MyLoans Healthcare Financing Software™

The Opportunity

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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

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Testimonials

From the Blog

Removing the Cloak of Credit Invisibility

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Data Point: Credit Invisibles – The CFPB Office of Research – May 2015

Many financial institutions are looking for competitive differentiation in order to obtain new, creditworthy consumers. The problem is that most of these creditworthy consumers already do business with a financial institution. Trying to convince consumers to switch from their current banks or credit unions can be a daunting task. It might seem that the only other type of consumers available are those with poor credit; however, the Consumer Financial Protection Bureau (CFPB) recently published a report outlining the 26 million consumers that are credit invisible – meaning that they do not have any credit record. This in no way confirms that the consumer isn’t creditworthy. Even if these consumers had access to loans, the lender would not have the necessary information to make a credit decision. If that number isn’t troubling enough, the CFPB found that 30% of consumers in low-income neighborhoods do not have any credit history with a nationwide consumer reporting agency.

Here at Epic River, we have spoken with several financial institutions that only leverage their existing relationships and target creditworthy consumers to generate new revenue. While this has been an effective approach, expanding the reach to the group of credit invisible consumers via MyLoans has an even greater effect. By utilizing our healthcare financing program, you are not only collecting new interest income but molding new, creditworthy consumers that now have a relationship with your financial institution without any additional risk. Keeping in the Community Reinvestment Act’s (CRA) good graces by reaching these low-income neighborhoods in your community doesn’t hurt anything either.

Source: http://www.consumerfinance.gov/newsroom/cfpb-report-finds-26-million-consumers-are-credit-invisible/

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.

Let MyLoans fill the hole left by indirect auto financing

Is it really worth 1%?

And by “it” I mean indirect auto financing.  I understand that its been around forever, but this paragraph from the FDIC has me realizing why so many MyLoans customers use patient financing as a consumer lending alternative to failing or failed indirect auto financing programs.

Competition in the automobile lending market, driven by captive finance companies, has increased significantly in recent years and is not expected to diminish in the near term. The results are thinning collateral and smaller net interest margins. The potential for heightened risk to insured institutions in the compliance and safety and soundness areas can be mitigated only through prudent lending policies and procedures, adequate internal controls, and strong oversight.

Sheesh.  I don’t know about you, but if I was getting a couple percent on my money I wouldn’t want to see it tied to the FDIC saying, “heightened risk” and “strong oversight.”  The tightening of the indirect auto loan market has sent many banks running away from car dealers and towards medical practices.  The obvious difference is loans originating in MyLoans Patient Financing are guaranteed and therefore no real risk to the bank, but a more subtle difference is the competition.  The FDIC quote above begins with “competition.”  That says a lot to me.  The market for indirect auto loans is so over-saturated and the rates are so tight that it barely makes sense.  When you add in all the nonbank auto financing companies, you end up with a very red ocean.

If you are tired of the competitive pressure, compliance focus and razor thin margins of indirect auto financing, it might be time to take a serious look MyLoans Patient Financing.

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.

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Contact Info

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