CSI Financial Services, a San Diego-based provider of low-interest bank loans to patients, has secured agreements to provide loans to self-pay patients at three Midwest hospital systems.
Effective immediately, patients will have the opportunity to secure bank loans serviced by CSI through the following healthcare systems:
- St. Rita’s Medical Center – A 453-bed member of Catholic Healthcare Partners located in Lima, Ohio
- Blanchard Valley Health System – A two-hospital, 150-bed system headquartered in Findlay, Ohio
- St. Mary’s Medical Center – A 474-bed member of Ascension Health located in Evansville, Ind.
Mitch Patridge, CSI’s chief executive officer, said the agreements would give patients at the hospitals the ability to repay their self-pay balance via low monthly payments.
“Unemployment, higher deductibles and higher co-pays are creating a greater wave of self-pay patients, most of whom cannot afford to make a lump-sum payment to meet their financial obligation for healthcare services,” Patridge said. “The CSI loan program gives patients the ability to pay their bill over time without delaying cash to the hospitals, which ultimately reduces their A/R days and overall bad debt.”
CSI has funded more than $500 million in zero- and low-interest patient loan programs to hospitals since 1992, helping patients to meet their self-pay obligations and avoid going through the collections process.
Patridge said the partnerships reflect a growing interest from hospitals and healthcare providers to proactively address the increase in their self-pay receivables by offering a patient-friendly financing solution.