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Can Synchrony (SYF) CareCredit Enrich Medofficedirect Clients?
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Synchrony Financial (SYF - Free Report) recently announced that the company partnered with HealthLynked Corp. subsidiary, Medofficedirect, to offer individual and medical practice customers different financing options. The move is expected to enable consumers to utilize SYF's CareCredit healthcare credit card to purchase medical supplies.
Given the current high inflation environment, patients are avoiding big medical purchases, which can put a dent in their pockets. The latest deal is expected to enable patients and medical practitioners purchase home medical equipment and medical supplies at a discounted rate. Different flexible financing solutions will likely help their healthcare journey.
The partnership comes at a time when the online medical supplies market is rapidly growing. Synchrony Financial’s CareCredit platform also holds ample growth potential. The company is focused on expanding this business with attention to the health systems. CareCredit is accepted at variety of locations across the globe.
SYF takes different steps to expand its CareCredit platform capabilities, like the acquisition of Pets Best insurance. To boost the CareCredit network, it made the CareCredit patient financing app available in the Epic App Orchard. CareCredit also joined forces with Thrive Pet Healthcare, thereby broadening its network. It also expanded its partnership with AdventHealth to provide CareCredit as a primary patient financing solution. The latest deal with Medofficedirect is another feather in SYF’s cap.
Moves like this are expected to boost Synchrony Financial’s Health & Wellness Sales Platform’s performance. Third-quarter purchase volume in the platform advanced 16.2% year over year to $3,514 million, highlighting broad-based growth across active accounts and increased spending in its dental and pet categories. Interest and fees on loans increased 20.3% year over year to $706 million.
Price Performances
Shares of Synchrony Financial have declined 25.9% in the past year compared with the industry’s 24% fall.
Headquartered in Cincinnati, OH, American Financial is a major insurance holding company. The Zacks Consensus Estimate for AFG’s 2022 bottom line is pegged at $11.66 per share, which witnessed one upward estimate revision in the past 30 days against none in the opposite direction.
New York-based StoneX Group works as a global financial services network. The Zacks Consensus Estimate for SNEX’s current year bottom line is pegged at $9.52 per share, indicating 54.8% year-over-year growth.
Based in San Francisco, NerdWallet is a digital platform operator connecting individuals and businesses with financial products suppliers. The Zacks Consensus Estimate for NRDS’ 2022 earnings signals a 74.4% improvement from a year ago.
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Can Synchrony (SYF) CareCredit Enrich Medofficedirect Clients?
Synchrony Financial (SYF - Free Report) recently announced that the company partnered with HealthLynked Corp. subsidiary, Medofficedirect, to offer individual and medical practice customers different financing options. The move is expected to enable consumers to utilize SYF's CareCredit healthcare credit card to purchase medical supplies.
Given the current high inflation environment, patients are avoiding big medical purchases, which can put a dent in their pockets. The latest deal is expected to enable patients and medical practitioners purchase home medical equipment and medical supplies at a discounted rate. Different flexible financing solutions will likely help their healthcare journey.
The partnership comes at a time when the online medical supplies market is rapidly growing. Synchrony Financial’s CareCredit platform also holds ample growth potential. The company is focused on expanding this business with attention to the health systems. CareCredit is accepted at variety of locations across the globe.
SYF takes different steps to expand its CareCredit platform capabilities, like the acquisition of Pets Best insurance. To boost the CareCredit network, it made the CareCredit patient financing app available in the Epic App Orchard. CareCredit also joined forces with Thrive Pet Healthcare, thereby broadening its network. It also expanded its partnership with AdventHealth to provide CareCredit as a primary patient financing solution. The latest deal with Medofficedirect is another feather in SYF’s cap.
Moves like this are expected to boost Synchrony Financial’s Health & Wellness Sales Platform’s performance. Third-quarter purchase volume in the platform advanced 16.2% year over year to $3,514 million, highlighting broad-based growth across active accounts and increased spending in its dental and pet categories. Interest and fees on loans increased 20.3% year over year to $706 million.
Price Performances
Shares of Synchrony Financial have declined 25.9% in the past year compared with the industry’s 24% fall.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Synchrony Financial currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are American Financial Group, Inc. (AFG - Free Report) , StoneX Group Inc. (SNEX - Free Report) and NerdWallet, Inc. (NRDS - Free Report) , all carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Headquartered in Cincinnati, OH, American Financial is a major insurance holding company. The Zacks Consensus Estimate for AFG’s 2022 bottom line is pegged at $11.66 per share, which witnessed one upward estimate revision in the past 30 days against none in the opposite direction.
New York-based StoneX Group works as a global financial services network. The Zacks Consensus Estimate for SNEX’s current year bottom line is pegged at $9.52 per share, indicating 54.8% year-over-year growth.
Based in San Francisco, NerdWallet is a digital platform operator connecting individuals and businesses with financial products suppliers. The Zacks Consensus Estimate for NRDS’ 2022 earnings signals a 74.4% improvement from a year ago.