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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 Nevada Ambulatory Surgery Center In Excess of a Quarter Million Dollars in Patient Loans Approved in the First 2 Weeks CSI's loan programs improve patient satisfaction and offer competitive advantages to surgery centers San Diego, California, August 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 ambulatory surgery center (ASC) 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. "Accounts of self-pay patients who cannot pay their balance-after-insurance are traditionally sent to collections," said Mitch Patridge, CEO of CSI. "These 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 center's goal of increasing patient satisfaction and treating patients in a more personal manner." ASC's perform a wide range of surgeries, including gynecological, urological, dental and cosmetic procedures as well as some cardiac and orthopedic surgeries. An estimated 31 percent of the 50 million surgeries performed annually in the United States are performed in ASC's. From 2001 to 2006, the number of outpatient surgical clinics rose 25 percent. Industry experts predict the growth will continue. Patridge continued, "The proliferation of ASCs means that health care consumers now have more choice than ever before. Outpatient surgical facilities that offer innovative services -- including affordable, flexible payment options -- will be more attractive to consumers in a highly competitive market." The surgery center patients will be offered 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 to qualify -- patients that would not have qualified for traditional financing. According to Patridge, the CSI loan program not only accelerates cash collections and maintains a positive patient relationship, but the program cost is typically 30 to 40 percent below the cost of a collection agency. Unlike collection agencies, CSI funds the patient account at submission. In addition to immediate cash, 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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