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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Provides Automated Extended-Term Patient Loan Program for Growing Southern California Hospital CSI selected for its ability to offer bilingual materials and customer service representatives San Diego, California, August 28, 2007 -- CSI Financial Services, Inc., the nation’s leader in affordable, compassionate patient loan programs for underinsured and uninsured patients, has just been selected to provide an automated patient loan program to a 200-bed hospital located in Southern California. The new low-interest loan program offers patients an easy way to qualify for loans with low monthly payments if they are not able to pay their medical debt when due. The hospital is located in the seventh fastest growing county in California. Nearly 25 percent of the population of the county is Hispanic, a distinguishing factor in the hospital’s decision to select CSI over companies offering similar patient loan programs. "Since CSI provides this type of loan service to a number of hospitals that serve a Hispanic population, we’ve developed customized patient brochures in both English and Spanish that explain the loan program," said Mitch Patridge, CEO of CSI. "Additionally, CSI’s world-class Call Center, which is rated by Standard & Poor’s, provides bilingual services and a compassionate approach, resulting in higher patient participation and satisfaction and ultimately in higher collection rates." Patridge added, "Our primary goal is to treat patients well and to support them as much as we can, which includes communicating with them in their language. Towards that goal, our Call Center staff includes both English and Spanish-speaking individuals, and we constantly work with them on the importance of being good listeners and, when appropriate, working with a patient who has a temporary problem paying the full monthly payment." Under the new loan program, patients will be offered revolving lines of credit with low monthly payments that are based on a percent of the outstanding balance, with payments 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 bank financing. 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. This compassionate approach to collections insures a positive relationship is maintained between the hospital and the patient. In addition to reducing stress on patients and improving community relations, the automated CSI patient loan program significantly reduces the number of accounts sent to collections and lowers the cost of collections. The program also increases cash collections because CSI funds the patient account at submission. According to Patridge, this is the third Southern California hospital CSI has partnered with during the past year, and the company is currently in discussions with a number of other facilities. CSI Financial Services has provided non-application based loan programs since 1992 and has funded more than $200 million in patient loans. For more information about CSI Financial Services visit www.csifinancial.com. CSI, through its sister company Varisol, also purchases charged-off healthcare accounts. For information on Varisol please visit www.varisol.net. |
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