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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
As GE Exits the Patient Loan Market for Inpatient Acute Care Hospitals, CSI Financial Services Reaffirms its Commitment to the Industry July 8, 2008 - San Diego, California - With GE Healthcare Financial Services/Care Credit's recent termination of agreements with their inpatient acute care hospital clients (effective July 9, 2008), San Diego-based CSI Financial Services is reaffirming its commitment as the nation’s leader in providing affordable, compassionate, and easy to qualify for loan programs for underinsured and uninsured patients. "In a highly competitive and changing market, CSI continues to demonstrate its dedication to the needs of our hospital customers and their patients by continuing to offer expanded patient loan services," said Mitch Patridge, CEO of CSI. "Our patient loan programs have grown to meet the needs of the healthcare market and the increasing numbers of underinsured and uninsured patients. Based on our excellent track record in the industry, our banking partners have again expanded our credit facilities to meet the increased demand," he said. CSI is chosen over alternative collection methodologies because its loan programs have proven to be beneficial to the healthcare provider as well as being affordable and well received by patients. Uninsured or underinsured patients that are not able to pay their healthcare bill are offered easy to qualify for bank loans with low, monthly payments. The CSI loan programs result in immediate payment to the hospital. CSI does not require written applications and the loans are provided at below-market interest rates. CSI's underwriting standards have been formulated so that a majority of a healthcare provider's patients will qualify for loans. CSI's loan programs have many other "patient friendly" features such as no origination or annual fees and no punitive interest rates. Additionally, patients can prepay their loan at anytime without a prepayment penalty. Patridge added: "We are pleased to continue offering patient friendly terms to our hospital partners to help them achieve their healthcare mission and financial goals. 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 $225 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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