MyLoans Healthcare Financing Software™

The Opportunity

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RELATIVE SPENDING (1)

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OUR PROCESS

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Services

Recourse Option

Recourse Option

The financial institution establishes a repurchase agreement with the medical provider. This agreement outlines the maximum funding limit and other terms and conditions, including loan terms and rate of interest to be charged. The financial institution purchases the loans from the medical providers and services the new customer loans in accordance with the established terms and conditions of the repurchase agreement with the medical provider. Medical loans are subject to repurchase by the medical provider in the event of default as depicted in the repurchase agreement.

Non-Recourse Option

Non-Recourse Option

This works essentially the same as the recourse option with the critical difference being the financial institution does not purchase the loans from the medical provider. In this option, the financial institution underwrites the loan and forgoes its option to re-assign a defaulted loan to the medical provider.

Web Application Interface

Web Application Interface

To streamline loan submissions, MyLoans Healthcare Financing™ offers a Bank Data Exchange module. This well-documented, secure, web-service programming interface allows your team or IT partner to integrate MyLoans Healthcare Financing™ with your existing systems for maximum automation and minimum processing cost per loan.

Custom Development Team

Custom Development Team

If you do not have internal development resources or a system integration partner in place, MyLoans Healthcare Financing™ has a custom development team with decades of experience integrating loan origination, loan processing and document imaging systems. The MyLoans Healthcare Financing™ team can help you scope your integration needs, determine feasibility, provide estimates, develop the integration or help you find a local system integrator with whom you can partner.

Thousands of Loans Are Booked Every Day with MyLoans™

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Average New Loans per Provider per Month
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ELIGIBLE MEDICAL PROVIDERS

eligible medical providers
no cost for new providers

Testimonials

From the Blog

CFPB Sees Trouble in Medical Credit Card Debt

no interest financingNow a days it seems like you can get a credit card for anything: your local grocery store, favorite department store, etc. Even though it may seem convenient and like the new customer promotion cannot be passed up, most consumers do not realize the terms after the promotional period expires. However, my intention is not to rant about these types of credit cards.

The issue that we have identified here at Epic River is the lack of options available to people who cannot afford to pay their medical bills in full. Due to the inability to pay, consumers are forced to consider applying for another credit card, that if not paid off by the time the promotional period expires, will only put the consumer further in debt. According to the CFPB, approximately 85% of consumers, who enrolled in Care Credit, signed up for one of these plans. If at the end of the promotional period, the consumers were unable to pay off the full balance, they were liable for 26.99% annual interest that was accrued during the promotional period. If that isn’t bad enough, most consumers did not realize this and were caught off guard when the promotion expired. I think CFPB Director, Richard Cordray said it best:

“Medical debt is already a big problem for many Americans. Poor credit card transparency should not be making the problem even worse.”
(http://www.consumerfinance.gov/newsroom/cfpb-orders-ge-carecredit-to-refund-34-1-million-for-deceptive-health-care-credit-card-enrollment/)

The options currently available do not seem to have been created to help the consumer. That’s where MyLoans comes in. MyLoans Healthcare Financing was developed to ease the financial stress of healthcare. Through partnerships between medical providers and their financial institutions, consumers now have access to medical loans at a fair interest rate. The interest rate and other terms of the medical loan will not change after a certain period of time. Since loans from a financial institution are not new to consumers, there will not be any discrepancies over the agreement terms.

 

About MyLoans™

By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer a federally insured and fully regulated patient financing between banks and patients for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit www.myloans.co.

About Epic River, LLC
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit www.epicriver.com.

Harvard Business Review is Right – Lending Technology is the Key

smallbusinessloansA recent Harvard Business Review article postulated that lending technology could play a significant role in reviving America’s small businesses.  It’s a captivating read.  They pull out some fascinating numbers like these charts to show just how hard hit small businesses were and how long the road to recovery can be.  As a founder of Epic River, I can relate.  The cash flow concerns of small businesses can be crippling.  When you put those concerns together with an economy struggling to hold it together, you see why HBR thinks technology aimed at improved access to loans for small businesses could really make an impact on the economy of the entire country.

You’ve probably read enough of my posts to realize that the MyLoans tie-in can’t be too far around the corner.  Well, here it is.  MyLoans Healthcare Financing™ is one of those lending technologies.  While online lending options like Funding Circle, LendingClub and Fundera are great technologies and play to the masses, MyLoans is focusing on one very specific vertical market and is offered directly to traditional lenders.  In the article, the author hits on exactly the situation we have been witnessing for the last year:

These entrants may also push traditional lenders such as large banks and credit card companies to adopt new innovations, and use their large stores of borrower data and existing relationships with small businesses as a competitive advantage.

 

 

As the new technologies in the lensmallbusinesseswerehitding space get a foothold and offer fantastic service to their lenders and borrowers, MyLoans is perfectly positioned to be one of the innovative new options for traditional financial institutions.  By leveraging relationships with existing hospitals, medical practices, and medical centers, MyLoans banks and credit unions are able to meet the needs of the small businesses in their communities in a fully regulated manner as not to open up the public  to unfair lending practices or unnecessary risks to personal credit.

The more we talk to banks and review the shocking numbers around patient financing, we become more and more convinced the traditional lending institutions deploying MyLoans Healthcare Financing are head-and-shoulders above the rest of their market, and they will be the architects of the economic stabilization.

About MyLoans Healthcare Financing™

By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer patient financing for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead.  For more information, visit www.myloans.co.

About Epic River, LLC

Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application. The company’s unique approach to the agile methodology and user experience ensures all parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit www.epicriver.com.

 

 

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Contact Info

  • 815 14th Street SW, Loveland, CO 80537
  • (970) 292-5045 x5151
  • info@myloans.co
  • myloans.co