Epic River Launches Its Digital Lending Platform for Credit Unions
Lending-as-a-service platform provider connects credit unions with healthcare providers to streamline patient payments
Epic River, a lending-as-a-service platform provider that connects financial institutions with healthcare providers to streamline patient payments, announced today the launch of its comprehensive digital lending platform specifically tailored for credit unions. Patient lending is an ideal way for credit unions to enter the Lending-as-a-Service (LaaS) market while addressing an increasingly problematic trend in the healthcare industry, non-payment of patient bills.
Dan Edgerton, Chief Lending Officer of Clarity Credit Union, said, “Epic River has been a wonderful partner for us, empowering our credit union to venture into new service capabilities and enhance our support for vital community organizations. Our loan portfolio has skyrocketed, while our hospital partner has been able to improve cash flow and provide affordable patient payment options. It has truly been a win-win-win for our credit union, the healthcare provider and patients they serve.”
Going into 2024, about 43% of credit unions prioritize boosting loan volume as a key objective for the year. Leveraging the Epic River platform equips credit unions to extend loans to local healthcare providers, creating access to a larger loan volume and an additional source of interest income. Meanwhile, the hospital can offer its patients an affordable payment option to reduce the risk of unpaid bills and ensure a stable cash flow.
Jeff Grobaski, CEO and Founder of Epic River, said, “Financial institutions rely on Epic River for its ability to provide its customers a fast, simple, and convenient experience, while increasing loan volumes and returns. Offering credit unions a solution like Epic River will enable them to not only add high-quality loans to their portfolio but also build strong connections to local healthcare providers and strengthen their member relationships within the communities they serve.”
Rising healthcare costs are a prevalent concern for individuals, healthcare providers and communities. Many patients experience budget constraints leaving them unable to afford the medical bills, leading to nonpayment or high-interest credit card debt. The financial burden faced by patients often results in more than half of all medical bills typically remaining unpaid, adversely impacting patients’ financial well-being and the economic stability of healthcare systems.
Epic River’s innovative platform is engineered to digitize and automate the complete lending experience avoiding the need for members to learn multiple systems or maintain multiple user accounts. Specific to patient lending, the platform’s digital product suite securely manages the entire process from online identity verification to loan application and closing. This enables healthcare providers to improve cash flow and allows patients to avoid high-interest rates and fees, while credit unions can create low-risk and high-margin loans.