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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Financial Services Expands in the Pacific Northwest; Partners with Multi-Specialty Clinic to Offer Automated Patient Loans CSI ensures prompt payment from clinic's patients; loan program requires no written application and offers below-market interest rates and low monthly payments San Diego, California, March 11, 2008 -- CSI Financial Services, the nation's leader in affordable, compassionate loan programs for underinsured and uninsured patients, continues to expand its market in the Pacific Northwest by engaging with a multi-specialty group medical clinic to provide affordable, easy-to-qualify-for patient loans. The program is being implemented to improve cash flow generation and collection rates and streamline office administration in a way that is beneficial to the community and affordable to patients who are not able to pay their healthcare obligation in full. According to Mitch Patridge, CEO of CSI Financial Services, "The Pacific Northwest is an area of the country hard hit by escalating insurance rates. Additionally, the region's high unemployment and job loss numbers of the past decade are just now improving. CSI's automated patient loan programs are popular in this region because they address these trends and are beneficial to both the medical facility and its patients." Under the new program, CSI immediately funded the clinic for their existing patient payment plans. This unique program provided an instant cash infusion and greatly reduced the clinic's workload associated with managing these accounts. With CSI's guidance, the funding bank agreed to honor existing payment terms, which featured fixed monthly payments and a zero interest rate. In addition to funding existing accounts, new patients who cannot pay their obligations in full will be eligible to receive bank loans instead of being placed on payment plans. The bank's underwriting standards have been formulated so that a significant percentage of the clinic's patients will qualify for these loans. In keeping with the clinic's prior internal payment plan program, patients are not required to complete written applications. The new loan program includes other attractive features, including below-market interest rates, low monthly payments, no punitive interest rates, and no prepayment penalties. Additionally, there are no origination or annual fees, and the patient may pay their monthly bill via the mail, phone or Internet. Mitch Patridge also noted: "Health care consumers now have more choice than ever before. Multi-specialty group clinics that offer innovative services -- including affordable, flexible payment options -- will be more attractive to consumers in a highly competitive market. 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 while also saving medical facilities an estimated 30 to 40 percent over the cost of a collection agency." 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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