Fiserv Credit Processing Services, a business unit of Fiserv, Inc. (NASDAQ: FISV), announced today that Aequitas Capital Management, Inc. has chosen the Fiserv PLUS System to enhance its CarePayment program. CarePayment is designed to help Aequitas’ hospital clients improve net revenue collections by simplifying the growing out of pocket expenses for their patients.
Through its CarePayment card, the Portland, Ore.-based company is partnering with hospitals nationwide to offer a custom-branded finance program that provides patients the option of paying their medical bills over extended terms Ã¢Â with no interest.
Steve Wright, senior managing director and principal at Aequitas said Aequitas Capital chose Fiserv to provide the processing services it needed to support a world-class platform and our clients nationwide. “We felt fortunate to put this relationship together and we think it’s going to pay huge dividends for both parties,” he said. “We have many years of experience in the credit card and financial industries, so we’re very aware of who is out there. After carefully considering our options, we felt that Fiserv brought the right platform, the right people and the right solutions to the table. They believed in us and understood that this is an unfulfilled market.”
Wright said CarePayment is built from a revolving credit approach and Fiserv has worked closely with them to help support the program as a long-term finance tool, not a one-time solution, with the goal of enhancing the relationship between the patient, community and the hospital.
Wright also said healthcare costs have been increasing the last 20 years at a rapid rate, and in order to keep premiums down to employers, the insurance companies and payers are shifting more and more of that responsibility to the patients. He said that in the late 1980s to early 90s direct-to-patient billings comprised only about five percent of hospital revenues now they are above 15 percent.
“These growing issues are challenging our clients to fulfill their missions as a community service provider, which is what CarePayment is all about,” Wright said. “It’s not just a great financial tool. Aequitas Capital has specifically designed CarePayment to help our hospital clients fulfill their missions, improve their financial metrics and enable their patients to meet their financial obligations to the hospital without worry.”
David Merrick, vice president global sales for Fiserv Credit Processing Services, said the unique combination of Aequitas’ CarePayment program and Fiserv’s extensive experience in building products across industry verticals, coupled with the flexibility of its Vision PLUS System, were instrumental in the successful roll out the product.
“The value we’ve always brought to our clients is our approach to each opportunity as a true partnership. Aequitas selected us because of the reputation we have in the industry to create products that have long term industry value.” Merrick said. “We believe the healthcare industry is in great need of products such as CarePayment that are offered on a community-wide basis and serve to solve real finance problems in the healthcare market.”
Wright said Fiserv is a significant strategic partner to Aequitas Capital because it can provide the right solutions to support key aspects of the CarePayment platform.
“Fiserv will continue to be a strategic partner for us because of the systems and people they provide,” he said. “Both parties recognize that CarePayment will help hospitals meet their financial goals, but it’s also nice to know that we’re providing some great products and services to our clients that enable them to better serve the people of their communities,” Wright said.
About Aequitas Capital Management, Inc.
Aequitas Capital Management is an alternative investment firm providing integrated corporate advisory and commercial finance products and services. Since 1993, Aequitas has structured and invested more than $1.5 billion in customized financial transactions to the middle market, energy and healthcare sectors. For more information, visit www.aequitascapital.com or call (503) 419-3500.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ:FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 18,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.