- Loan origination volume increase by 18 percent
- Three new health systems implemented the ClearBalance patient-friendly loan program
SAN DIEG0, May 10, 2013 — ClearBalance®, one of the country’s fastest-growing providers of patient-friendly loans, announced today that, during the first quarter of 2013, its volume of loan originations grew by 18 percent compared to the first quarter of 2012.
In the first quarter of 2013, the ClearBalance patient-friendly loan program was implemented at new healthcare providers located in Kansas, Minnesota and Florida, adding to the more than 250 hospitals and physician clinics nationwide that utilize ClearBalance.
According to Mitch Patridge, ClearBalance chief executive officer, the continued growth of high-deductible health plans heightens the importance that providers now place on delivering multiple payment options to their patients. An example of such is what has become the most popular program offered by ClearBalance, the Zero-Interest Flex Program, in which patients receive an interest-free, revolving line of credit with repayment periods that can extend beyond 72 months.
Patridge cited a recent study released by Towers Watson, which finds that employees’ share of premiums increased 8.7 percent between 2012 and 2013. Likewise, out-of-pocket expenses continue to rise — up by 15 percent over the last two years.
“This study, ClearBalance’s increasing amount of inbound interest from providers, and the growing loan volume among our existing clients illustrates the economic challenges facing healthcare providers and patients in terms of the shift in responsibility for the cost of medical expenses to patients,” Patridge said.
“The patient’s experience with a healthcare provider is not solely tied to his or her clinical care,” he added. “Ensuring patients have an affordable option to pay their obligations can directly impact patient satisfaction scores. We’re focused on delivering a program that not only increases net recovery of self-pay receivables, but, most importantly, enhances the patient’s overall experience with that provider.”
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.