CarePayment Secures $100 Million Additional Funding Commitment to Meet Growing Demand for Patient Finance Solutions

PORTLAND, Ore. May 13, 2014 – CarePayment, a fast-growing national provider of patient financing solutions, has expanded its funding agreement with Aequitas Capital by $100 million. To support this commitment, Bank of America Merrill Lynch has provided a three-year credit facility of up to $60 million to support CarePayment’s mission to improve people’s access to care and financial well-being by offering affordable options for medical expenses.

The expanded agreement will allow CarePayment to more than double its patient financing activities in 2014 as it works with healthcare providers to provide patients with access to 0.0% APR financing for up to 72 months to pay for out-of-pocket medical expenses.

Rising out-of-pocket expenses are putting new financial pressures on patients and providers alike. A recent study by TransUnion reported that out-of-pocket medical expenses on key medical procedures increased nearly 38% in the last year to $2,568. During the same period, the availability of credit, as measured by the average total revolving credit line for every $100 in select healthcare costs declined 30%. As healthcare providers prepare for millions of newly insured consumers to enter the healthcare market in 2014, with a majority enrolled in high-deductible health plans, CarePayment is uniquely positioned to help providers stabilize their revenue cycles while offering flexible and affordable payment options to patients.

“Our relationships with Aequitas Capital and now Bank of America Merrill Lynch strengthen our ability to provide affordable financing solutions while removing the financial obstacles that patients face to access medical care,” says CarePayment COO Ann Garnier. “More than ever, healthcare institutions need patient financing programs that meet their needs while offering flexibility and convenience to patients. Through its industry-leading Bank of America Business Capital group, Bank of America Merrill Lynch has designed an asset based solution that fits our needs. This expanded funding agreement positions us for continued growth as we engage more providers and serve more patients.”

“Access to affordable health care is a pressing public concern that CarePayment has addressed successfully for years,” said Roger Hinshaw, Bank of America Merrill Lynch President for Oregon and Southwest Washington. “We support CarePayment’s mission and are proud to help them in this important endeavor.”

About CarePayment Technologies, Inc.
Headquartered in Lake Oswego, Oregon, CarePayment is a healthcare finance company that helps people manage their out-of-pocket medical expenses. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment 0.0% APR payment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at http://carepayment.wpengine.com.

About Bank of America
Bank of America Business Capital is one of the world’s largest asset-based lenders, with more than 10 primary offices serving the United States, Canada and Europe. It provides corporate borrowers with senior secured loans of $10 million or more, cash management, interest rate and foreign exchange risk management, and a broad array of capital markets products.

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