Commerce Bank’s Patient Financing Solution Experiences Momentous Growth
September 25 2017 - 3:23PM
Business Wire
Portfolio expands by 500% in 3 years
Commerce Bank, a regional bank with $25.1 billion in assets1,
announced it has reached $500 million in committed credit lines for
its patient financing solution in three years. Called Health
Services Financing (HSF®), the program provides patients with a 0%
or low-interest line of credit for paying for healthcare. Over 200
hospitals have signed on to make HSF® available to their
patients.
HSF® allows patients to make monthly payments over time. This
helps ease the burden of rising deductibles and out of pocket
expenses, as well as the financial strain on health systems.
“Healthcare providers are realizing they need a strong, reputable
partner that understands their challenges. Patient satisfaction is
paramount, but so is the provider’s staff and workflow,” said Mark
Huebner, director of HSF® at Commerce Bank. “HSF® is designed with
those challenges in mind, and is backed by a 150-year-old financial
institution.”
The HSF® credit line is directly administered by Commerce Bank.
It is fast and easy for healthcare providers to enroll patients and
requires no paperwork, credit check, manual cash posting or other
qualifying steps. The fully automated solution can work with any
billing system, such as EPIC, McKesson, Cerner and others. Commerce
provides customer service and several options for repayment through
a service line dedicated to HSF® customers.
“We spent many years and many millions of dollars designing our
program to be unique within the industry with the help of several
large health systems,” said Huebner. “We’re thrilled to see HSF®
not only adding value, but also giving providers a competitive
advantage.”
Valley Health System is one of the providers using Commerce
Bank’s HSF® program. The six-hospital health system located in
Virginia and West Virginia wanted to increase access and
affordability for its patients. “Out-of-pocket patient
responsibility is growing, and we needed a partner that could
deliver a patient-friendly solution that is easy to use for both
the patient and our staff,” said Matthew Toomey, Vice President of
Patient Financial Services. “Commerce delivered quickly, and we are
now enrolling several hundred patients each month with ease for
both the patient and our staff due to the automation.”
Similarly, Hospital Sisters Health System was looking for a
solution that would fit their brand and organization while
enhancing patient satisfaction. “We needed a banking partner we
could trust who understands the culture of our faith-based health
system,” said Monica Malin, Treasury Manager for Hospital Sisters
Health System. The 15-hospital health system located in Illinois
and Wisconsin challenged Commerce to design a program that would
work for multiple locations and billing systems as well as internal
workflows and patients. “Commerce’s HSF® provided the flexibility
we needed. We are receiving amazing feedback from patients who
appreciate the relief and generosity.”
About Commerce Bank
Commerce Bank is a subsidiary of Commerce Bancshares, Inc.
(NASDAQ: CBSH), a $25.1 billion regional bank holding company, as
of June 30, 2017. For more than 150 years, Commerce has been
meeting the financial services needs of individuals and businesses.
Commerce provides a full range of financial products to consumer
and commercial customers, including personal banking, lending,
mortgage banking, wealth management, brokerage and capital markets
services. Commerce operates in more than 330 locations in the
central United States and has a nationwide presence in the
commercial payments industry.
For additional information, please visit
www.commercebank.com.
1. As of 6/30/17
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version on businesswire.com: http://www.businesswire.com/news/home/20170925006433/en/
Commerce BankTerri Hurd,
816-234-2632Terri.Hurd@commercebank.comorMaura Ritter,
314-746-8567Maura.Ritter@commercebank.com
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