SAN DIEGO, May 1, 2012 — CSI Financial Services (CSI), the healthcare industry’s leader in providing patient-friendly bank loans marketed under the ClearBalance® brand, announced today that during the first quarter of 2012 the company’s portfolio of patient accounts had grown at an annualized rate of more than 20 percent, reaching a new all-time high.
CSI’s results mark another increase in the number of patients that benefitted from receiving a ClearBalance loan to repay their hospital expenses.
According to Mitch Patridge, CSI’s chief executive officer, the company’s first quarter results were strengthened, in part, by the addition of several new healthcare clients, including Palomar Health in California.
Patridge explained that loan originations in the first quarter were 20 percent greater than during the same period in 2011. CSI also attributes this increase to strong growth from its existing hospital clients, who include Ochsner Health System, St. Vincent Health, Wake Forest University Baptist Hospital and Texas Health Resources.
“The ClearBalance loan program enables healthcare providers to increase patient satisfaction while making a positive impact on net collections at the same time,” Patridge said. “The ClearBalance program is a win for the revenue cycle as well as for the patient.”
Available at more than 200 hospitals and physician clinics nationwide, the ClearBalance program brings “peace of mind” to patients by providing them with interest-free loans or below-market interest rate loans to repay out-of-pocket medical expenses with low monthly payments.
“By implementing ClearBalance, patients can have up to 72 months to repay their balance, and healthcare providers improve patient satisfaction by offering a program specifically tailored to the financial needs of its patients,” Patridge said. He noted that CSI expects to add several new healthcare clients within the next 120 days, including health systems in Ohio, Georgia, California and New York.
About CSI Financial Services
CSI Financial Services is the premier provider of patient loan programs. Since 1992, CSI has helped its healthcare clients streamline the revenue cycle and efficiently collect patient balances. Equally 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.