SAN DIEGO, Feb. 2, 2012 — CSI Financial Services (CSI), the healthcare industry’s leader in providing patient-friendly bank loans, announced today that the company’s portfolio of patient accounts grew by 42 percent during its 2011 fiscal year. The patient-friendly ClearBalance® bank loan program is now offered at more than 200 hospitals and physician clinics nationwide. During its nearly 20-year history, CSI has serviced more than 1.8 million patient accounts.
Mitch Patridge, CSI’s chief executive officer, said the company’s robust growth in 2011 was driven by both an increase in loan volume from existing clients as well as loans submitted through new client relationships, including Ochsner Health System in Louisiana, Centra Health in Virginia, Somerset Hospital in Pennsylvania and a large multi-hospital health system in Minnesota.
“There is strong demand from healthcare providers and patients alike for an easy-to-qualify payment solution that makes out-of-pocket healthcare expenses affordable,” Patridge said, adding the ClearBalance loan program enables patients to repay their healthcare bill via low monthly payments, which in turn increases patient satisfaction.
He further explained that a recent survey conducted by the National Business Group found that “four in 10 companies will increase employee deductibles in 2012 to stem higher healthcare costs,” meaning many patients will have higher payment obligations and need help to combat the often-unexpected cost of medical care.
“Combining the ingredients of rising healthcare costs, increasing employee deductibles and co-pays, and a weak economy result in a financial recipe that’s truly a hardship for patients,” Patridge noted.
“The ClearBalance program — giving patients, regardless of credit score, an opportunity to secure a bank loan to repay their healthcare obligation over time with low monthly payments — is poised for even stronger growth in 2012. In fact, more healthcare providers find it an essential tool to support their patients’ financial
About CSI Financial Services
CSI Financial Services is the premier provider of patient loan programs. Since 1992, CSI has helped its healthcare clients to streamline the revenue cycle and efficiently collect patient balances. Equally as important, the ClearBalance loan program helps healthcare providers achieve their primary mission of increasing patient satisfaction. 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.