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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Financial Services Provides Automated Patient Loans for Colorado Regional Hospital CSI's automated loan program features easy qualification and below-market interest rates San Diego, California, February 20, 2008 -- CSI Financial Services, the nation's leader in affordable, compassionate loan programs for underinsured and uninsured patients, has been engaged by a regional hospital in Colorado to provide affordable, easy-to-qualify-for patient loans. The program, which began January 1, is being implemented to provide immediate cash to the hospital for existing patient payment plans and to provide a means for patients to easily and immediately pay future healthcare obligations with a revolving line of credit from CSI. CSI was selected over alternate programs because its loan programs have proven to be beneficial to the healthcare provider as well as being affordable and well-received by patients. CSI immediately provided the hospital with just over a quarter million dollars in funding for their existing patient payment plans. Under this unique CSI program, the bank honored the payment terms already agreed upon by the hospital and the patient, which featured fixed monthly payments and a zero-interest rate. The patient loan program also enables flexible financing of new patient obligations, which results in immediate payment to the hospital. Uninsured patients, or insured patients that are not able to pay their balance due after insurance, are entitled to receive bank loans without having to complete written applications. These loans are provided at below-market interest rates and are structured so that patients can repay their loans in low monthly installments using a revolving line of credit. The underwriting standards have been formulated so that a majority of the hospital's patients will qualify for loans. The loans have many other attractive features such as no origination or annual fees and no punitive interest rates. Additionally, the patient can prepay the loan at anytime without a prepayment penalty. According to Mitch Patridge, CEO of CSI Financial Services, "The program has been well received in the community. We take pride that our experience and reputation enable us to provide such patient-friendly terms. Nationwide, our loan program has kept many patients and their families from being referred to collections, providing a benefit to the entire community." Patridge went on to say, "Though hospitals immediately appreciate the increase in cash collections and decrease in bad-debt expense, what they value most, over the long term, is the positive impact on their patients." CSI Financial Services has provided hospitals and patients with non-application based loan programs since 1992. CSI has funded more than $200 million in patient loans enabling hundreds of thousands of patients to pay their healthcare obligations. For more information about CSI Financial Services visit www.csifinancial.com. |
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