Varisol Finalizes Agreement with New Jersey Hospital to Purchase Aged Accounts

Varisol announced today that it has purchased a portfolio ofdelinquent and charged-off accounts from a large, faith-based hospital in New Jersey.

Mitch Patridge, Varisol’s chief executive officer, said that that the hospital’s sale of its charged-off accounts provided the facility with immediate cash for its aged self-pay accountreceivables—assets that had already been extensively worked by both the hospital and anindependent collection agency.

“We are excited to complete this deal and provide a new revenue stream to this healthcarefacility,” said Doug Kennedy, vice president of sales and marketing for Varisol and CSIFinancial Services. “The revenue generated by the sale of these aged account receivables willhelp this hospital optimize its revenue cycle, and our patient-sensitive servicing platformensures that each patient will be treated with respect and dignity throughout the process.”

Kennedy also noted that Varisol was able to “provide this hospital cash that can be used forcapital expenditures based on accounts that are typically difficult and expensive to collect andhistorically yield little revenue to the hospital.”

Varisol builds on the strong foundation of CSI Financial Services, which has more than 14years of experience in providing hospital patients with loans, which allows patients to pay theirhealthcare bills when due. Patridge stated, that “the partnership between Varisol and CSIFinancial Services allows hospitals to maximize cash flow and send fewer patients tocollections, resulting in a win-win situation for both the patient and the hospital.”

This latest transaction increases the Varisol/CSI Financial Services hospital client base to over100 hospitals located throughout the United States. To date, CSI Financial Services hasprovided hospitals with more than $170 million in advance payments for patient accounts andcurrently has patient loans in all 50 states.Headquartered in San Diego, Varisol is a privately held, premier purchaser of delinquent andcharged-off self-pay accounts that provides hospitals with liquidity and other valuable financialresources.

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