SPRINGFIELD, Ore.--(BUSINESS WIRE)--HealthFirst Financial, a national patient financing leader, announced today it has secured a $70 million line of credit from a lending syndicate that includes Umpqua Bank, Columbia Bank, Opus Bank, and Pacific Continental Bank. HealthFirst Financial will use the proceeds to finance the growing demand from hospitals and medical groups for affordable patient payment programs.
“Many consumers are overwhelmed when they are faced with a medical bill that their budget can’t afford,” said KaLynn Gates, President and Corporate Counsel of HealthFirst Financial. “We help ease that financial pain by partnering with healthcare providers to offer patients a budget-friendly way to pay medical bills. Our new credit line enhances our ability to work with more providers and patients to cope with rising deductibles and other out-of-pocket expenses. We are partnering with many providers now to utilize these funds in their communities.”
Too many people face tough choices between paying for care and affording basic necessities, according to recent tracking polls from the Kaiser Family Foundation.
- 29 percent of consumers report problems paying medical bills while 73 percent of that group say they’ve cut back spending on food, clothing or basic household items to pay for treatment.
- 27 percent say they have put off getting treatment and 21 percent say they have not filled a prescription due to costs.
- Half of Americans worry that they won’t be able to pay for needed healthcare services in the future.
HealthFirst Financial’s affordable financing helps people get the care they need without breaking the family budget. So far, HealthFirst has helped hundreds of thousands of patients, with over $300 million dollars in patient bills, and along the way have made the communities it serves healthier by making care more financially accessible. The payment program consists of low or no interest credit lines with monthly payments as low as $25 and term lengths up to 60 months. There is no credit check, so this program does not impact patients’ credit scores.
The HealthFirst Financial program is available at more than 220 facilities across the country. From Stony Point Surgery Center in Virginia, PeaceHealth on the West Coast, and covering facilities in 22 states through national provider Trinity Health, HealthFirst provides patients a means to pay for services received and creates a positive outcome for patients, providers and their communities.
Formed in 2014, Umpqua, Columbia, Opus and Pacific Continental combined their efforts to start a syndicate that helps finance projects that are giving back to their communities. Together, the group represents over $40 billion in assets and has locations across Idaho, Washington, Oregon, California, Arizona, and Nevada.
About HealthFirst Financial
Founded in 2001, HealthFirst Financial is a national patient financing leader that has helped hundreds of thousands of patients afford care while improving the financial performance of healthcare organizations. HealthFirst Financial is the first and only company awarded the prestigious Peer Review Designation from the Healthcare Financial Management Association for its patient financing programs following a rigorous evaluation of the overall effectiveness, quality and value of its payment solutions.
HFMA staff and volunteers determined that these products have met specific criteria developed under the HFMA Peer Review Process.
HFMA does not endorse or guarantee the use of these products.