Epic River Blog

The latest news and industry trends

Medical Credit Card Debt Providers Forced to Add Consumer Protection

on Aug 29, 2013 10:23:16 AM By | Epic River | 0 Comments | 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.
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Using Patient Financing to reach the "unbanked"

on Aug 29, 2013 10:21:34 AM By | Jeffrey Grobaski | 0 Comments | News
A recent FDIC survey has determined that 51 million adult Americans are either "unbanked" or "underbanked." These individuals are those who either have no relationship with a bank (not even a checking account) or have a tenuous relationship with a bank but still rely on alternative financial services like check cashing and payday loans.  Furthermore, most of these individuals and households have no savings accounts.  Without savings, these Americans have a significant problem when they incur unexpected medical treatment or procedures.  The bills pile up fast; there is no savings to fall back on and often times, the medical provider is left with drawn out payment plans or no payment at all.  Patient financing could be the answer.
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Banks Struggle to Recover Due to Low Loan Demand

on Aug 29, 2013 10:15:32 AM By | Jeffrey Grobaski | 0 Comments | News
During his opening address to the user conference, President of Harland Financial Services, Raj Shivdasani stated one of the major problems facing banks and economic recovery is a low loan demand and near-record low interest rates.  This situation could drag economic recovery as the general public just doesn't want to borrow money, and even when they do, the margins are incredibly thin.
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Where can Community Banks and Credit Unions turn for Interest Income?

on Aug 29, 2013 10:03:05 AM By | Epic River | 0 Comments | News
The new Dodd Frank regulations are causing community banks and credit unions to rethink mortgage banking as they struggle to identify loans that will please both the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC).  The CFPB's goal is to eliminate risk that a consumer will not be able to meet the terms a financial agreement.  The OCC wants the bank to do everything in their power to eliminate or significantly reduce risk.  To that end, the OCC prefers a bank achieves risk reduction by making loans with adjustable interest rates to protect the bank when rates adjust.  The CFPB sees these adjustable rate loans as too risky for the consumer and regulates the bank's ability to make these loans.  To use the vernacular, community banks and credit unions are "damned if they do and damned if they don't" when it comes to interest income from mortgage loans.
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MyLoans™ now offers a fully integrated patient financing lifecycle

on Aug 29, 2013 10:02:27 AM By | Epic River | 0 Comments | News
When we started talking to bankers about MyLoans™, everyone liked the idea of patient financing, a closer relationship with medical providers and a new interest revenue channel. Everyone also brought up the fact that a large volume of medium to low dollar loans required a "low-touch" model. Each bank has a different set of systems for core processing, document imaging and loan servicing so we were challenged to come up with a model that would serve everyone.
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New Release of MyLoans™ Makes Patient Financing Even Easier!

on Aug 28, 2013 11:33:06 AM By | Epic River | 0 Comments | News
It's been hot here in Colorado, so we've been staying nice and cool in the air conditioned office working on the v.13.2 release of MyLoans™!  Okay, so maybe there were a few vacations taken here and there, but rest assured that the MyLoans™ team has been hard at work ensuring our customers can provide the industry's best patient financing to all of their medical customers. This release features a more streamlined workflow for processing loans, signing documents and requesting funding.  We know that MyLoans™ works for banks because it's fast, easy to use and requires very little overhead.  So in this release we focused on making it faster, easier and even more streamlined.  Now banks can setup a medical provider user, and the new user can get help or self-train on the interface without even contacting the bank.  We standardized all the language and made the agreement documents more bulletproof, which reduces the number of times a medical provider contacts the bank and increases the bank's profit per loan.
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Harland Financial Solutions Provides Paperless Lending

on Aug 15, 2013 9:16:36 AM By | Jeffrey Grobaski | 0 Comments | News
Less than a year after sketching out the concept, Harland Financial Solutions has already delivered on a mobile signing application to complete the loop on paperless lending. During the opening presentation on corporate direction at the Connections 2013 conference, Harland Financial Solutions featured the mobile electronic signing solution created by Epic River. As the banks in attendance know well, the tablet and smartphone boom in recent years has created equal parts challenge and opportunity. One of the strong opportunities Harland identified is the ability of a tablet to remove the desk from between the banker and the bank's customer. With ProSign Mobile Signing the account manager or loan officer can sit next to the customer in a more comfortable and consultative setting. The banker can then initiate a new loan or account on an iOS, Android or Windows 8 tablet and then hand the tablet to the customer for document review and signing. Completed documents are emailed the customer and loaded into the bank's content management system with no need for paper, pens...or a desk.
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Meeting the Needs of Patient Financing while Justifying the Effort Involved

on Aug 1, 2013 11:50:52 AM By | Epic River | 0 Comments | News
Priding itself on being a resourceful community-banking network across eight states, the Bank of Colorado regards itself for its old-fashioned, neighborly customs of greeting customers by name and answering telephone calls in person. So when one of the Grand Junction branches began to get more inquiries for loans related to medical procedures, the Bank of Colorado began to identify a need that wasn't being met by area banks. Customers needed assistance in either covering deductible and copay costs that were paid directly to the insurance company or paying for orthodontic work, fertility treatments, lasik eye surgery, and other medical-related expenses not typically covered by most insurance plans. Identifying the Problem The Bank of Colorado quickly identified significant issues that families face with funding a substantial medical need that is either subject to a high deductible or not covered by insurance. Medical-specific credit cards typically offer a brief time period of 0% interest, but high interest rates kick in just a few months later, making the overall cost even more significant for patients. Those in need typically find themselves paying for their medical services months and even years after the procedure was completed, regardless of the outcome. And these continued payments prevent patients from continuing much needed follow-up care. Additionally, these high interest rate cards charge the medical providers with percentage-based fees, which can elevate the medical costs charged to patients in an effort to recoup the fees.
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Epic River rolls out Enhanced Software Development Process

on Jul 24, 2013 10:52:27 AM By | Jeffrey Grobaski | 0 Comments | News
Epic River has completed a full-scale upgrade to our entire software development process. Our code storage, automated build, quality assurance and product deployment environments have all completed an on-time and on-budget migration. This is an enormous step forward for Epic River and our customers. We have always embraced distributed code storage and automated build environments, but in July we integrated Atlassian's Bamboo for Continuous Build Environment, Amazon Web Services and Bitbucket source code repository to further reduce our customer's time to market. "These new technologies together with Epic River's software development process will allow us to adapt to the ever-changing market conditions as well as the needs of our partners and customers," said Epic River President Steve Wood.
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New Partnership Focusing on Catalyst Census Data

on Jul 19, 2013 8:40:36 AM By | Epic River | 0 Comments | News
Epic River is pleased to announce that it has been retained by Catalyst, the leading nonprofit organization working to expand opportunities for women and business. The work Epic River will deliver focuses on improving the Catalyst Census data warehouse. The customized system provides the ability to import, enter and manage data related to top companies, executive officers and boards of directors in the United States and Canada.
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