New Lending Opportunity Financing Health Care Costs
May 28, 2014: Of the total $2.8 trillion that was projected to be spent in 2013 on health care, about $800 billion was paid by the federal government through Medicare. The other $2 trillion was paid mostly by private health insurance companies and individuals, who have no insurance or who will pay some portion of the bills covered by their insurance. This is burdening businesses that pay for their employees’ health insurance and forcing individuals to pay so much in out-of-pocket expenses.
One solution to meet this disconnect is private sector initiatives in conjunction with public sector reimbursements and third-party insurers.
To facilitate patients’ access to procedures and for the medical provider to be reimbursed, innovative, out-of-the-box solutions are cropping up to meet demand. For example, orthodontists, plastic surgeons, surrogacy agencies and other medical providers with limited public and/or private reimbursements are assisting patients by referring them to funding sources.
One advanced solution to meet patient demand is a partnership between the medical provider and its financial institutions. There is an Internet program that connects the patient, as referred by the medical provider, to a financial institution. The MyLoans™ web application offers financial institutions the opportunity to book new, low-risk consumer loans, capitalizing on its existing healthcare provider base. Financial institutions are assisting patients while gaining new customers and loans. MyLoans is further integrated into the Suntell Suntell Square 1 Credit Suite to support this new lending opportunity for your institution.