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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Financial Announces $6 Million Financing Healthcare Debt Backed by Investment Grade Guarantor San Diego, California, Apr. 19, 2006 -- CSI Financial Services today announced a $6 million funding commitment with a western regional bank. Borrowings under the credit facility are secured by consumer debt with credit enhancement provided by investment grade guarantors. The proceeds will be used to provide affordable and flexible patient financing solutions to hospitals and other healthcare providers. "We are pleased with this most recent alliance," said Mitch Patridge, Chairman and CEO of CSI. "This new bank relationship along with funding capacity of our other banking partners allows CSI to address the growing need for helping healthcare facilities to improve revenue cycles and increase working capital while offering their patients a wider array of payment options." Patridge added: "Today these receivables typically represent 15 to 20 percent of a healthcare providers 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 has more than 13 years of experience in providing automated patient financing and management of self-pay accounts for more than 100 hospitals throughout the United States. In addition to offering affordable and flexible credit lines to a diverse and underserved portion of their patient population, CSI focuses 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 lacks health insurance, and millions of insured experience gaps in coverage. These trends in the uninsured and underinsured populations have led to a dramatic increase in patient-paid receivables. To date, CSI Financial Services has provided hospitals with more than $150 million in advance payments for patient accounts and currently has loans in all states except Rhode Island. For more information about CSI Financial Services visit www.csifinancial.com. |
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