CSI Financial Services Reports Third Quarter 2012 Results

CSI Financial Services Reports Third Quarter 2012 Results

  • Annualized growth rate of 38 percent
  • Secured contracts with six new clients representing 29 locations
  • Loan originations increased 16 percent over third quarter 2011

SAN DIEG0--(BUSINESS WIRE)-- 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 third quarter of 2012 the company's portfolio of patient accounts had grown at an annualized rate of more than 38 percent.

CSI's third quarter results were strengthened by the addition of six new clients -- including 29 new hospitals and/or clinics -- located in Kansas, South Carolina, New York and Florida. Overall the roster of healthcare providers that offer the ClearBalance program now totals more than 250 locations nationwide. The company also saw loan growth with existing hospital and clinic clients due in part to increased adoption of high-deductible insurance plans.

According to Mitch Patridge, CSI's chief executive officer, the ClearBalance Zero-Interest Flex Program — in which patients receive an interest-free, revolving line, with repayment periods that can extend beyond 72 months — has been a key driver in the company not only exceeding expectations for the third quarter, but also looking to a strong fourth quarter as it prepares to add new health systems in the South, Northeast and Midwest.

"Since CSI first introduced the ClearBalance Zero-Interest Flex Program nearly a decade ago, we have provided flexible payment terms to tens of thousands of patients, helping them meet their out-of-pocket healthcare expenses," Patridge said.

"As more patients become responsible for a greater portion of their healthcare expenses, health systems, hospitals and physician clinics are determined to implement a payment alternative that gives each and every patient — regardless of credit score — the opportunity to easily qualify for an affordable payment option."

ClearBalance Integrated into Leading Patient Estimation and eCashiering Tools

Patridge noted that during the third quarter, the company successfully integrated with several new patient estimation and eCashiering tools — making it even easier for healthcare staff to offer their patients a ClearBalance patient-friendly loan earlier in the revenue cycle.

"Healthcare providers are looking to offer patients a ClearBalance loan during the registration process to relieve patient anxiety related to how they will pay for their out-of-pocket balance after services are rendered," Patridge said.

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.

CSI Financial Services
Media Contact: Bruce Weintraub, VP, Marketing
Phone: (858) 200-9208

KEYWORDS:   United States  North America  California


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