SAN DIEGO, June 24, 2010 — CSI Financial Services, the healthcare industry’s leader in providing zero- and low-interest bank loans to patients, today announced that it has secured alliances with three Midwest hospital systems. The relationships, including CSI’s first two hospital systems in Ohio, will provide bank loans to patients, thereby giving them the ability to repay their self-pay balance via low monthly payments.
Effective immediately, patients will have the opportunity to secure bank loans serviced by CSI through the following healthcare systems:
- St. Rita’s Medical Center – A 453-bed member of Catholic Healthcare Partners, located in Lima, Ohio
- Blanchard Valley Health System – A two-hospital, 150-bed system headquartered in Findlay, Ohio
- St. Mary’s Medical Center – A 474-bed member of Ascension Health, located in Evansville, Indiana
Established in 1992, CSI has been providing “peace of mind” to healthcare providers and patients by funding more than $500 million in zero- and low-interest patient loan programs to hospitals nationwide, thereby allowing patients to meet their self-pay obligations and avoid going through the collections process.
Mitch Patridge, CSI’s Chief Executive Officer, said the partnerships reflect a growing interest from hospitals and healthcare providers to proactively address the increase in their self-pay receivables by offering a patient-friendly financing solution. The programs being implemented at each facility are customized to fit the unique needs of the healthcare provider and their patient population.
“Unemployment, higher deductibles, and higher co-pays are creating a greater wave of self-pay patients, most of whom cannot afford to make a lump-sum payment to meet their financial obligation for healthcare services,” Patridge said. “The CSI loan program gives patients the ability to pay their bill over time without delaying cash to the hospitals, which ultimately reduces their A/R days and overall bad debt.”
CSI’s loan programs offer no- and low- interest, low monthly payments, and no prepayment penalties. CSI also owns and manages a best-in-class patient service center that is exclusively designed to meet the needs of the company’s healthcare clients and the patients they serve. Patients may pay their monthly bill via mail, phone or Internet.
“Patient satisfaction is a key component to our loan programs,” Patridge explained. “Owning our own call center insures that the patients receive the best possible service.”
About CSI Financial Service
CSI is a premier provider of patient loan programs. Since 1992, CSI has funded more than $500 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.
Media Contact: Jennifer Vansant at 858-200-9213