UTICA, New York, Nov. 19, 2010 – ClearBalance by CSI Financial Services (CSI), the healthcare industry’s leader in providing patient-friendly bank loans, today announced an expanded partnership with Utica, N.Y.-based Faxton St. Luke’s Healthcare (FSLH). ClearBalance will now offer its patient-friendly, interest-free loans to patients at both Faxton and St. Luke’s campuses.
The ClearBalance program brings “peace of mind” to patients by providing them the ability to retire out-of-pocket medical expenses with affordable monthly payments, thereby helping patients avoid the collections process and maintain their credit.
“We are proud of our partnership with Faxton St. Luke’s Healthcare and are excited to extend our interest-free loan program to help patients clear their hospital balance,” said Mitch Patridge, CSI’s Chief Executive Officer. “We understand that patients in upstate New York, like in most areas across the country, are contending with higher deductibles and higher co-pays. The ClearBalance program provides patients who are unable to pay their bill in full, an affordable way to meet their financial obligation.”
Patridge added the ClearBalance bank loan program will be offered to patients who need more than 6 months to pay their self-pay hospital balance. He explained the ClearBalance program not only will improve the patient experience, but it also will help reduce Faxton St. Luke’s bad debt and, importantly, accelerate their cash flow to help improve the overall performance of their revenue cycle.
“We are pleased to work with ClearBalance and provide this additional support to our patients and families. The interest free loan program is another service, in a wide range of services, we offer to patients as we help them navigate through the payment process,” noted Michael Haile, Senior Vice President and Chief Financial Officer. “We can do so much more for our patients if they contact us early in the payment process. It gives us the opportunity to explain their options and refer them to programs like this one.”
Patridge explained that ClearBalance’s interest free loan program is supported by the company’s best-in-class customer service center that has been designed to meet the needs of its healthcare clients and their patients. CSI’s San Diego-based customer service center has generated a 99% satisfaction rating, underscoring the company’s commitment to treat each patient with dignity and respect.
About ClearBalance by CSI Financial Services
ClearBalance by CSI Financial Services is the premier provider of patient-friendly loan programs. Since 1992, CSI has funded more than $500 million in patient loans, enabling hundreds of thousands of patients to easily and affordably repay their healthcare obligations. CSI maintains its corporate office in San Diego, Calif., with regional sales offices throughout the United States.