New elective care lending platform names former Chase Health Advance president as CEO
PrimaHealth Credit, a new marketplace lender for elective healthcare treatments, launched today. The company, based in Newport Beach, California, aims to transform how elective care providers and patients access health-care financing by offering an easy-to-use mobile lending platform and patient-friendly, non-punitive financing solutions.
PrimaHealth Credit also announced the appointment of Hugh Bleemer, the former President of Chase Health Advance, as CEO.
PrimaHealth Credit is tapping into the $87 billion out-of-pocket elective health-care market, which is expected to reach $106 billion by 2019. Currently, lending companies finance less than 20% of this amount.
Through PrimaHealth Credit’s mobile lending platform, patients can access payment plans that do not charge retroactive interest for a variety of procedures, including dental, orthodontic, LASIK, cosmetic, hair restoration, audiology, and others.
“PrimaHealth Credit is solving significant pain points in health-care finance. Providers lack an effective patient conversion and finance platform, and patients want more transparency and payment options,” said Brendon Kensel, founder and president of PrimaHealth Credit. “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.”
As the new CEO of PrimaHealth Credit, Hugh Bleemer brings 25 years of experience in the financial services industry. Over the past 20 years, Bleemer has held a variety of management positions with JPMorgan Chase, including leading the rapid growth of their elective care lending division, Chase Health Advance, from market entry to approximately $1 billion in loan originations over five years.
“I am thrilled to join PrimaHealth Credit to help establish the company as an industry leader,” said Bleemer. “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.”
PrimaHealth Credit analyzes over 200 data points to fund the loan, which helps tailor the financing solutions for patients.
Source: PrimaHealth Credit press release, 6-9-15
