August 18, 2020 – ATLANTA – Three Georgia-based entities – Ameris Bank, iVita Financial and Colquitt Regional Medical Center – are launching a solution to help patients pay their medical bills through a 0% interest line of credit for patients to cover their out-of-pocket costs.
The all-digital product, powered by iVita Financial’s sophisticated originations engine and backed by Ameris Bank as an exclusive funding partner, is being offered for the first time to patients of Colquitt Regional Medical Center with launches planned at other hospitals around the United States.
This new product release aligns with Ameris Bank’s commitment to support hospitals as was demonstrated in March when the bank donated $2 million to support 19 rural Georgia hospitals, including $500,000 to Colquitt Regional, through the Georgia HEART Hospital Program.
“We believe in serving our communities, and healthcare is an area that affects everybody,” said Jim LaHaise, executive vice president and chief strategy officer at Ameris Bank. “We are in business to provide financial peace of mind to our communities one person at a time and believe that offering an affordable healthcare payment option to patients is one way to support this purpose. Additionally, we are excited about our partnership with iVita Financial. Their software and deployment simplify the process. Patients and providers alike will benefit from the streamlined process for accessing a cost-effective payment option for out-of-pocket healthcare expenses.”
“For us, patient care is the top priority – and this solution not only allows us to focus more on patient health, but also helps ensure our patients experience financial wellness when they leave our facility,” said Jim Matney, chief executive officer and president at Colquitt Regional Medical Center.
The combination of Ameris Bank’s lending capacity and iVita Financial’s fintech platform and healthcare revenue cycle expertise allows healthcare systems to offer patients an alternative form of payment. This enables partnering hospitals to dedicate even more focus to their patients’ physical health, and both the patient and the provider will benefit from enhanced financial wellness. Patients don’t have to worry about interest, fees or penalties – and have flexible re-payment options up to 36 months (terms and conditions apply).
“With the launch of the iVita Financial Solution at Colquitt Regional Medical Center and other hospitals, we are showing the country what is possible in healthcare finance,” said Greg Falconer, iVita Financial’s president and general manager. “We’re demonstrating that hospitals can reduce their self-pay liability by providing a no-interest, no-fee, all-digital payment financing tool to patients.”
Patients at Colquitt Regional Medical Center can now pre-qualify for credit up to $8,000 from their mobile device. It takes just a few minutes to apply online and receive a credit decision. Through the platform, Colquitt Regional Medical Center is paid directly once the patient is approved and discharged. This solution will allow Colquitt Regional Medical Center to improve collections through a guaranteed payment backed by Ameris Bank through the iVita Financial platform, with no risk of recourse or need to maintain a reserve.
The Ameris Bank and iVita Financial solution offers the following to the patient:
• 0% interest
• No late fees, NSF fees, or pre-payment penalties
• Flexible repayment terms up to 36 months
• No credit checks
• Convenient customer portal for 24/7 account access
• Seamless digital experience from the application to account management
• Patients can add additional medical expenses to their line of credit, including spouse or dependent expenses (subject to the terms and conditions of their line of credit)
About Ameris Bank. Ameris Bank manages over $18 billion in assets and nearly 300 financial centers across the Southeast. Headquartered in Atlanta, Ameris Bank is fiercely committed to bringing financial peace of mind to the communities it serves. A subsidiary of Ameris Bancorp (NASDAQ: ABCB), Ameris Bank offers a full range of financial services, including traditional banking and lending products, treasury and cash management, wealth management, insurance premium financing, and mortgage and refinancing solutions. Learn more about Ameris Bank and its full range of financial services at www.amerisbank.com.
About iVita Financial. iVita Financial, based in Atlanta, GA, is impacting the patient finance world by helping patients pay for their healthcare bills while helping providers increase their cash flow and improve patient satisfaction. Our zero interest, non-recourse lending program helps health systems improve their financial performance so they can focus on what they do best: deliver quality care. iVita Financial is uniquely positioned to help hospitals and health systems transform the way they approach patient payments and improve operating margins. Learn more about iVita Financial at www.ivitafinancial.com
About Colquitt Regional Medical Center. Colquitt Regional is a medical center located in Moultrie, GA. It recently received its twelfth “A” Hospital Safety Score designation from The Leapfrog Group, naming them one of
the safest hospitals in the nation. They offer services in oncology, women’s health, bariatrics, home health, rehabilitation, orthopedics, acute care, pediatrics, surgery, intensive care, dialysis, pain management and more.
Learn more about Colquitt Regional Medical Center at https://colquittregional.com/