CSI Financial Services Launches New Medical Debt Purchasing Company

CSI Financial Services, LLC, a national provider of easy-to-implement hospital patient financing programs, today announced the launch of Varisol, an innovative business that provides hospitals upfront payment for their delinquent and charged-off self-pay and balance-after-insurance accounts. This funding is accomplished via a purchase of the delinquent and charged-off accounts, on a non-recourse basis, from the hospital.

Through Varisol, hospitals will receive immediate cash flow for their aged self-pay account receivables — assets that are typically difficult and expensive to collect and historically yield little revenue.

“We have joined forces with a major global investor to establish Varisol, which builds on our track record of success by providing hospitals with an opportunity to maximize the value of delinquent self-pay accounts,” said Mitch Patridge, chief executive officer of CSI Financial Services and Varisol.

Varisol builds on the strong foundation of CSI Financial Services, which has more than 13 years of experience in providing automated patient financing solutions as well as management of self-pay accounts for more than 100 hospitals throughout the United States. To date, CSI Financial Services has provided hospitals with more than $150 million in advance payments for patient accounts and currently has loans in all states except Alaska and Hawaii.

Patridge explained that Varisol is a joint venture between CSI Financial Services and one of the largest privately held companies in the United States. The joint venture ensures that Varisol has the financial strength and flexibility to provide innovative and unique solutions that meet the specific needs of each hospital client.

Varisol will leverage CSI Financial Services’ best-in-class revenue cycle programs and hospital management skills to help hospitals and healthcare institutions eliminate the time and cost associated with collecting bad debt ? in turn optimizing their revenue cycle.

Patridge also noted that CSI Financial Services has spent the past 13 years focused on achieving and maintaining a high level of patient satisfaction — a critical component for achieving success in this industry.

“By focusing solely on hospitals, Varisol brings an exclusive ability to understand the financial pressures facing hospital executives and tailor programs that allow them to meet their obligations now and in the future,” Patridge said.

Headquartered in San Diego, Varisol is a privately held, premier purchaser of delinquent and charged-off self-pay accounts that provides hospitals with liquidity and other valuable financial resources.