WHAT: Epic River, a lending-as-a-service platform provider that connects banks and credit unions with healthcare providers to streamline patient payments, will be presenting at the COCC New York Client Meeting on “Lending as a Service: Introducing Patient Lending.” This presentation will discuss why they should partner with healthcare providers to deliver long-term, low-interest patient loans and how the Epic River platform facilitates the lending program implementation.
WHO: The presentation will be led by Andy Lordi, Director of Strategic Accounts, Epic River.
WHY: More than half of patient bills are typically unpaid. This can strain the financial resources of healthcare providers, and lead to budget shortfalls potentially affecting the quality of care they provide.
Studies show that many patients with health insurance do not have enough savings to pay off average deductible costs. To address these challenges, healthcare providers implement internal payment plans, however, these arrangements typically do not reduce the monthly payments enough for a patient to afford their bill. About 17% of patients use personal credit cards to cover medical bills, yet rising interest rates often result in patients accumulating greater debt that surpasses their initial bill.
Financial institutions leveraging the Epic River platform are empowered to lend to local healthcare providers. This partnership enables them to access a larger loan volume and an additional source of interest income, while the hospital can offer its patients an affordable payment option to reduce the risk of unpaid bills and ensure a stable cash flow.
WHERE: The COCC New York Event will take place from Sept. 27 to 29, 2023. Epic River will present on Thursday, Sept. 28 from 1:00 to 2:00 p.m. EST at the Otesaga Resort Hotel in Cooperstown, N.Y.
CONTACT: For more information, contact Gabriela Lumpkin at gabriela@williammills.com or Angelo D. Jones II at angelo@williammills.com.