A partnership of two California-based companies with national client bases aims to give hospital patients easier access to money to pay their bills.
The co-marketing alliance between CSI Financial Services and Cymetrix, announced Wednesday, is the result of a nationwide increase in deductibles and co-pays, forcing more patients to foot a larger portion of their healthcare bill. The alliance allows San Diego-based CSI to offer its low- and no-interest loan programs through the revenue cycle management solutions marketed by Irvine-based Cymetrix.
“Higher deductibles and co-pays are creating a greater wave of self-pay patients, most of whom cannot afford to make a lump-sum payment to meet this financial obligation,” said Mitch Patridge, CSI’s chief financial officer. “The CSI loan program gives patients the ability to re-pay their self-pay bill over time, while allowing hospitals to accelerate their cash and reduce their overall bad debt.”
“The beauty of the CSI bank loan program is that we help patients while giving hospitals the ability to not have to ‘act like a bank,’” he added. “We’re confident that our partnership with Cymetrix will provide a truly comprehensive solution to meet the growing revenue cycle challenges faced by hospitals and healthcare providers nationwide.”
Patridge said the alliance helps hospitals who are dealing with a higher percentage of self-pay patients by offering them a variety of solutions to facilitate reimbursement and avoid the collections process. The company has funded more than $500 million in patient loans since its founding in 1992.
“We are excited about the opportunities this partnership provides to our hospital clients,” said Al Franklin, Cymetrix’s chief operating officer. “Our collaboration with CSI Financial Services uniquely complements our existing suite of solutions designed to help hospitals optimize the performance of their revenue cycle and allows them to focus on their primary mission – the delivery of patient care.”