Cost Barriers Stifle Vision Care Access, Synchrony Study Finds

Event summary

  • Synchrony's VisionIQ study surveyed 2,000 U.S. consumers, revealing that 64% cite cost as a primary factor in vision care decisions.
  • 55% of patients prefer providers offering payment options, yet only 22% recall being offered financing solutions.
  • 59% of LASIK-interested consumers cite cost as the main barrier, with average procedures exceeding $3,000.
  • Gen Z shows high interest in LASIK (50%) but represents only 5% of actual patients due to financial constraints.

The big picture

Synchrony's findings highlight a systemic disconnect between patient demand for affordable vision care and provider offerings, particularly in high-cost procedures like LASIK. The study underscores the strategic opportunity for financial services to partner with healthcare providers, addressing a $35 billion annual economic burden from vision loss. As cost-conscious consumers, especially Gen Z, delay or avoid necessary care, the integration of flexible payment solutions could reshape market dynamics and patient loyalty.

What we're watching

Provider Adaptation
Whether vision care providers will accelerate adoption of financing solutions to capture cost-conscious patients.
Gen Z Engagement
The pace at which financing options can bridge the gap between Gen Z's interest in procedures like LASIK and actual uptake.
Market Differentiation
How financing flexibility will become a competitive advantage for vision care providers in an increasingly price-sensitive market.

Related topics

Financial Services