Monthly Archives: June 2013

//June

Medical Credit Card Debt Providers Forced to Add Consumer Protection

By | June 25th, 2013|News|

Medical credit card debt has been around basically since the inception of credit cards, but as time goes on things are getting worse, not better.  As more companies enter the medical credit card market, the need for laws and regulation increase.  In a recent inquiry by the New York State Attorney General’s office, a settlement was reached requiring the medical credit card provider to modify its practices by limiting charges, requiring clearer disclosures of higher interest rates and not giving kickbacks, rebates, compensation, or in-kind services to any health care provider in exchange for its success in generating card business. According to the settlement agreement, this numbers are staggering for just this one medical credit card provider: issued its credit cards to more than 535,000 people through 7,800 medical providers just in New York state. an average of 68 credit card holders per medical practice has approximately 160,000 health care providers under contract Using the state of New York as a baseline, that works out to almost 11 MILLION PEOPLE charging their medical procedures and care to high interest credit cards provided by this company. […]

Dodd Frank Lending Reform Impairing Bank Profitability

By | June 21st, 2013|News|

The Dodd Frank Wall Street Reform and Consumer Protection Act is making it more difficult and more expensive for banks to create and service mortgage loans.  When you combine this with a recovering but still very slow housing market, banks need to look for new ways to generate interest income. Financial institutions are notoriously slow to adapt to changes in markets or changes in regulation. When they are hit with changes to both banks go into prioritization mode. By their nature, bankers are risk averse. The loss of interest income is bad, but reduction in staff or branch closures can offset loss of income. If you fall into regulatory punishment a bank can lose its charter. So what can a bank do but spend its time and resources on regulatory compliance? […]

Medical Billing Software From MyLoans™ Is One Of A Kind!

By | June 12th, 2013|News|

MyLoans™ was created with success in mind, and with the integration of MyLoans™ at your financial institution, we fully expect you to be prosperous. Though an increase in the number of loans is great for your revenue, it can cause problems for your loan processing staff when it comes to on boarding the new financial [...]

Medical Billing Software

By | June 12th, 2013|News|

MyLoans™ was created with success in mind, and with the integration of MyLoans™ at your financial institution, we fully expect you to be prosperous. Though an increase in the number of loans is great for your revenue, it can cause problems for your loan processing staff when it comes to on boarding the new financial [...]

Integrating Patient Financing into Your Loan Process

By | June 10th, 2013|News|

Patient financing.  Just about every bank has tried it.  Most financial institutions agree that if the patient has the credit worthiness and the dollar amount of the loan is large enough, patient financing is good business for the bank.  The problem is, almost all patient financing is small dollar amount and the time and cost of underwriting simply isn’t worth it. Historically patients have been forced to rely on their personal credit card or “medical” credit cards. (Think Home Depot card with the a same-as-cash introductory period and then an absurd interest hammer if you don’t pay it off before the introductory period ends.)  Time Magazine’s “Bitter Pill” article noted that 20% of the United States’ GDP is spent on healthcare and that PERCENTAGE is rising every year.  That is $2.8 trillion that is being added to revolving credit balances, coming out of depleted savings accounts or being squeezed into monthly budgets and paid through medical provider financed payment plans. […]

Get Healthcare Accounts That Are Receivable From MyLoans™

By | June 6th, 2013|News|

Make sure your Healthcare Accounts are Receivable and ready to be funded! MyLoans™ provides you with the services you need to get funding. MyLoan™s was created with success in mind, and with the integration of MyLoans™ at your financial institution, we fully expect you to be prosperous. Though an increase in the number of loans [...]

Dodd Frank’s Loan Officer Compensation Amendment Creates MyLoans™ Opportunity

By | June 6th, 2013|News|

Loan Officer Compensation Under Title XIV, Subtitle A of the Dodd Frank Wall Street Reform and Consumer Protection Act, banks are no longer allowed to provide loan officer compensation or mortgage loan originator compensation that varies based on the terms of the loan. This is causing an inability for banks to compensate their loan officers in a way that aligns the loan officer compensation with the bank’s goals. A misalignment of this nature can significantly hamper bank health and profitability. […]

Patient Account Financing Through MyLoans™ Is Always A Good Choice!

By | June 5th, 2013|News|

Patient Account Financing is important but sometimes hard to come by. That's why with MyLoans™, helping is readily available. MyLoans™ was created with success in mind, and with the integration of MyLoans™ at your financial institution, we fully expect you to be prosperous. Though an increase in the number of loans is great for your [...]

Dodd Frank Mortgage Lending Reform – Where to go when you give up on mortgages

By | June 4th, 2013|News|

What should a community bank do if they decide the 848 pages, 1,500 provisions and 398 rule-making requirements of the Dodd Frank Mortgage Lending Reform make mortgage lending simply not worth it?  Often times, community banks carve out a niche, providing lending and service to local individuals who may fall outside normal lending parameters.  Dodd Frank mortgage lending reform shines a spotlight on lending at the “margins” and would therefore put community banking practices at risk of heavy regulation. Community banks are a key part of banking in the U.S. and while Dodd Frank was enacted to eliminate “too big to fail,” in this case, it feels like the mortgage reform will do exactly the opposite. It is likely Dodd Frank mortgage lending reform will cut at the interest revenue business of community banks and force more customers into the “too big” super regional, national and international financial institutions. […]

Medical Accounts Are Always Receivable Through MyLoans™

By | June 3rd, 2013|News|

Get help from MyLoans™ today. We make sure your Medical Accounts are Receivable! If you do not have internal development resources or a system integration partner in place, MyLoans™ has a custom development team with decades of experience integrating loan origination, loan processing and document imaging systems. The MyLoans™ team can help you scope your [...]