Indianapolis, IN (PRWEB) July 7, 2006
Senex Services Corp., a market leader in the purchase of self-pay healthcare accounts receivable, today announced it has entered into an agreement with Fifth Third Bank (NASDQ: FITB) to provide financing for a new patient account financing program, the Senex Advantage®. This innovative solution will immediately accelerate cash for hospital providers, improving days of cash on hand and reducing bad-debt. It will also create goodwill in the community by offering patients flexible payment options and reducing the number of patient accounts sent to collection agencies.
Senex recently announced it was partnering with Computer Sciences Corporation (NYSE: CSC) to assist in providing state-of-the-art accounts receivable systems, accounting support and related back-office services for this early stage program. With the financing piece now in place, the program is ready to roll out to hospital clients.
The relationship with Fifth Third Bank will allow Senex to finance patient accounts that are eligible for financing as early as the patient’s portion is identified by the hospital. Whether the self-pay balance is due to co-pays, deductibles, uncovered services or the patient does not have health insurance, the Senex Advantage® will allow financing for a period of up to 30 months, at a rate of interest lower than many credit cards.
As consumers bear an increasingly larger portion of their healthcare bill, the Senex Advantage® facilitates their management of these obligations, while accelerating the cashflow of healthcare providers.
R. Matthew Neff, Chairman & CEO of Senex, stated: “Consumer-directed healthcare poses several new challenges for both providers and consumers of healthcare services. One of those challenges is that consumers bear a larger share of the healthcare bill, and new financing sources are necessary. At the same time, hospitals can no longer rely solely on third party payors, like health insurers, to cover their expenses. Actively managing self-pay receivables is vital to maintaining the financial health of healthcare providers. The Senex Advantage® is designed to help both the consumer and the provider in this regard. With partners like CSC and Fifth Third, we now have the capacity to expand the program to meet these needs.”
"Senex Services Corp. is a progressive, growing company and Fifth Third is proud to be partnering with the Senex Advantage program," said John E. Pelizzari, President and CEO, Fifth Third Bank, Central Indiana. "We believe this program will be a beneficial option for both hospitals and patients."
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $105.0 billion in assets, operates 19 affiliates with 1,136 full-service Banking Centers, including 116 Bank Mart® locations open seven days a week inside select grocery stores and 2,032 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses - Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2006, has $203 billion in assets under care, of which it manages $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third's common stock is traded through the NASDAQ® National Market System under the symbol "FITB."
About Senex Services Corp.
Founded in 1998, Senex is the nation’s leading purchaser of delinquent healthcare self-pay receivables on a non-recourse basis. It has purchased over 1.5 million hospital accounts receivable from more than 70 healthcare providers throughout the country. Senex recently announced that a subsidiary of Wachovia Bank, N.A. had invested in the company. Previously, Senex announced the appointment of John M. Mutz, former Lieutenant Governor of Indiana, and former President of Lilly Endowment, to its Board of Directors, and that Dan Quayle, former Vice President of the United States, had been appointed Senior Advisor to the Senex Board. For more information visit the company’s Web site at http://www.SenexServicesCorp.com.
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