SAN DIEGO, July 28, 2011 – CSI Financial Services (CSI), the healthcare industry’s leader in providing patient-friendly bank loans, announced that its portfolio of patient accounts grew by more than 38 percent during the first half of 2011, driven by both new healthcare providers utilizing the ClearBalance loan program and continued demand within CSI’s existing client base.
During the quarter ending June 30, 2011, CSI Financial Services added several new healthcare providers to its elite roster of clients including Centra Health in Lynchburg, Va., Ochsner Health System in Louisiana, recently named the Best Hospital in New Orleans by U.S. News & World Report, and Sharp Rees-Stealy Medical Group, a 2007 Malcolm Baldrige National Quality Award recipient and one of the largest, most comprehensive medical groups in San Diego County with 19 locations.
According to Mitch Patridge, CSI’s Chief Executive Officer, the company’s continued success has been fueled by the tremendous increase in self-pay receivables affecting the healthcare industry. In fact, the Healthcare Financial Management Association’s (HFMA) Pulse Project recently found that 64% of hospitals experienced an increase in self-pay balances after insurance of at least 10%.
Patridge explained that in addition to adding several new clients—expanding the company’s footprint to 40 states—CSI also expanded its ClearBalance loan program with Texas Health Resources and Faxton-St. Luke’s Healthcare in Utica, NY.
According to Patridge, Centra Health, Sharp HealthCare and Texas Health Resources were recently named 2011 HFMA MAP Award winners. The MAP Award showcases healthcare organizations that have met or exceeded criteria in revenue cycle performance, financial performance, innovation, and patient satisfaction.
He added that healthcare providers are proactively looking to find alternatives for patients that need to repay out-of-pocket healthcare expenses – including straight self-pay and balance-after-insurance – with low monthly payments, thereby improving patient satisfaction while reducing bad debt and increasing cash collections.
“The healthcare industry is wrestling with the growth of self-pay receivables that have significantly increased their A/R days and, in many instances, caused a strain on their patients,” Patridge said. “Patient-friendly financing programs such as ClearBalance have transitioned from a ‘nice to have’ to a ‘need to have’ as a means of solving the burden of self-pay on a provider’s revenue cycle.”
About CSI Financial Services
CSI Financial Services is the premier provider of patient loan programs. Since 1992, CSI has funded more than $600 million in patient loans enabling hundreds of thousands of patients to affordably pay off their healthcare obligations. CSI maintains its corporate office in San Diego, Calif., with regional sales offices throughout the United States. For more information about the ClearBalance program, visit www.ClearBalance.org.