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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI's Automated Patient Financing Helps Florida Hospital Better Serve Patients and Lower Its Cost of Collections Flexible Financing Eases Patient's Burden and Improves Hospital's Cash Flow San Diego, California, May 15, 2007 -- CSI Financial Services (CSI) announced today that it has been selected to provide automated patient financing services to an award-winning faith-based hospital in Florida. The CSI patient financing program will enable the hospital to provide loans to both underinsured and noninsured patients and reduce the hospital's cost of collections. According to CSI's CEO, Mitch Patridge, "While the CSI bank loan program will clearly improve the hospital's net collections, a primary component to our program is the focus on increasing patient satisfaction." Under the agreement, the hospital will transfer self-pay and balance-after-insurance accounts to CSI on a weekly basis and receive a set funding percentage. Patients will then be granted revolving lines of credit at below-market interest rates. The program does not require the patient to complete an application, nor are patients subject to origination fees, prepayment penalties, or punitive interest rates. As an added benefit, additional hospital charges can easily be added to a patient's existing balance. According to Patridge, CSI has the most flexible underwriting policies in the industry. This flexibility enables CSI's healthcare clients to reach more patients with loans than other vendors offering similar services at a price that is extremely competitive compared to the cost of collections. Additionally, CSI's Call Center, which is rated by Standard & Poor's, provides world-class customer service, resulting in higher patient satisfaction and higher collection rates. CSI's National Sales Manager, Doug Kennedy said, "We constantly coach our Call Center staff on being good listeners and, when appropriate, working with a patient who has a temporary problem paying the full monthly payment. Our number one goal is to treat patients well and to support them as much as we can." CSI expects that the new loan program will significantly reduce the number of accounts that heretofore would have been sent to collections, reducing stress on patients and improving community relations. Patridge said, "CSI is honored to be working with this hospital, which has been recognized as one of the premier medium-size community hospitals in the United States. We're pleased to be able to help them add compassionate patient financing to their list of award-winning programs." Based in San Diego, California, CSI Financial Services is the industry leader in offering automated patient financing and management solutions. The Company's financing methodologies are unique to the industry and allow healthcare providers to easily arrange affordable financing to a diverse and underserved portion of their patient population. To date, CSI Financial Services has provided more than 150 hospitals with approximately $190 million in advance payments for patient accounts and has extended loans to patients in all states. For more information about CSI Financial Services visit www.csifinancial.com. |
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