A critical access hospital in northern Iowa has implemented a program offering below-market interest rate loans to help patients cover self-pay hospital expenses.
Hancock County Memorial Hospital, a 25-bed county-owned facility, is partnering with CSI Financial Services, a San Diego-based firm specializing in patient loan programs, to offer the service.
The program offers patients the ability to address out-of-pocket medical expenses – including high deductibles and co-payments – through more affordable monthly payments. It's intended to help patients avoid the collections process.
Patients electing to participate in the loan program may pay as little as $20 per month, depending on their balance amount. Patients can pay their monthly bill via mail, phone, internet or automatic debit.
“The new loan program assures that affordable loans are available to individuals who have received treatment from our hospital but are unable to pay their balance in full,” said Vance Jackson, HCMH’s CEO/administrator. “We are always looking for new ways to ensure both the physical and financial well-being of our patients.”