PrimaHealth Credit (www.primahealthcredit.com), a new marketplace lender for elective healthcare treatments, launched today. The company is transforming how elective care providers and patients access healthcare financing by offering an easy-to-use mobile lending platform and patient friendly, non-punitive financing solutions. PrimaHealth Credit also announced the appointment of industry veteran Hugh Bleemer, the former President of ChaseHealthAdvance, as CEO.
PrimaHealth Credit is tapping into the $87 billion out-of-pocket elective healthcare market, which is expected to reach $106 billion by 2019. Today less than 20 percent of this amount is financed by lending companies. The company provides the industry's first 100 percent finance solution, which enables elective care providers to serve all their patients, including those with credit challenges. Through PrimaHealth Credits' mobile lending platform, patients can now access transparent and flexible payment plans that do not charge retroactive interest for procedures such as dental, orthodontic, LASIK & vision, cosmetic, hair restoration, audiology and other specialties.
"PrimaHealth Credit is solving significant pain points in healthcare finance. Providers lack an effective patient conversion and finance platform, and patients want more transparency and payment options," said Brendon Kensel, founder and president of PrimaHealth Credit. "Our platform is a win-win; we help doctors serve more patients and simultaneously give patients more access, options and control of the lending process."
As the new CEO of PrimaHealth Credit, Hugh Bleemer brings more than 25 years of experience in the financial services industry. Over the past 20 years, Mr. Bleemer has held a variety of management positions with JPMorgan Chase including leading the rapid growth of their elective care lending division, ChaseHealthAdvance, from market entry to approximately $1 billion in loan originations over five years.
"I am thrilled to join PrimaHealth Credit to help establish the company as an industry leader," said Mr. Bleemer. "PrimaHealth Credit is well positioned to capture market share with a product set that allows for a total finance solution and the most innovative lending platform I have seen."
PrimaHealth Credit offers a variety of financing options to provide an affordable way to fit medical procedures into any budget. Offering borrowers the opportunity to extend minimum payment loans at their convenience, with no retroactive interest penalty, differs significantly from most plans in the industry. PrimaHealth Credit analyzes over 200 data points to fund the loan, which helps tailor the financing solutions for patients.