- Significant year-over-year program growth
- Loan origination volume increased by 76 percent
- Portfolio of patient accounts increased by 56 percent
- Over 3.3 million patient accounts serviced
- ClearBalance now offered at three new health systems in Texas, N. Carolina and Pennsylvania
SAN DIEGO, August 28, 2013 – ClearBalance®, one of the country’s fastest-growing providers of patient-friendly loans, announced today that, during the second quarter of 2013, its volume of loan originations grew by 76 percent compared to the second quarter of 2012.
In the second quarter of 2013, healthcare systems in North Carolina, Texas and Pennsylvania, began offering their patients the ClearBalance patient-friendly loan program, furthering their commitment to improving patient satisfaction. Overall, ClearBalance recently reached a company milestone of having serviced more than 3.3 million patient accounts nationwide.
Mitch Patridge, ClearBalance chief executive officer, said, “The company is pleased with its second-quarter performance and that its growing popularity validates the strategic value of the ClearBalance loan programs for healthcare providers to offer their patients as part of a ‘best-practice revenue cycle operation.’”
Patridge noted that the company’s popular Zero-Interest Flex program — in which patients receive an interest-free, revolving line of credit with repayment periods that can extend beyond 72 months — demonstrates the commitment of healthcare providers to offer a truly patient-friendly program that helps make healthcare affordable for their patients in this era of ever increasing high deductible insurance plans.
In fact, a new study released by America’s Health Insurance Plans (AHIP) finds that more than 15.5 million consumers nationwide are now covered by high-deductible health plans — an increase of 15 percent in comparison to last year.
“Our average loan balance in terms of dollars has nearly doubled in the last five years, as many patients are struggling to afford a large deductible,” Patridge said. “Even as more consumers are covered by insurance, high deductible health plans make it difficult for consumers to pay their bill, shifting the risk directly to the healthcare provider.”
“Most providers offer in-house payment plans with terms ranging from 4 to 18 months,” he added. “ClearBalance patient-friendly loans can be extended for up to six years, making healthcare affordable by ensuring low monthly payments. Since ClearBalance offers providers immediate payment for patient accounts, ClearBalance makes financial sense for healthcare providers too.”
ClearBalance is the premier provider of patient-friendly loan programs. Since 1992, ClearBalance has helped its healthcare clients streamline the revenue cycle and efficiently resolve patient balances. Equally important, the ClearBalance loan program helps healthcare providers achieve their mission of increasing patient satisfaction. ClearBalance 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.