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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
California District Hospital Engages CSI Financial Services to Implement and Manage Automated Patient Loan Program CSI improves collection on outstanding patient accounts by offering and managing a flexible bank loan program featuring no application, below-market interest rates and low payments San Diego, California, March 11, 2008 -- CSI Financial Services, the nation's leader in affordable, compassionate loan programs for underinsured and uninsured patients, has been selected by a California district hospital to provide affordable, easy-to-qualify-for patient loans. 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 provided the hospital immediate cash for its existing patient payment plans and will also offer new patients revolving lines of credit to enable them to easily and immediately pay future healthcare obligations. In addition to providing the hospital with an instant infusion of capital for their existing patient payment plans, CSI negotiated with the funding bank to honor the payment terms already agreed upon by the hospital and the patient, which featured fixed monthly payments and a zero-interest rate. New uninsured patients, or insured patients that are not able to pay their balance due after insurance, are offered flexible financing, which results in immediate payment to the hospital. CSI does not require written applications and the 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, "We are pleased to be able to offer this community such patient-friendly terms. 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. Nationwide, our loan program has kept many patients and their families from being referred to collections, providing a benefit to the entire community." 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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