Commerce Bank

• Alternative
• Reduces costs
• Stress-free money management
• Mobile banking

Alternative

Commerce Bank's Health Services Financing (HSF) serves as a complement or alternative to traditional medical billing programs where needed. Their healthcare funding program comes with a line of credit that allows for customizable solutions that patients and their families can utilize at any point in the revenue cycle. Benefits of utilizing Commerce Bank includes the increases in cash flow, the reduction of costs, and stress-free transactions for patients. These features allow for patients to pay for procedures and other healthcare needs in a seamless fashion.

Reduces Costs

How does Commerce Bank improve cash flow and reduce costs for each bank customer?

• Upfront funding for outstanding patient balances
• Multiple rates and term options, including 0% fees
• Guaranteed refund for fees caused by defaulted account balances
• Decrease account delinquencies
• Enhance patient loyalty
• Web-based enrollment, file upload and reporting
• Customized patient marketing

Stress-Free

How does Commerce Bank foster a stress-free transaction process for patients?

• Up to a $50,000 line of credit
• No credit check required
• Easy to open an account: Simple enrollment process
• One affordable monthly payment without extra fees 
• Finance  multiple transactions on one line of credit for the same provider
• No paperwork required to enroll
• Repayment terms up to 7 years
• An account with Commerce Bank HSF reassures patients with an easy enrollment process and simple payment structure.
• Overdraft fees not applicable

An account with Commerce Bank HSF reassures patients with an easy enrollment process and simple payment structure.

Mobile Banking

Commerce bank has hopped on the bandwagon of innovation and now provides clients the option of managing their money using a mobile app. This app helps them to lock and unlock medical their credit card, view current balance of loans, and track transactions and monthly payment plans. The app is compatible with both android and iOS devices and replaces multiple branch locations with a virtual payment portal in your own two hands. 

• Loan term repayment
• Interest
• Automatic payment charge

Loan Term Repayment

While there are a number of determining factors that will go into the exact loan terms, Commerce Bank does disclose some of their program rate options, interest information, and term lengths. It may be advantageous to sit down with a business representative or bank employee to better understand what options will best suit your needs based on the current state of your bank account. There are multiple low rate program options to choose from, but Commerce Bank also offers tiered options based on the medical dollar amount. The term for repayment is automatically assigned based on the financially responsible party's current balance due.

• Prime, Variable
• Prime + 1%, Variable
• Prime + 2%, Variable
• Prime + 3%, Variable
• Prime + 4%, Variable
• 0%

As stated previously, the loan payment term will be automatically assigned based on predetermined factors (Reminder: this does not include a credit score). The monthly or yearly terms vary in length ranging from:

• 12 Months/1 Year
• 24 Months/2 Years
• 36 Months/3 Years
• 60 Months/5 Years
• 84 Months/7 Years

Interest

Since there are a number of qualifiers and standards for loan options and terms, it can be difficult for an individual patient to determine just how much interest they are likely going to need to pay back. Additionally, it is also difficult for the patient to determine how long they are going to have to pay their loan back. These unknowns can cause some problems for those worried about repayment for their medical endeavors.

Automatic Payment Charge

For those who would like to make their monthly fee automatically come out of their checking or savings accounts, there is a .25% fee. Unfortunately this makes automatic payment more expensive for clients allowing the business to take a cut for the transfer for its banking services.