Epic River to present on patient lending at COCC New York Client Meeting
WHAT: Epic River, a lending-as-a-service platform provider that connects banks and credit unions with healthcare providers to streamline patient payments, will be presenting at the COCC New York Client Meeting on “Lending as a Service: Introducing Patient Lending.” This presentation will discuss why they should partner with healthcare providers to deliver long-term, low-interest patient loans and how the Epic River platform facilitates the lending program implementation.
WHO: The presentation will be led by Andy Lordi, Director of Strategic Accounts, Epic River.
WHY: More than half of patient bills are typically unpaid. This can strain the financial resources of healthcare providers, and lead to budget shortfalls potentially affecting the quality of care they provide.
Studies show that many patients with health insurance do not have enough savings to pay off average deductible costs. To address these challenges, healthcare providers implement internal payment plans, however, these arrangements typically do not reduce the monthly payments enough for a patient to afford their bill. About 17% of patients use personal credit cards to cover medical bills, yet rising interest rates often result in patients accumulating greater debt that surpasses their initial bill.
Financial institutions leveraging the Epic River platform are empowered to lend to local healthcare providers. This partnership enables them to access a larger loan volume and an additional source of interest income, while the hospital can offer its patients an affordable payment option to reduce the risk of unpaid bills and ensure a stable cash flow.
WHERE: The COCC New York Event will take place from Sept. 27 to 29, 2023. Epic River will present on Thursday, Sept. 28 from 1:00 to 2:00 p.m. EST at the Otesaga Resort Hotel in Cooperstown, N.Y.
CONTACT: For more information, contact Gabriela Lumpkin at email@example.com or Angelo D. Jones II at firstname.lastname@example.org.
About Epic River
Founded in 2005, Epic River is a lending-as-a-service platform provider that connects banks and credit unions with healthcare providers to streamline patient payments. By facilitating patient financing services, Epic River enables banks and credit unions to forge and strengthen valuable relationships within their local healthcare market. The company’s patient lending technology empowers community financial institutions to generate high-quality, low-risk loans, mitigates medical bill non-payment risks for healthcare providers and grants affordable payment options to patients in need. For more information about Epic River, please visit epicriver.com, follow on Twitter or connect via LinkedIn.
COCC is an award-winning client-owned financial technology company servicing financial institutions throughout the Northeastern United States for 50 years. Launched in 1967, COCC was founded by its clients to provide them with more control over features, costs and the delivery of their technology needs. Many of these original founding financial institutions are still active COCC clients today. This unique cooperative structure has set COCC apart from the competition and is one of the driving forces behind the success of COCC and the financial institutions it serves.