PrimaHealth Credit
PrimaHealth Credit
Company Overview
PrimaHealth Credit is a FinTech platform that empowers healthcare providers to offer payment solutions to credit-challenged and underbanked patients at the point of care. Last year out-of-pocket expenditures on elective healthcare in the U.S. totaled $87 billion, and less than 20% of this amount was financed, reflecting a lack of financing options. PrimaHealth Credit has built a mobile lending platform and offers patient-friendly, non-punitive financing solutions. The company has a highly experienced management team, including Hugh Bleemer, CEO, who previously built an elective care lending business from market entry to $1 billion in originations at JP Morgan Chase. The company’s founder and president, Brendon Kensel, previously built a medical service organization that managed orthodontic offices in Southern California and learned first-hand the pain points associated with existing patient finance solutions – paper processes, antiquated technology, and punitive financial products. PrimaHealth Credit solves these pain points with its easy-to-use mobile lending platform, transparent financial products, and custom credit analytics that enable rapid underwriting decisions. PrimaHealth Credit is in the later stages of completing a $30 million revolving credit facility to finance loan originations and is completing a term sheet with a bank to affiliate with their national banking charter which will enable a national roll-out in Q1 2016. The company has already built a network of healthcare providers, has a strong pipeline of large multi-unit accounts, and expects to originate and service approximately $2 billion in loans over the next 5 years.
Products & Services
Total Finance Solution
PrimaHealth Credit helps providers convert more patients and produce more income by offering the industry’s first total finance solution through an easy-to-use mobile lending platform. Providers can now serve all their patients with one credit application, including those with credit challenges, by offering flexible payment plans without the ‘gotcha’ features found in other healthcare financing plans.
Equal Payment Plans
PrimaHealth Credit offers both No Interest and Low Interest Equal Payment Plans to offer patients a predictable repayment term. Equal monthly payments by the patient will pay the loan balance in full during the loan term. If the loan payment is delinquent the promotional plan will end and interest will be assessed from that point forward. Interest is only charged on the remaining balance and is not retroactive to the purchase date.
Minimum Payment Plans
PrimaHealth Credit offers a No Interest Minimum Payment Plan that enables patients to fit most treatments into their budgets with a low monthly payment. Minimum monthly payments will leave a balance at the end of the promotional period. Balances due at the end of the promotional period can be paid in full or, at the borrower’s request, be extended for 12 months with interest. Interest is only charged on the remaining balance and is not retroactive to the purchase date.
Loan Assure
Loan Assure helps providers produce more income by enhancing in-house patient financing programs. For providers that have not implemented an in-house patient financing program, Loan Assure will establish a high-quality program to help grow long-term revenues. Through Loan Assure providers will improve efficiency and reduce costs by allowing PrimaHealth Credit to manage loan originations, servicing, and collections for in-house loans. Loan Assure submits payments to the provider as the loan is repaid.
Portfolio Pay
Portfolio Pay by PrimaHealth Credit offers an efficient and timely way to access cash when it is needed. Portfolio Pay is not a loan and unlike a loan, the sale of patient receivables does not create additional debt on a provider’s balance sheet. Portfolio Pay gives providers a reliable and timely solution to access cash. Portfolio Pay will also lower your administrative labor cost by managing the servicing of the acquired loans. PrimaHealth Credit is a state licensed lender, which will provide your patients peace-of-mind that their accounts are being handled professionally and confidentially.
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