Epic River launches lending platform for credit unions
FORT COLLINS — Epic River LLC, a lending-as-a-service platform that connects financial institutions with health care providers to streamline patient payments, has launched a digital lending platform for credit unions.
The platform allows credit unions to extend loans to local health care providers, “creating access to a larger loan volume and an additional source of interest income,” according to a press release. “Meanwhile, the hospital can offer its patients an affordable payment option to reduce the risk of unpaid bills and ensure a stable cash flow.”
“Financial institutions rely on Epic River for its ability to provide its customers a fast, simple, and convenient experience, while increasing loan volumes and returns,” Epic River CEO Jeff Grobaski said in a written statement. “Offering credit unions a solution like Epic River will enable them to not only add high-quality loans to their portfolio but also build strong connections to local healthcare providers and strengthen their member relationships within the communities they serve.”
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Epic River’s platform is intended to address issues with unpaid medical bills that are exacerbated by increasing health care costs.
“The financial burden faced by patients often results in more than half of all medical bills typically remaining unpaid, adversely impacting patients’ financial well-being and the economic stability of healthcare systems,” the press release stated.
Epic River’s platform digitizes and automates the lending experience, from online identity verification to loan application and closing.
“The system enables health care providers to improve cash flow and allows patients to avoid high-interest rates and fees, while credit unions can create low-risk and high-margin loans,” the company said.