Varisol Finalizes Agreements with Two Hospitals to Purchase Aged Account

Varisol announced today that it has purchased three delinquent and charged-off account portfolios from two hospitals, including a rural, critical access hospital in Nevada and a hospital in Illinois that recently closed.

For the Nevada-based hospital, Varisol executives said the deal provides immediate cash flow for the hospital?s aged self-pay account receivables?assets that are typically difficult and expensive to collect and historically yield little revenue. This cash was in turn used by the hospital to purchase much-needed equipment. As for the Illinois-based hospital that closed, the deal allows the medical facility to quickly pull additional value from its balance sheet and pay down financial obligations while outsourcing the servicing of accounts.

?We are very pleased to have completed these deals, and it demonstrates that any healthcare facility?regardless of size?can benefit from this type of relationship with Varisol, particularly critical access hospitals looking for new revenue streams,? said Mitchell Patridge, chief executive officer of CSI Financial Services and Varisol. ?We are focused on working closely with medical institutions such as these two hospitals to help optimize their revenue cycle.?

He added that an important component of Varisol?s ability to complete these deals is its patientsensitive servicing platform, which ensures that each patient will be treated with respect and dignity throughout the process.