MyLoans Healthcare Financing Software™

The Opportunity

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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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From the Blog

MyLoans helps a bank meet CRA performance criteria

I must admit, even though I had heard of the Community Reinvestment Act (CRA), I had never actually sat down and read it.  That was until one of our customers called to say, “Thank you for helping us out with the CRA!”  My follow-up question was an obvious one.  “Um…what?”
According to this customer, since MyLoans is offered everywhere in their community and the providers treat patients for all walks of life, loans coming in from MyLoans are helping the bank in two key CRA performance criteria.  Obviously I wanted to scream it from the mountaintops…or at least write about it here, but first I wanted to read Title VII of the Housing and Community Development Act of 1977 for myself.  I was astonished by how short it was.  This is basically the entirety of the CRA (except for some definitions on what is a “Federal financial supervisory agency”):
(a) The Congress finds that—
(1) regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business;
(2) the convenience and needs of communities include the need for credit services as well as deposit services; and
(3) regulated financial institutions have continuing and affirmative obligation to help meet the credit needs of the local communities in which they are chartered.
(b) It is the purpose of this title to require each appropriate Federal financial supervisory agency to use its authority when examining financial institutions, to encourage such institutions to help meet the credit needs of the local communities in which they are chartered consistent with the safe and sound operation of such institutions.
So it’s only a couple lines long yet it uses the words “needs of the communities” in every line.  I’m sure the brevity of this act causes heartburn over how it will be interpreted, but for me, after I read this I realized just how obvious it was that MyLoans fits perfectly.  So the act is a push for banks to meet the needs of borrowers in low-income neighborhoods at a fair cost; in a safe and sound manner; yet without taking on high risk loans.  That is a tough set of criteria once you consider the credit/risk restrictions that are being tightened every year.
Since the bank is providing MyLoans to a local hospital, the hospital treats patients from all areas of the community and therefore creates loans with patients regardless of their credit profile and address. This helps the bank with two CRA performance criteria in particular:
  1. The percentage of loans and other lending-related activities located in the institution’s assessment area(s);
  2. The distribution of lending among borrowers of different income levels and businesses and farms of different sizes
When it comes to the CRA, banks are always looking for ways to show their regulatory agencies they are doing whatever they can to help their community AND their financial institution.  This has never been an easy or even straight-forward task. Until now.

I’ll take the job, but only if you buy MyLoans

OfferletterNo, that isn’t a joke.  That is an honest to goodness quote from a commercial lender, who was being courted by another bank.  This commercial lender (we’ll call him Ed so I can stop typing commercial lender) was working at a bank that happened to be a MyLoans customer when another, much larger bank offered him a promotion.  Ed responded with, “I’ll take the job, but only if you buy MyLoans.”  Ed was so serious that he made his new employer put it in his offer letter.  So the offer letter Ed signed says that, as a condition of his employment, the bank will purchase MyLoans within 12 months of his start date.

I’ve been in and around banking software for almost 20 years.  This is a first.  Not only is this a first for me, but I’ve never even heard of anything like this.  Well, Ed took the job, and the MyLoans sales team is eagerly working to help Ed’s employer live up to their end of the bargain.

Thank you, “Ed.” You will forever be part of MyLoans lore.

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

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



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  • 815 14th Street SW, Loveland, CO 80537
  • (970) 292-5045 x5151