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Media Contact: Jennifer Vansant at 858-200-9213 or jvansant@csifinancial.com
CSI Provides Minnesota Hospital with Affordable Loan Program for its Patients CSI's automated loan program includes a ten-month interest free period, enabling more people to qualify and reducing stress for the underinsured and uninsured patients San Diego, California, October 8, 2007 -- CSI Financial Services, the nation's leader in affordable, compassionate patient loan programs for underinsured and uninsured patients, has been chosen by a community hospital in Minnesota to provide automated loan programs. The CSI program is designed to allow patients to easily qualify for affordable loans so that they can pay their healthcare bill. Under the CSI program, patients will receive revolving lines of credit from a federally chartered bank. Monthly payments are based on a percentage of the outstanding balance, and are often as low as $20. The loan program provides patients with a ten-month interest-free payment period and below-market interest rates thereafter. CSI's loan program increases cash collections for the hospital and also improves patient relations. "CSI has approved and funded patient loans in the amount of $2.09 million dollars during the first three weeks of implementation. These loans were provided to patients that were unable to pay their account balances in full," said Mitch Patridge, CEO of CSI. "In the past, many of these patients would most likely have been sent to collections. The patients can now meet their financial obligation and avoid a derogatory report on their credit file. These flexible payment options are in keeping with the hospital's mission to treat patients with kindness and compassion." CSI also provides hospitals with funding for their existing patient payment plans. In addition to an infusion of cash, and lowering cost of collection, the CSI loan program eliminates the hospital's concerns about aggressive collection practices and high interest charges that undermine community relations. Patients are qualified for the loan program via CSI's proprietary scoring models developed using 15 years of historical patient loan data. CSI's data and analytics open the loan program to patients that would not normally qualify for a loan. CSI oversees the servicing of the loans, which not only greatly reduces the hospital's workload and administrative costs, but also insures that patients are treated with kindness and compassion. Known in the industry for its high level of patient satisfaction, CSI's patient-centered approach includes:
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