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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Financial Provides Georgia Hospital $2.5 million via Purchase of Patient Receivables San Diego, California, August 7, 2006 -- CSI Financial Services (CSI) has recently secured a new hospital client located in Georgia and has already provided the facility with patient accounts financing in the amount of $2.5 million. The funding of these patient accounts provides the hospital with immediate cash, reduces time and costs relating to the collection of open accounts and perhaps most importantly improves community relations by significantly reducing the number of unpaid patient accounts that are referred to collection agencies. Historically, hospitals have been left with two options if a patient did not pay in full, either create hard-to-manage payment plans or send the non paying patients to collection agencies. Under the agreement, CSI will take on this burden by offering affordable, flexible and compassionate financing options to those hospital patients that are unable to pay their balance in full. The CSI approach overcomes concerns about aggressive collection practices and high interest charges that undermine community relations. According to a hospital spokesperson, CSI was chosen because of its unique set of services and expertise. In addition to more than 13 years experience in underwriting, funding and managing self-pay accounts, CSI offers the most flexible payment options and highest level of customer service in the industry, all at a cost that was extremely competitive related to the cost of collections. In addition, CSIs services will help the hospital more accurately and quickly identify charity cases. According to Mitch Patridge, CSIs Chairman and CEO, CSI has experienced record portfolio growth this year. "As healthcare costs continue to rise and insurance coverage continues to fall, more and more patient accounts go unpaid," said Patridge. "Without help, hospitals and the entire community are at risk. CSIs mission is to lower this risk by reducing the number of open unpaid accounts and by providing flexible options to patients who could not otherwise pay their healthcare bills." Based in San Diego, California, CSI Financial Services is the industry leader in offering automated patient financing and management solutions. The Companys 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 100 hospitals approximately $170 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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