You have a job, you have health insurance, you have a savings account. If you are sick or injured you’re going to go to the doctor or hospital.  But what happens when your income, your insurance and your savings aren’t enough? Most hospitals are intimately familiar with this situation; however, Steve Johnson of the Times Free Press pieced this all together in a recent article. Importantly he noted:

Bad debts are defined as the failure to pay a bill by someone who earns enough money to be able to pay at least some of the bill, according to the hospital’s calculations.

The article mentions that CHI Memorial Hospital experienced a 34 percent increase in bad debt for the first five months of this fiscal year. According to the definition of bad debt, that means that there was a 34 percent increase from patients that had been deemed able to pay at least a portion of their bill. This does not include patients that would be unable to pay regardless of the payment options in place. These findings have been reported throughout the industry and definitely are not limited to CHI Memorial Hospital. This alone outlines the fact that the current payment options do not provide the best chance of collection success. If the hospital calculates that, in theory, the patient has the ability to pay part of his/her bill but the hospital is still unable to collect, the methods for those payments must not be viable. Sure, you could claim that the calculations the hospital is using are not entirely accurate but couple the calculated financial health of the patient with the average patient’s desire to pay his/her medical bills and you start to question the cause of the unpaid medical bills.

The definition of bad debt listed above states that the person earns enough money to pay at least some of their medical bill. Making enough money does not mean that this person has adequate savings or any savings at all. So they may make enough money to budget for the expense, but it is unlikely that they would be able to pay in full or even in a few larger payments. MyLoans was designed to provide an option for these patients that want to pay but cannot utilize the current payment options. Rather than attempting to collect in large portions on an expense that the patient has not planned for, MyLoans allows the patient to budget monthly payments in a time frame that allows the best chance for full collection of the medical bill.

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 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 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