SAN DIEGO, July 16, 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 second quarter of 2012 the company’s portfolio of patient accounts had grown at an annualized rate of more than 33 percent, reaching a new all-time high.
CSI’s results were largely driven by skyrocketing growth of the company’s popular Zero-Interest Flex Program, in which all patients receive an interest-free loan — with no late or annual fees. The program carries repayment terms that are matched to each patient’s household budget, and can be extended up to 72 months.
The company’s second quarter results were also bolstered by the addition of four multi-hospital health systems, located in Ohio, New York, Texas and South Carolina. More than 40 new hospital and physician clinic locations now offer the ClearBalance program to their patients.
According to Mitch Patridge, CSI’s chief executive officer, the company’s loan originations in the second quarter were 20 percent greater than during the first quarter of 2012.
Patridge explained that the company’s success is the result of a variety of factors, including the tenure and commitment of its senior leadership team. With average tenure at CSI of over seven years, their applied experience to the delivery of patient-friendly loan programs consistently exceeds client expectations for improving patient satisfaction and revenue cycle performance.
“Delivering improved patient satisfaction and the industry’s only money-back guarantee is primarily the result of an extremely talented team that has a tremendous amount of experience in the implementation and administration of patient-friendly loan programs,” Patridge said.
CSI Financial Services also recently announced a new funding commitment from U.S. Bank to meet increased demand from providers and patients for the ClearBalance program.
“As consumers contend with higher insurance deductibles and escalating co-pays, on top of a tightening credit market, the ClearBalance program has transformed into a ‘must-have’ among healthcare providers, and we expect results in the second half of 2012 to exceed the first half,” Patridge said, noting that CSI expects to add several new healthcare clients within the next 120 days, including health systems in the South, Midwest and Northeast.
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 resolve patient balances. Equally important, the ClearBalance loan program helps healthcare providers achieve their 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.