HFD and Enova Decisions Team up to Build the New Standard of Patient Underwriting for Elective Healthcare Financing

Healthcare Finance Direct (HFD), a leading FinTech company, and Enova Decisions, an analytics company, announced a strategic partnership to build the new standard of patient underwriting for elective healthcare providers.

This advanced patient finance underwriting model is powered by HFD’s platform and Enova Decisions’ consumer lending and real-time analytics expertise. By using Enova Decision’s core capabilities in artificial intelligence, machine learning, and data analytics, HFD can bring modern underwriting capabilities to patients seeking alternative payment options for elective treatment.

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“Enova has been profitably lending off its own balance sheet for over 15 years. We know what data, both internal and external, predicts consumer payment behavior and we know how to use machine learning and AI to activate that data to drive real-time decision-making,” said Jim Granat, Senior Vice President, Enova Small Business and Enova Decisions. “Enova Decisions brings this analytics know-how and real-time decisioning technology to Healthcare Finance Direct.”

“Our vision is to make it easy for providers to give patients access to treatment. Elective treatment is rarely covered by insurance and lenders don’t finance every patient because they rely heavily on credit scores – leaving a large portion of the market to go untreated. This partnership allows providers to understand their patients propensity to pay using modern data beyond a credit score, so they can offer more financing options in a manner that is sustainable and lowers risk,” said Ron Johnson, CEO, Healthcare Finance Direct. 

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“HFD was founded following the recession in 2008 as a result of lenders tightened their underwriting standards. HFD made it possible for providers to offer alternative payment solutions to all of their patients declined by lenders. Providers will potentially face similar battles with COVID-19 as our economy recovers.”

Through this partnership, healthcare providers using the HFD platform will benefit from more accurate credit risk assessments as they offer pay over time options for their patients who were not approved by their lender-based options.

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