March 26, 2013

Health-care financing comparison chart

By Kelly Dilworth

Several big lenders have retreated from health-care financing in recent years. Since the recession, for example, Chase, Capital One and health insurance provider Humana have all dropped their health-care lending programs. (Humana still offers a health-care debit card, but discontinued its medical credit card.)

“Before the recession, there were lots of players,” says Mark Rukavina, founder of the healthcare consulting group Community Health Advisors. “They were aggressively marketing the product and extending it to people who were having a difficult time paying for health care.”

AHCL Funding Chart

Today, some smaller lenders have popped up in place of the larger providers. For example, American Healthcare Lending, based in Salt Lake City, markets itself as a direct competitor to CareCredit, with significantly lower rates for consumers with solid credit scores.

The company only offers installment loans for now rather than a medical credit card. Graham Anderson, vice president of business development and marketing at American Healthcare Lending, says they are thinking about introducing a revolving credit line in the future.

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