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Media Contact: Mitch Patridge at 858-200-9201 or mpatridge@csifinancial.com
Email Bulletins for the Secured Lender, TSL Express February 7, 2007 CSI Financial Services (CSI) has been awarded the contract to provide automated patient pay financing for a 200-bed hospital in Pennsylvania. Within the first two weeks of implementing the program, patients received loans totaling $650,000, significantly improving collections at the hospital. Beginning in February, the hospital will turn over all self-pay and balance-after-insurance patient accounts to CSI, which will then manage the accounts under flexible financing plans tailored to each patient's needs. CSI expects loan volume to average $300,000 each month, primarily from patients that previously would have been sent to collections. In addition to an infusion of immediate cash and ongoing improvements in cash flow, the new CSI patient financing program offers several advantages over traditional collection policies. Instead of being faced with impersonal, unfriendly collection agencies, patients taking advantage of the CSI program receive affordable payment options and compassionate customer service. The CSI program will also reduce the hospital's administrative costs relating to the management and collection of self-pay accounts. August 9, 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. July 19, 2006 CSI Financial Services announced an agreement with a major hospital in Southern California to provide affordable and flexible financing solutions to its underinsured and uninsured patients. The CSI patient account financing program will help the hospital more accurately identify charity cases, enable them to more effectively collect self-pay receivables and reduce the number of unpaid patient accounts that are referred to collection agencies. The hospital selected CSI Financial because of its extensive experience in underwriting, funding and managing self-pay accounts and for the flexible payment options and high level of customer service that CSI offers the patient community. June 9, 2006 CSI Financial Services a national leader in automated patient financing solutions and management of self-pay accounts for hospitals throughout the United States, announced a nine percent growth in its portfolio for the first quarter of this year, with more new patient loans granted than ever before. New business jumped 23 percent over the first quarter 2005, and more than 31 percent over the first quarter 2004. May 17, 2006 CSI Financial Services announced an $18.75 million funding commitment with a western regional bank. The proceeds will be used to provide flexible and affordable patient financing solutions to hospitals and other healthcare providers. Borrowings under the credit facility are secured by consumer debt with credit enhancement provided by investment grade guarantors. "This newest financing commitment allows CSI to address the growing need for helping healthcare facilities improve revenue cycles and increase working capital while offering their patients a wider array of payment options," said Mitch Patridge, chairman and CEO of CSI. "This new bank relationship coupled with the funding capacity of our other banking partners assures our current and prospective hospital clients of our ability to keep up with the high demand for financing patient receivables." Mr. Patridge also noted: "Today these receivables typically represent 15 to 20 percent of a healthcare provider's receivables, yet only two to five percent of their net revenue. By utilizing CSI's automated financing methods healthcare providers can increase collections and reduce collection periods, while at the same time improve the patient's experience with the healthcare provider. Notably the cost of the program to the healthcare provider is typically less than the cost of traditional collection." |
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