HealthFirst Financial Secures $ 70 Million Line of Credit to Expand Funding Options That Help Patients Pay Their Medical Bills
SPRINGFIELD, Oregon – (BUSINESS WIRE) – HealthFirst Financial, a national leader in patient finance, today announced it has secured a $ 70 million line of credit from a loan syndicate that includes Umpqua Bank, Columbia Bank, Opus Bank and Pacific Continental Bank . HealthFirst Financial will use the proceeds to fund growing demand from hospitals and medical groups for affordable payment programs for patients.
“Many consumers are overwhelmed when faced with a medical bill their budget cannot afford,” said KaLynn Gates, president and legal counsel, HealthFirst Financial. “We’re helping alleviate these financial challenges by partnering with healthcare providers to provide patients with a cost-effective way to pay their medical bills. Our new line of credit improves our ability to work with more providers and patients to meet rising deductibles and other personal expenses. We are currently working in partnership with many providers to use these funds in their communities. ”
Too many people face difficult choices between paying for care and basic needs, says recent follow-up surveys of the Kaiser Family Foundation.
29% of consumers report problems paying their medical bills, while 73% of this group say they have cut back on food, clothing or basic household items to pay for treatments.
27% say they have postponed treatment and 21% say they have not filled a prescription due to costs.
Half of Americans fear that they will not be able to pay for necessary health services in the future.
Affordable financing from HealthFirst Financial helps people get the care they need without breaking the family budget. So far, HealthFirst has helped hundreds of thousands of patients, with more than $ 300 million in patient bills, and has improved the health of the communities it serves by making care more affordable. The payment program consists of low interest or no interest lines of credit with monthly payments as low as $ 25 and terms of up to 60 months. There is no credit check, so this program does not affect patient credit scores.
The HealthFirst Financial program is available at more than 220 establishments across the country. From the Stony Point Surgery Center in Virginia, PeaceHealth on the West Coast and covering facilities in 22 states through national provider Trinity Health, HealthFirst provides a means for patients to pay for the services received and creates a positive patient outcome. , providers and their communities.
Formed in 2014, Umpqua, Columbia, Opus and Pacific Continental have joined forces to create a union that helps fund projects that give back to their communities. Together, the group represents more than $ 40 billion in assets and has sites in Idaho, Washington State, Oregon, California, Arizona and Nevada.
About HealthFirst Financial
Founded in 2001, HealthFirst Financial is a national leader in patient financing who has helped hundreds of thousands of patients pay for care while improving the financial performance of healthcare organizations. HealthFirst Financial is the first and only company to receive the prestigious Peer Review designation from the Healthcare Financial Management Association for its patient funding programs following a rigorous evaluation of overall effectiveness, quality and value of its payment solutions.
HFMA staff and volunteers have determined that these products meet specific criteria developed through HFMA’s peer review process.
HFMA does not endorse or guarantee the use of these products.