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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Announces the Implementation of Automated Patient Loan Programs for a Mid-Size Nevada Hospital CSI's loan programs reduce patient stress and provide immediate cash to hospital San Diego, California, June 20, 2007 -- CSI Financial Services, Inc., the nation's leader in affordable, compassionate patient loan programs for underinsured and uninsured patients, has been chosen by a Nevada hospital to provide automated loan programs for their patients. Under the CSI loan program, a broad range of patients will now be able to easily qualify for loans with low monthly payments if they are not able to pay their medical debt when due. "Although the hospital is relatively small in terms of bed count, in the first two weeks CSI has approved loans in excess of $1.8 million dollars. These patients would have previously been sent to collections," said Mitch Patridge, CEO of CSI. "The patients will now be able to avoid being sent to collections, and the associated "ding" on their credit scores, while paying off their medical debt in very low monthly installments. These relaxed requirements are in keeping with the hospitals' mission to treat patients with kindness and compassion." Patridge went on to say, "We were also able to provide the hospital with almost $1 million in funding for their existing patient payment plans. This was a significant cash infusion as well as a means to reduce the hospital's workload associated with the payment plans." Patients will receive revolving lines of credit with low monthly payments that are based on a percent of the outstanding balance, often as low as $20 per month. Importantly, the underwriting of the patient's credit is via CSI's proprietary scoring models, which allow a significant number of patients that would not qualify for traditional financing to qualify for the CSI loan program. According to Patridge, the CSI loan program not only accelerates cash collections and maintains a positive hospital / patient relationship, but it is at a cost that is typically 30-40% below the cost of traditional collections. The traditional solution has been to turn over patient accounts to a collections agency. Unlike collection agencies, CSI funds the patient account at submission. In addition to immediate capital, lower costs, and improved cash flow, the CSI approach overcomes concerns about aggressive collection practices and high interest charges that undermine community relations. Known in the industry for its high level of patient satisfaction, CSI's patient-centered approach includes:
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