Epic River, a lending-as-a-service platform provider that connects banks and credit unions with healthcare providers to streamline patient payments, shares industry predictions for financial institutions (FIs) determining strategic priorities in 2024.
In 2024, exploring avenues to provide digital lending assistance to community healthcare providers will be a key opportunity for bank and credit union business growth. Through the implementation of end-to-end digital lending systems, FIs can extend financial support to local healthcare providers.
To facilitate this streamlined payment process, FIs must forge partnerships with fintech vendors, which will be key to collaborating with agility and scalability. Collaboration with innovative, reputable partners will grant these institutions access to specialized expertise, innovative solutions and a broader spectrum of resources.
WHO: Jeff Grobaski, Epic River CEO, has helped more than 60 community FIs and healthcare providers partner to create low-interest patient loans and drive new revenue streams. Grobaski draws on more than 20 years of experience in software development and product management, Grobaski is available to provide insights on 2024 industry trends and how FIs can plan to expand their loan portfolio and strengthen community business relationships.
WHY: Rising healthcare costs are a prevalent concern for individuals, healthcare providers and communities. The financial burden faced by patients often results in more than half of all medical bills typically remaining unpaid, adversely impacting patients’ financial well-being and the economic stability of healthcare systems.
By acknowledging challenges faced by healthcare providers, FIs can harness technology to institute patient loan offerings. This initiative empowers FIs to:
- Access a larger, high-quality loan volume and an additional source of interest income.
- Bolster stable cash flow for providers through affordable patient payment options.
- Create new deposit/member relationships.
- Build or strengthen business relationships within the communities they serve.
- Contribute to their organizational growth, as well as community economic stability.
By partnering with fintech vendors, FIs can access a wealth of knowledge and ensure the smooth adoption of new lending technologies that streamline back-office processes and improve operational efficiency. This approach cultivates a more agile and adaptable institution, capable of bolstering strong business partnerships and expanding its community presence.