An independent sales organization and a health care lender are helping patients pay their physician and dentist bills.
They decide who qualifies for their product, called CheckPay, mainly by reviewing applicants’ check-writing histories and to a lesser degree by reviewing credit backgrounds.
The ISO, Louisville, Ky.-based Payment Alliance International, brings expertise in check processing to the relationship, while its partner, Salt Lake City-based American HealthCare Lending, brings its knowledge of financial institutions, Nathan Danus, the ISO’s vice president of national accounts, tells PaymentsSource.
The companies make $500 to $5,000 in funding available through three-, six- or 12-month payment plans that deduct installments from the borrowers’ checking accounts.
Applicants with no history of writing bad checks may receive loans without a review of their credit histories. If bad checks are reported, the lenders then examine their credit scores. A funding decision comes within 10 minutes.
Instead of charging interest, the ISO and the lender receive a fee from the health care provider, Danus says. The companies make provisions for providers who want to recover all or a portion of the costs from the patients, he notes.
CheckPay benefits patients, some of whom otherwise might not receive medical treatment or would have to delay it, Danus says.
The loans enable physicians, dentists and other health care professionals to increase the number of cases they accept, he adds.
Payment Alliance is using its contacts in the medical field, which was already one of its areas of specialization, to get the business started, Danus says. American HealthCare focuses on the field and thus has many contacts, he notes.
The companies also are enlisting the help of medical associations to promote the lending service.
As an added benefit for the ISO, American HealthCare has endorsed Payment Alliance transaction processing.
“Their team is tossing processing leads over the fence to us,” says Danus.
Exposure to more physicians and dentists through the lending initiative also creates opportunities to push transaction services, he adds.
The lending push also is increasing payment processing opportunities for the ISO through a bill-payment portal on the American HealthCare website, Danus says.