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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Financial Services Completes $19 Million Financing Healthcare Debt Backed by Investment Grade Guarantor San Diego, California, Jan. 18, 2006 -- CSI Financial Services, LLC (CSI), has recently finalized a new funding commitment in the amount of $18.75 million with a western regional bank. The proceeds will be used to provide flexible and affordable patient financing solutions to hospitals and other healthcare providers. Borrowings under the credit facility are secured by consumer debt with credit enhancement provided by investment grade guarantors. "This latest financing commitment allows CSI to address the growing need for helping healthcare facilities improve revenue cycles and increase working capital while offering their patients a wider array of payment options," said Mitch Patridge, Chairman and CEO of CSI. "This new bank relationship coupled with the funding capacity of our other banking partners assures our current and prospective hospital clients of our ability to keep up with the high demand for financing patient receivables." Patridge also noted that CSI has spent the past 13 years focused on achieving and maintaining a high level of patient satisfaction a critical component for success in this industry. Almost one in every six people in the United States lack health insurance, and millions of insured experience extended gaps in coverage. These trends in the uninsured and underinsured populations have led to a dramatic increase in patient-paid receivables. Today these receivables typically represent 15 to 20 percent of a healthcare provider's receivables, yet only two to five percent of their net revenue. By utilizing CSIs automated financing methods healthcare providers can increase collections and reduce collection periods, while at the same time improve the patients experience with the healthcare provider. Notably the cost of the program to the healthcare provider is typically less than the cost of traditional collection. Headquartered in San Diego, CSI Financial Services has more than 13 years of experience in providing automated patient financing solutions as well as management of self-pay accounts for more than 100 hospitals throughout the United States. The Companys financing methodologies are unique to the industry and allow healthcare providers to easily provide affordable financing to a diverse and underserved portion of their patient population. To date, CSI Financial Services has provided hospitals with more than $150 million in advance payments for patient accounts and currently has loans an all states except Alaska and Hawaii. For more information about CSI Financial Services visit www.csifinancial.com. |
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