Buy Now Pay Later patient financing option allows patients to obtain no interest payment plans using existing credit

SimpleSelect announces introduction of SimpleSelect BNPL.

Charleston, SC – November 21, 2023.  SimpleSelect Patient Finance® is happy to announce the launch of its new Buy Now Pay Later (BNPL) financing option for medical practices.  With BNPL, SimpleSelect allows patients to utilize existing credit with their current credit card(s) issuer to obtain no interest payment plans as opposed to applying for new loans or credit.  Patients choosing this option do not need to fill out a credit application and there is no credit underwriting of any kind. All they need to qualify is a major credit card with enough open credit (open to buy) to cover the total cost of the payment plan.  Once approved, patients can select from a variety of monthly plans and only the first month’s payment is charged to the patient at the time of accepting the plan.  As long as the patient pays the amount of the monthly payment applied to their credit card each month, no interest is charged to the patient.      

SimpleSelect BNPL™ loans are available in terms of 3, 6, 9, and 12 months.  Options may vary by provider.

SimpleSelect introduces true 0% interest loan options with SimpleSelect Zero™

SimpleSelect announces introduction of SimpleSelect Zero™ loans.

Charleston, SC – September 2, 2020.  SimpleSelect has once again pledged its commit to being the simple and safe patient financing option by introducing true no interest loans.  SimpleSelect Zero™ loans are written at 0% fixed APR (annual percentage rate) so patients pay no interest…EVER!   Even patients that get behind on payments, or even default, are never charged retroactive interest, nor interest going forward.  

SimpleSelect Zero™ loans are available in terms of 6, 12, 18, and 24 months.  Options may vary by provider

SIMPLESELECT EXPANDS PROGRAM TO INCLUDE FINANCING FOR REGENERATIVE MEDICINE

SimpleSelect sees regenerative medicine as a great market for expansion.

Charleston, SC – August 10, 2017.  When choosing between non-surgical and surgical treatment options for pain management or sports related injuries, many patients try a less invasive, non-surgical treatment before electing to undergo surgery.  Given the potential complications, recovery time, and the associated costs, surgery is often a last resort.  As non-surgical treatment options such as platelet-rich plasma (PRP) therapy and stem cell therapy have begun to grow in popularity and in availability, patients are presented with a wider array of options but some of those options may be out of reach.  While insurance covers orthopedic surgeries in many cases, insurance rarely covers PRP or stem cell injections.  With costs often in the thousands for a round of PRP or stem cell treatment, patients are struggling to pay upfront for a treatment that can potentially keep them off the operating table.

Recognizing both the opportunity and need for a simple and safe payment option for regenerative medicine, SimpleSelect has begun regenerative medicine financing and has partnered with doctors providing non-surgical PRP and stem cell treatments.  Patient can now finance their treatment over 6-36 months with approved SimpleSelect providers.  Patients will have the option to apply online or in the doctor’s office, with 0% interest options available with participating providers.  Doctors will have the ability to offer a payment option besides cash or credit if insurance isn’t available, providing patients with greater access to more treatments.

Having more treatments options to choose from can only beneficial if those treatments are accessible to the patient.  Making treatment more affordable with easy-to-use finance options is one way to increase accessibility for budget conscious patients seeking non-surgical pain relief.

PATIENT FINANCE COMPANY AIMS AT HELPING PATIENTS WITH RISING HEALTH INSURANCE DEDUCTIBLES

Program offers affordable finance option to pay for a patient’s out of pocket medical costs.

Charleston, SC – January 20, 2016. SimpleSelect Patient Finance® announces that it will begin beta testing a deductible finance program that can be used by patients to pay for out-of-pocket medical costs associated with a surgery, procedure, or treatment covered by their insurance policy. The program’s objective is to help patients and practices deal with rising insurance deductibles and other related patient-pay medical expenses.

Since the Affordable Care Act or ACA was signed into law, the number of insured has been on the rise and so have the associated deductibles. The average deductible for an unsubsidized Bronze plan under the ACA is $5,731.  For a middle-income family, a deductible of this size may not be affordable and can potentially deplete an emergency fund or savings account. Due to out-of-pocket costs, an insured person may choose to put off covered treatment, which may not be in the best interest of the patient.

To address this problem, SimpleSelect has put together a special program where a participating practice’s patients can securely apply online for a closed-end, fixed-rate loan to cover the patient-pay portion of their medical expenses. The company’s hope is that practices will use the program to offer patients with larger balances a safe and convenient finance option.

“Our focus has always been on financing elective medical procedures not covered by insurance, but that started to change last year,” said Daniel O’Connor, CEO. “We had a number of medical practices asking us if we had a program for financing deductibles so we began exploring the idea. It was new to us, but we were confident we could make it work and developed a program based on the feedback we received from providers. A SimpleSelect loan is the safest and most financially-smart patient finance option in the industry and we are excited to be able to provide that option to a much larger patient demographic.”

SimpleSelect Patient Finance® will begin beta testing the program as early as January 2016 with select medical providers across the US with a larger rollout expected this summer. Mr. O’Connor concluded by saying, “because we know the demand is high, we want to make sure we get things right. We will need to fine tune the program before making it widely available.”

SIMPLESELECT PROUDLY CONTINUES THEIR CHILDREN’S MERCY CAMPAIGN INTO 2016

The addition of new markets and an increasing client base should raise donation levels in 2016.

Charleston, SC – January 7th, 2016. SimpleSelect Patient Finance® announces that its Children’s Mercy Campaign will continue in 2016.  Every month, SimpleSelect donates a portion of its monthly fee revenue to Children’s Mercy Hospital in Kansas City.  “We started this campaign last year as a way for SimpleSelect to give back to the health care industry that we serve.  Each provider that offers the SimpleSelect Patient Finance® program is taking part in helping a wonderful organization,”  said Daniel O’Connor, CEO. “I had the pleasure of visiting the hospital recently and was given a tour.  I can’t tell you how impressed I was with the work that they do and the attention to every detail that is given to make a child’s difficult healthcare stay more enjoyable.”

SimpleSelect Patient Finance is expanding into new elective medical markets in 2016 including a new deductible financing program that will be announced in the upcoming weeks. This program  provides a financing option to patients needing assistance in paying for rising out of pocket costs for procedures covered by insurance due to the Affordable Care Act.  “These new program initiatives will greatly increase our revenue in 2016,” continued Mr. O’Connor.  “And an increase in revenue increases donations and we couldn’t be happier to do our part.”

About Children’s Mercy

Children’s Mercy Hospital is a 354-bed comprehensive pediatric medical center in Kansas City, Missouri that integrates clinical care, research and medical education to provide care for patients ages birth to 21.

Click here to learn more>>>

SIMPLESELECT PATIENT FINANCE® ANNOUNCES LAUNCH OF NEW PATIENT APPLICATION PLATFORM

New web-based platform provides an even simpler, streamlined patient application process.

Charleston, SC – March 3rd, 2015. SimpleSelect Patient Finance® officially announces the launch of their new application and loan processing platform. The platform has been designed to make the installment loan process as easy to transact as a medical credit card program. SimpleSelect providers are now able to have their patients securely apply at www.simplepatientfinance.com and can do so on any computer or tablet.

After clicking the “Apply Now” link, the patient fills out a simple credit application, agrees to the terms and disclosures, and securely submits the information for processing. Once submitted, both the patient and provider are immediately notified about the status of the application.   When approved, the provider can use the platform to adjust the loan terms and to initiate the simple loan document signing process.

“Credit card financing transactions have traditionally been easier than transactions involving a set of loan documents. We realized early on that if we could match the ease of use of a credit card, we could really compete in the industry because our loan product is a more viable option for financing a larger ticket elective medical procedure,” said Daniel O’Connor, CEO.

Mr. O’Connor continued by saying that SimpleSelect has also added features to the platform to better assist the provider’s front office staff. “2014 was a very productive year for us. We learned a lot about what providers needed to make their lives easier. Office managers, patient coordinators, and other staff members gave us insight into issues they face when trying to assist patients with financing and they provided great suggestions for enhancing the process. That advice was used, and new tools have been developed such as training videos, customized reporting features, and notes for declined applications. SimpleSelect has become not just the smarter loan option for patients, but also the easier option for providers.”

SIMPLESELECT MENTIONED IN NEWS ARTICLE ABOUT MEDICAL CREDIT CARDS AND LOAN ALTERNATIVES

SimpleSelect Patient Finance is mentioned in Fox Business article about medical finance program post-recision.  Below is an excerpt from the article.

Similarly, the South Carolina-based lender East Bridge Funding launched a health-care financing program in early 2014 called SimpleSelect Patient Finance. The company exclusively offers closed-end installment loans and…markets itself as a safer alternative to costly medical cards. “The patient finance industry has needed a facelift,” said East Bridge Funding’s Daniel O’Connor in a January 2014 press release. “Medical credit card programs have dominated the patient financing space for a long time. They are useful for financing smaller, repeat transactions, but are not the right loan product to finance a large-ticket elective medical procedure.” Interest rates for the loan start at 14.99 percent, which is higher than other installment loans available. But the company also offers interest-free financing for up to 18 months. 

To view full article click here.

Dilworth, Kelly. “How to Compare Medical Credit Cards, Loans.” Fox Business 07 July. 2014 Foxbusiness.com. Web.

SIMPLESELECT EXPANDS ITS PATIENT FINANCE PROGRAM TO INCLUDE ORTHODONTICS

Orthodontists can now offer the program to patients as a safe and fair alternative to a medical credit card.

Charleston, SC – May 12th, 2014. East Bridge Funding (East Bridge) has announced that SImpleSelect Patient Finance will now include orthodontics. The program is already available for cosmetic surgery, LASIK, hearing aides, dental, and veterinary procedures. SimpleSelect will help orthodontists better serve their patients by offering a closed-end, fixed-interest installment loan program as opposed to an open-end, high-interest medical credit card. The program is available now to orthodontics providers within the United States including Hawaii and Alaska.

“When we started offering the SimpleSelect program, we did not include orthodontics. We felt we needed to better educate ourselves about that particular industry” said Daniel O’Connor, Managing Director at East Bridge Funding, the company that owns the SimpleSelect. “Financing a treatment plan for braces is different than financing a face lift or liposuction. Orthodontic services can take years to fully deliver and we wanted to make sure our loan program would work for that type of purchase. After talking to orthodontists and their staffs, what we learned is that SimpleSelect is well positioned to help providers better serve their patients because of the time commitment associated with orthodontic work. A closed-end installment loan is a better loan product for financing an expensive treatment plan than a medical credit card.”

Daniel went on to further explain that medical credit card programs have recently changed the way they fund providers in the orthodontia space and it has caused a large increase in demand for alternative options. “A program like SimpleSelect is not only a safer and fairer loan product for the patient, but providers will see better funding arrangements, decreased financing costs, and it will allow them to increase the service level to their patients.”

About East Bridge Funding

East Bridge Funding, headquartered in Charleston, South Carolina is a leading provider of consumer finance programs for retailers and service providers in the United States. East Bridge provides consumer financing solutions for all levels of credit and specializes in programs for jewelry, furniture, home improvement, and online retail. East Bridge is also active in the medical, funeral, and educational financing space. For more information visit www.EastBridgeFunding.com or contact Daniel O’Connor, Managing Director at 843-971-7541 or email [email protected].

East Bridge Funding Launches New Patient Finance Division

SimpleSelect Patient Finance® offers medical providers an alternative to medical credit cards for their patient finance needs.

Charleston, SC – January 2, 2014. East Bridge Funding (East Bridge) has announced the launch of their new patient finance division. SimpleSelect Patient Finance® (SimpleSelect) gives providers an alternative to medical credit cards when offering patient financing options for expensive medical procedures such as cosmetic surgery, LASIK, hearing aides, dental, and veterinary. The program aims to help providers better serve their patients by offering a closed-end, fixed-interest installment loan as opposed to an open-end, high-interest medical credit card. SimpleSelect is available now to providers within the United States including Hawaii and Alaska.

East Bridge, a leading provider of consumer finance programs to retailers and service providers, beta tested the SimpleSelect program with providers during 2013 and is now prepared for a nationwide release. East Bridge hopes to change the way patient financing is used in elective medical offices by persuading providers to offer patients a loan product that is better suited than a credit card for making a large-ticket purchase such as a cosmetic procedure.

“The patient finance industry has needed a facelift,” said Daniel O’Connor, Managing Director at East Bridge. “Medical credit card programs have dominated the patient financing space for a long time. They are useful for financing smaller, repeat transactions, but are not the right loan product to finance a large-ticket elective medical procedure.” Daniel went on to further explain the problems associated with medical credit cards. “They have a high default rate of interest, usually near 30%, so providers resort to promoting 0% interest options the credit card company offers, otherwise the patients would never use the program. Who would want a 30% interest credit card to pay for their expensive medical procedure?” Mr. O’Connor continued by saying that these promotions are expensive for the provider and can also be troublesome for the patient. “There is no such thing as a 0% interest medical credit card, so when the promotional period runs out, the patient is in trouble if they have not paid off the balance in full. This can be very confusing to patients and that is why you see an increasing number of lawsuits and bad press associated with medical credit cards.”

East Bridge feels that government regulations and the crackdown on medical credit cards will push providers to look for alternative solutions for financing their patients. “Credit card programs have been successful in the medical space because of the ease of use. Installment loan programs have typically been cumbersome because of the added paperwork and full disclosure of terms to the debtor. We knew that in order to be successful, we needed to make our loan product as easy to use as applying for a credit card while still properly disclosing the terms of the loan to the patient.”

East Bridge worked with one of their long-term capital partners to create an installment loan program that provides instant credit decisions and processes the documents electronically. “Our program is simple, fair, and flexible for both the patient and the provider. Using an installment loan program, providers can significantly reduce costs while giving patients access to a safer, more suitable loan product.” Because of this, Mr. O’Connor feels that patients will also embrace the program. “Patients want to know what they are agreeing to when they sign a financial loan agreement. You wouldn’t use a credit card to buy a house or a car so why would you use one to pay for an expensive medical procedure?”

About East Bridge Funding

East Bridge Funding, headquartered in Charleston, South Carolina is a leading provider of consumer finance programs for retailers and service providers in the United States. East Bridge provides consumer financing solutions for all levels of credit and specializes in programs for jewelry, furniture, home improvement, and online retail. East Bridge is also active in the medical, funeral, and educational financing space. For more information visit www.EastBridgeFunding.com or contact Daniel O’Connor, Managing Director at 843-971-7541 or email [email protected].