NASHVILLE, Tenn.--(BUSINESS WIRE)--CarePayment, a leading patient financial engagement company that partners with healthcare organizations to offer zero interest payment programs to patients, announced today it has achieved fifty percent growth during the company’s first year headquartered in Nashville, a result of 15 new provider partnerships and continued growth within its existing customer base.
CarePayment’s new partners reflect a diverse range of provider types looking to offer patients affordable payment options, including a major national health system, multiple regional hospitals and health systems, a leading home medical equipment provider, and a clinical laboratory company.
As a result of this historic growth, the number of patients served by CarePayment has increased to 3.3 million, up from 2.2 million just one year ago, and is expected to increase substantially in 2018 as newer customers fully implement.
In anticipation of continued strong growth this year, CarePayment also secured $115 million in new financial backing to further enhance its ability to offer healthcare providers a patient-friendly solution to rising bad debt.
“It is a tumultuous time in healthcare for providers and patients, filled with legislative uncertainty and consumer trepidation about rising out-of-pocket healthcare costs,” said Craig Hodges, Chief Executive Officer of CarePayment. “Providers are realizing that if they want to get paid what they are owed for the care they provide, they have to make it easier for patients to pay for their services. CarePayment is privileged to work with healthcare organizations that recognize first-class clinical care can only be achieved if patients feel confident they can manage their medical expenses without fear of bankruptcy or having to choose between food on the table or needed healthcare.”
2017 marked several notable changes for CarePayment. The company moved its headquarters from Portland, Ore. to Nashville, and added two additional seasoned healthcare executives to the leadership team. With plans to hire additional team members in 2018, the company also signed a new long-term lease agreement for office space in the Green Hills area in Nashville.
“It is an exciting time for CarePayment and we could not be more pleased with the momentum we’ve built this year,” said Ed Caldwell, Chief Revenue Officer of CarePayment. “None of this growth would have been possible without the incredible teams in Nashville and Portland and their work to help healthcare providers offer patients much-needed options and flexibility when paying medical bills.”
Since its founding in 2004, CarePayment has partnered with organizations across the healthcare industry to establish 0% APR payment programs that allow people to pay their medical expenses over time with low monthly payments and no credit bureau reporting. The company has helped more than 1 million people establish payment plans through the financing solutions it offers to hospitals, physician practices, and equipment and service providers nationwide.
CarePayment is a patient financial engagement company that accelerates providers' transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. CarePayment’s patient-friendly financing is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by Republic Bank & Trust Company, Member FDIC. Find more information at www.carepayment.com.