ClearBalance Reports Record Growth in Fiscal Year 2012 Results
SAN DIEGO--(BUSINESS WIRE)-- ClearBalance®, the healthcare industry's leader in providing patient-friendly bank loans, announced today that during fiscal year 2012 the company's portfolio of patient accounts had grown at an annual rate of more than 46 percent.
Bolstered by the addition of several new, multihospital clients — including more than 67 hospitals and/or clinics located in Kansas, California, Minnesota, Ohio, North Carolina, South Carolina, New York and Florida — the ClearBalance patient-friendly loan program is now offered at more than 250 locations nationwide.
Growth in the company's portfolio of patient accounts has resulted, in part, by the rapidly increasing population of consumers covered by high-deductible health plans. ClearBalance's expanding portfolio was led by the growth of its popular Zero-Interest Flex Program — in which patients receive an interest-free, revolving line, with repayment periods that can extend beyond 72 months.
According to Mitch Patridge, ClearBalance chief executive officer, the company's 2012 performance marked the strongest growth of its portfolio of patient accounts in its more than 20-year history.
Patridge said that a recent Kaiser Family Foundation survey found that a "larger proportion of workers are required to meet a deductible prior to utilizing services, and these deductibles are increasing in size. It has become commonplace for covered workers to be enrolled in a plan with a deductible of $1,000 or more."
"The Kaiser survey is one of a number of new studies that heightens the urgency among healthcare providers to look for a self-pay solution that can be customized to meet the unique characteristics of their revenue cycle," Patridge said, adding that the company's expanded lineup of ClearBalance patient-friendly loan products meets the challenge of not only increasing net recovery, but also improving patient satisfaction.
He also explained the company is well positioned to further capitalize on market demand through the recently announced investment in ClearBalance by the private equity group of Angelo, Gordon & Co.
"The financial backing of Angelo, Gordon will enable ClearBalance to continue to invest in systems and servicing capabilities ensuring the highest level of service to our patients, healthcare providers and banking partners," Patridge stated.
ClearBalance is the premier provider of patient-friendly loan programs. Since 1992, ClearBalance has helped its healthcare clients streamline the revenue cycle and efficiently resolve patient balances. Equally important, the ClearBalance loan program helps healthcare providers achieve their mission of increasing patient satisfaction. ClearBalance maintains its corporate office in San Diego, Calif., with regional sales offices throughout the United States. For more information about the ClearBalance program, visit www.ClearBalance.org.
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