Healthcare Financing Program Provides Alternatives for Patients and Providers

Thursday, February 16, 2017 General News
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PADUCAH, Ky., Feb. 15, 2017 /PRNewswire/ -- Credit Bureau Systems, Inc., a Kentucky based

healthcare revenue cycle management company, announced the release of its newest service … Healthcare Affordable Repayment Plans (HARP). The program features low-cost healthcare financing plans to benefit both healthcare providers and their patients.


an alternative to high interest credit cards and costly recourse financing by hospitals, HARP is designed to assist patients with high deductibles and self-pay balances while preserving cash flow and eliminating billing costs for hospitals, physicians, dental practitioners and healthcare organizations.

"With patients facing higher deductibles, and research trending towards even higher co-insurance rates, it was apparent to us that patients and healthcare providers share a common concern. Households and healthcare providers need cash flow to stay afloat," said Mark Edwards, CEO of Credit Bureau Systems, Inc. "We borrowed a page from the retail industry by designing a program that features zero percent interest financing for up to twelve months and low interest financing for those patients who require extended payment terms."

Edwards stressed that HARP is an extremely patient friendly program that provides choices for patients that, heretofore, were simply not available. "For good and obvious reasons, healthcare providers have historically shied away from finance charges for medical services. As a result, credit terms and payment policies have become too rigid for the average healthcare consumer who is accustomed to paying for personal goods and services over time," Edwards stated.

As the patient's portion of the typical hospital bill continues to rise, hospitals and their patients are at odds over the patient's ability to pay and the increased amounts that are now due after insurance. To combat the problem, HARP's program designers sought ways to incentivize patients to pay their balance over shorter time periods and provide a reasonable alternative for those who could not afford the higher payments.

The result was a program that provided enough interest for the hospital to carry patient balances for longer terms while covering the cost of billing the patients for up to four years. Interest rates for patients electing the longer terms are capped at the lower of 8% simple interest or the legal rate of interest in the state in which the patient resides.

Lisa Casteel, Chief Financial Officer at Henry County Medical Center in Paris, TN stated, "HARP meets the needs of both the healthcare provider and the patient without complicating the entire process. We believe that our patients will be receptive to the no interest financing for up to twelve months and appreciate the fact that they can extend payments for up to 48 months at interest rates that are less than one-third the cost of credit cards. Everyone is eligible for the program and there are no credit checks or credit scoring involved with the HARP program."

HARP is a service provided by Credit Bureau Systems' Accounts Billing Service, which provides customized billing solutions for hospitals and healthcare providers.  To learn more about Healthcare Affordable Repayment Plans, visit their website at

About Credit Bureau Systems, Inc

Credit Bureau Systems, Inc. is a comprehensive Revenue Cycle Management company founded in 1952. Originally a credit reporting bureau, Credit Bureau Systems, Inc. expanded to deliver services ranging from medical coding, account billing, patient finance loan servicing, insurance filing & follow-up, and self-pay debt recovery.  They currently operate six divisions delivering solutions to aid clients in adapting to the ever-changing healthcare business across the nation.


Mark EdwardsCredit Bureau Systems, Inc.270-744-9000  * 1-800-455-7726

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SOURCE Credit Bureau Systems, Inc.


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