ We've seen the average spend on CareCredit in the cosmetic space go up from 2018 nearly $1,000 per patient.¹ I believe some of it is from pent up demand.

CareCredit is About Networking

We have a large network of providers and more than 12.7 million cardholders. We offer a revolving line of credit, so as long as you have the available credit, you can use your card for any procedure within any of our specialties for any health care procedure you or your pet need or want.

Our promotional financing options provide flexibility for consumers to pay over time if it fits their budget. By providing flexible financing, like Synchronys CareCredit credit card, practices offering aesthetics treatments will be able to give patients another option to manage out-of-pocket expenses.

Understanding Consumers is Key

“We understand the challenge higher out-of-pocket health care expenses is creating for patients. It's a challenge that needs a solution. We do quite a bit of research. In the cosmetic space specifically, survey respondents take 127 days to make a decision to purchase a cosmetic treatment.¹ The internet is the largest source of information that prospective patients are looking at, and it takes about eight different stages. They're researching provider reviews, they're talking to their friends, families, and general practitioner. Using the internet to communicate with prospective patients is key. We moved as a business, especially during COVID-19, to more direct-to-consumer to give individuals the ability to apply for a card and pay for care without being in an office.

The Company is Adapting

“We are constantly expanding. We just approved the functionality in our dermatology, med spa, and day spa markets that allows cardholders to use one transaction to purchase treatments and services to be completed within 90 days. We're really excited to be able to offer that to our providers, to make it easier for them to use CareCredit.

As an organization, we are constantly looking across the broader health and wellness space and identifying the areas where CareCredit can provide the most support for those wanting and needing a variety of care for themselves and their families. We feel this is a pivotal moment as people take on more financial responsibility around their health and we want to be there for our cardholders when they need us.

1. CareCredit Path to Care, Cosmetic Care Findings, conducted by Chadwick Martin Bailey on behalf of CareCredit, October 2021

As Senior Vice President and Head of the Aesthetics Global Business Unit at Galderma, Gerry Muhle runs operations for the aesthetics portfolio within Galderma. He’s now one year into his term and on the heels of the release of findings from two pivotal trials of investigational relabotulinumtoxinA used in the glabellar lines (READY-1) and lateral canthal lines (READY-2).

Promising Data

“We’re really excited to have released the relabotulinumtoxinA data in conjunction with the Vegas Cosmetic Surgery conference. A snapshot of the data we presented: It has a day 1 onset of around 39% in the glabellar lines and around 34% in crow’s feet lines. That data stands out compared to other toxins or neuromodulators on the market.

We saw duration data of 6 months in these two studies. Future studies will look at the duration past 6 months. The product has a high level of purity; it’s free of human serum albumin and animal proteins. It’s going to be manufactured at our Uppsala site where we also manufacture Restylane. The site is currently carbon neutral, and the majority of the energy that sources the site is sustainable.

The other thing that differentiates it is it is already reconstituted; it’s a liquid neuromodulator. We’re able to do that through a new technology using a completely new proprietary strain of botulinum toxin from Galderma.”

A Differentiated Solution

“Recently we launched a different neuromodulator in the European market, which is also liquid. Market research and clinical practice show that there won’t be a lot of confusion in terms of what it means to be a liquid neuromodulator. From a practice perspective, a clinical practice will use a lot less consumables because you don’t have to waste syringes doing the dilution. It also enables a faster draw up and avoids dilution errors that potentially could happen.

With the launch of relabotulinumtoxinA, clinicians will have optionality from Galderma. We will still have Dysport (abobotulinumtoxinA), our powdered toxin with its strong clinical profile. Having a portfolio from one company adds further interest in terms of providing choice to our customers.”

Innovation Matters

“I think it’s fair to say that there hasn’t been a lot of innovation for many years in the toxin market globally. If making a liquid neuromodulator was easy, it would’ve been done years ago.

When I talk about a neuromodulator that is looking like a 6-month duration of action, has a day 1 onset of 39%, is a liquid neuromodulator, is human serum albumin free—there are so many facets to it that it really does add a further level of innovation onto the market. Research shows that consumers want a neuromodulator that lasts longer than what the current choices provide. They also want their aesthetic injectable products to provide immediacy. It’s one of the reasons why fillers are so popular.”

Room for Market Growth

“Our market research shows that 90% of physicians and injectors will try a new liquid neuromodulator when it comes to market. There is an appetite for that liquid neuromodulator. The injectables market is worth about $6 billion and growing 11-12% globally. You’d have a penetration rate that is anywhere between 5-7% for neuromodulators globally. Obviously, there are a lot of regional differences and a need for continued innovation within the marketplace.

A recent survey showed that 15-20% of current non-users of injectable aesthetics are going to try their first injectable in the next 5 years.

I always refer to the three Ts as the things that grow the market. One is trends. Whenever a celebrity posts something on their lips or jaw or whatever, that can start off a trend.

The other T is technology. When new innovations launch onto the market that can actually stimulate growth. In the past, when even neuromodulators that aren’t that differentiated launch onto the market, it stimulates growth.

The third T is techniques. Techniques that the providers or the injectors are constantly trying, that will stimulate growth, whether it be from a volume perspective of the products or actually utilizing the products or a combination of products as well.

I think the overarching, growing trend is patients are getting younger everywhere. The younger patients are becoming more open to sharing their experiences with these types of products. And that has a sort of an exponential impact in terms of new entry of patients into the market.

I think the biggest trend that I would see if I’m to pick trends that happen from a global perspective is this trend around minimalism, which has inspired a drive toward increased focus of skin quality.

I think that also drives an exponential growth in collagen stimulators, like Sculptra, that will impact collagen simulation for a more subtle approach to aesthetic treatment. We’ve launched fillers globally that we hope to bring to the US and are pursuing additional indications for Sculptra.

Continued Evolution

“Over the past 3 years, Galderma has increased our investments in the aesthetics portfolio, the pipeline, and in innovation. As of last year we had three strong brands: Dysport, Restylane, and Sculptra. We’re looking to focus on the future of three portfolios: a portfolio of neuromodulators, which will obviously include RelabotulinumtoxinA as well as Dysport; a portfolio of HA fillers; and a portfolio of pure biostimulators and biostimulatory fillers.

We also acquired Alastin, which is the fastest growing physician-dispensed skincare line in the US. Galderma has a very strong aesthetic business and a very strong consumer business. We will marry those two businesses to give Alastin the best possible platform to be launched globally.”