PORTLAND, Ore. – (June 21, 2012) – CarePayment, the leading patient loyalty platform that enables patients with the opportunity to pay their medical obligations over time, will begin introducing a series of enhancements in response to feedback from patients and healthcare providers.
Beginning this fall, CarePayment will be introducing new products, the first of which is a variable- payment-term program which expands the program’s core 25-month 0% APR program. The CarePayment program will maintain its non-discriminatory approval process for all patients while helping healthcare providers comply with applicable federal and state laws and address a new wave of consumer finance regulatory scrutiny.
“We have heard from our customers that greater flexibility in terms would make the CarePayment program even more useful to patients and healthcare providers,” said Craig Froude, CEO of CarePayment Technologies, Inc.
Froude said CarePayment will be partnering with healthcare revenue cycle management officials to develop the CarePayment variable terms program. Meanwhile, the company is exploring additional innovations to the patient loyalty and payments platform to address the issue of rising copays and deductibles.
Currently, CarePayment features a healthcare provider-branded 0% APR line of credit to help patients pay their out-of-pocket healthcare expenses over time. The program is active in more than 50 healthcare institutions nationwide, and is credited with improving patient satisfaction, growing market share and improving financial performance.
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Established in 2004, CarePayment helps patients pay their medical bills over terms of 25 months or more at 0% APR through accounts that are issued by WebBank of Salt Lake City, Utah. The provider-branded program is an innovative approach that has proven to enhance the patient experience while simultaneously improving collection rates for the healthcare provider. Many CarePayment partners experience a twofold impact to their bottom line; one from the reduction in bad debt and the other from additional revenue as a result of attracting new patients. For additional information, please call 800.316.4350 or visit www.carepayment.com.
Allison Yazdian, CarePayment VP of Marketing
This release may contain forward-looking statements. All statements that are not purely historical are forward-looking statements. Words such as "expect", "anticipate", "intend", "plan", "believe", "seek", "estimate", "may", "could", "would", "will" and variations of such words and similar expressions are intended to identify such forward-looking statements. In particular, this release may contain forward-looking statements with respect to business objectives, expected growth, results of operations, performance, business projects and opportunities, and financial results. Such forward- looking statements reflect management’s current view and estimates of future economic and market circumstances, industry conditions, company performance and financial results, are based on certain material factors and assumptions, and are subject to certain risks and uncertainties, including, without limitation, changes in market conditions, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. Such risks, uncertainties and other factors could cause actual results or events to differ materially from those described in the forward-looking statements. CarePayment Technologies does not intend, and undertakes no obligation, to update any such forward-looking statements to reflect events or circumstances that occur after the date of this release.