A new marketplace lender for elective healthcare treatments by the name of PrimaHealth Credit launched today.
The company is aiming to transform how elective care providers and patients access healthcare financing by offering a mobile lending platform and patient friendly, non-punitive financing solutions.
The out-of-pocket elective healthcare market is estimated to be worth $87 billion and is expected to reach $106 billion by 2019. However, currently less than 20% of this amount is financed by lending companies. PrimaHealth Credit will provide a finance solution, which enables elective care providers to serve all their patients, including those with credit challenges. The platform allows patients to apply for funding for treatments that include, dental, orthodontic, LASIK & vision, cosmetic, hair restoration, audiology and other specialist procedures. The platform analyses over 200 data points in order to enable them to tailor the financing solutions to customers.
Brendon Kensel, Founder and President of PrimaHealth Credit, commented:
“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. 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.”
The new CEO of PrimaHealth Credit, Hugh Bleemer, has more than 25 years experience in the financial services industry. He led the rapid growth at JP Morgan Chase’s elective care lending division, ChaseHealthAdvance, from market entry to about $1 billion in loan originations over five years.
“I am thrilled to join PrimaHealth Credit to help establish the company as an industry leader. 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.”
The healthcare market seems like an obvious one for marketplace lenders to target. Prosper has led the way in this space since acquiring American HealthCare Lending, a leading patient financing platform. And in April last year Lending Club acquired Springstone Financial, a company that provides financing options for elective medical procedures among other things. PrimaHealth Credit is an example of a platform that is focusing on a particularly niche market, something we have seen develop with student loan financing platforms. And as the space develops it is likely that we will see more platforms focusing on niche markets, in an effort to distinguish themselves from the incumbents.