CSI Financial Services, Inc. Offers Automated Patient Loan Program

CSI Financial Services, Inc., a leader in affordable patient loan programs for underinsured and uninsured patients, has been chosen by a Nevada ambulatory surgery center (ASC) to provide automated loan programs for its patients.

Under the CSI loan program, a broad range of patients will now be able to easily qualify for loans with low monthly payments if they are not able to pay their medical debt when due.

“Accounts of self-pay patients who cannot pay their balance-after-insurance are traditionally sent to collections,” said Mitch Patridge, CEO of CSI. “These patients will now be able to avoid being sent to collections, and the associated ‘ding’ on their credit scores, while paying off their medical debt in very low monthly installments. These relaxed requirements are in keeping with the center’s goal of increasing patient satisfaction and treating patients in a more personal manner.”

Patridge continued, “The proliferation of ASCs means that healthcare consumers now have more choice than ever before. Outpatient surgical facilities that offer innovative services — including affordable, flexible payment options — will be more attractive to consumers in a highly competitive market.”

The surgery center patients will be offered revolving lines of credit with low monthly payments that are based on a percent of the outstanding balance, often as low as $20 per month. Importantly, the underwriting of the patient’s credit is via CSI’s proprietary scoring models, which allow a significant number of patients to qualify — patients that would not have qualified for traditional financing. According to Patridge, the CSI loan program not only accelerates cash collections and maintains a positive patient relationship, but the program cost is typically 30 to 40 percent below the cost of a collection agency.

Unlike collection agencies, CSI funds the patient account at submission. In addition to immediate cash, lower costs, and improved cash flow, the CSI approach overcomes concerns about aggressive collection practices and high interest charges that undermine community relations.

CSI’s patient-centered approach includes easy qualification with minimal credit score and income requirements, no written application, no origination fee due from the patient, no prepayment penalty, no punitive interest rates, and patients can easily add new hospital balances to existing loans.

CSI Financial Services has offered patients non-application based loan programs funded by national and state chartered banks since 1992.