SOURCE: LendingArch


May 17, 2017 09:00 ET

LendingArch Enters into Strategic Relationship with Clinic Management Services to Provide Instant Financing for Out of Pocket Medical Expenses

Agreement expands LendingArch footprint in Medical Point of Sale

TORONTO, ON--(Marketwired - May 17, 2017) - Today LendingArch, a leading provider of point of sale financing for healthcare, announces an agreement with Clinical Management Services (CMS) to become their preferred point of sale financing option. The agreement provides CMS, a marketplace for essential products and services for healthcare clinics, the ability to offer instant patient financing to clinic patients and enables patients to finance medical treatments not covered by benefits using the LendingArch technology.

"As Canadians, most of our healthcare costs are covered by insurance or benefits plans, but services like Lasik or fertility treatments that aren't covered can be costly, and often patients don't have the ability to save up and come back in a year," said Arti Modi, CEO of LendingArch. "We're thrilled to collaborate with CMS to offer patients in clinics across Canada the opportunity to have affordable, flexible financing for their uncovered medical expenses, ensuring they leave the clinic with the treatment they need."

"When a patient enters a medical clinic, they're generally stressed, and the price of certain medical treatments only adds to that stress," said Sharad Ojha, CEO of Clinic Management Services. "Many times patients need certain treatments but are unable to afford them due to high upfront costs. This agreement is the key to taking away patient stress and to making healthcare more accessible to Canadians. For example, in the hearing industry, there are many patients who would benefit from using hearing aids, but are not able to afford them because of high upfront cost. With in-clinic patient financing like LendingArch, they will now get their hearing devices at low and affordable monthly payments. This is revolutionary and will not only expand the hearing industry but also change the way hearing aids are sold."

Recent figures from the Conference Board of Canada indicate that Canadians face over $32 billion in out-of-pocket medical expenses. This is expected to inflate further due to increasing price pressure from various healthcare expenses, including cosmetic surgery, fertility treatments, and dental. The agreement between LendingArch and CMS is key in relieving patient stress and making expensive healthcare treatments and products more accessible to Canadians. With in-clinic patient financing, Canadians now have an easy and flexible way to pay for expensive healthcare products and services, such as hearing aids or hair transplants, with affordable monthly instalments.

The LendingArch Patient Solutions platform is a cloud-based financing portal in which health care clinics working with CMS, as well as other LendingArch healthcare partners, can begin a loan application for a patient during initial consultation. The patient can then easily complete the loan application from any device, select their desired financing terms, as well as set up monthly payments directly to LendingArch. LendingArch pays clinics up front for the total cost of medical services being financed by the patient. Currently, there are over 1,100 medical clinics being onboarded to LendingArch's point of sale financing system.

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About LendingArch

Founded in 2015, LendingArch is a modern finance company innovating the lending experience. Through smart technology, real-time data and a simple application, LendingArch has become one of Canada's fastest-growing providers of instant credit to financially-responsible Canadians. From making medical and home improvement costs more affordable, to paying off credit card debt and helping with personal growth, LendingArch is dedicated to bringing financial advancement for all Canadians who deserve better rates and faster service when achieving their most important life goals and milestones.

About Clinic Management Services

CMS is one of the largest marketplaces for products and services for a range of industries including dental, sleep, medical, psychology, and hearing. Clinic Management Services has established partnership with clinics across Ontario, and plans to expand its services across Canada within the next two years, all of which would use LendingArch for instant financing. Patients will be able to use LendingArch as their preferred payment method, easily apply for a loan at the point-of-sale, and receive instant approval to pay for their treatment.

Contact Information

  • For further information or for interview requests, please contact:
    Jamie Gillingham
    PR Account Manager
    Office: 416-944-2722