---
title: Medical Credit Card Debt Providers Forced to Add Consumer Protection
description: Medical Credit Card Debt Providers Forced to Add Consumer Protection
---
[](http://www.epicriver.com/home)
- [Home](https://www.epicriver.com/)
- [About](https://www.epicriver.com/about)
- [Our Solution](https://www.epicriver.com/)
- [News](https://epicriver.com/#)
- [Contact](https://www.epicriver.com/)
- [Support](https://knowledge.epicriver.com/knowledge/kb-tickets/new)
- [Knowledgebase](https://knowledge.epicriver.com/knowledge)
# Medical Credit Card Debt Providers Forced to Add Consumer Protection
Posted by [Jessica Toney](https://blog.epicriver.com/author/jessica-toney) | Aug 29, 2013, 10:23:16 AM
- [Tweet](https://twitter.com/share)
Medical credit card debt has been around basically since the inception of credit cards, but as time goes on things are getting worse, not better. As more companies enter the medical credit card market, the need for laws and regulation increase. In a recent [inquiry by the New York State Attorney General's office](http://www.americanbanker.com/syndication/ge-settles-health-care-credit-card-probe-with-ny-1059568-1.html), a settlement was reached requiring the medical credit card provider to modify its practices by limiting charges, requiring clearer disclosures of higher interest rates and not giving kickbacks, rebates, compensation, or in-kind services to any health care provider in exchange for its success in generating card business.
According to the settlement agreement, this numbers are staggering for just this one medical credit card provider:
- issued its credit cards to more than **535,000** people through **7,800** medical providers just in New York state.
- an average of **68** credit card holders per medical practice
- has approximately **160,000** health care providers under contract
- Using the state of New York as a baseline, that works out to almost **11 MILLION PEOPLE** charging their medical procedures and care to high interest credit cards provided by this company.
This is not good for the state of our economy. Not only are these numbers shocking, when you put them together with the penalty interest rates the cardholders are charged if they do not pay off their balance during the "promotion" period it creates a situation that is ideal for the medical credit card provider and terrible for everyone else. According to New York State Attorney General Eric Schneiderman,
> "The explosion of medical credit card debt is a major concern for many New Yorkers, particularly low and middle-income households and vulnerable seniors. The problem is made even worse by those who encourage high-pressure sales tactics in our health care settings and companies who charge outlandishly high interest rates."
## An Alternative to High Interest Medical Credit Cards
The MyLoans™ software allows banks and medical providers to work together to provide patients with fast access to a medical loan at a fair and unchanging interest rate, provided by a federally insured and fully regulated financial institution. The medical providers still get immediate funding of their accounts receivables. The bank gets a new customer and interest income in exchange for servicing the loan. So in a time when medical credit card companies are taking advantage of the lack of options available to patients, MyLoans™ provides an opportunity for banks and medical providers to work together and provide a much better alternative for patients.
**About MyLoans™**
By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer a federally insured and fully regulated financial agreement between banks and patients for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit [www.myloans.co](http://www.myloans.co).
**About Epic River, LLC**
Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit [www.epicriver.com](http://www.epicriver.com).
Topics: [News](https://blog.epicriver.com/topic/news)
#### Written by [Jessica Toney](https://blog.epicriver.com/author/jessica-toney)
## Leave a Comment
### Recent Posts
### Topics
- [Bankadelic (2)](https://blog.epicriver.com/tag/bankadelic)
- [banking opportunities (6)](https://blog.epicriver.com/tag/banking-opportunities)
- [Blog (5)](https://blog.epicriver.com/tag/blog)
- [CRA ratings (1)](https://blog.epicriver.com/tag/cra-ratings)
- [Credit Unions (5)](https://blog.epicriver.com/tag/credit-unions)
- [DAR (1)](https://blog.epicriver.com/tag/dar)
- [esignature services (1)](https://blog.epicriver.com/tag/esignature-services)
- [Financial Education (2)](https://blog.epicriver.com/tag/financial-education)
- [financial institutions (10)](https://blog.epicriver.com/tag/financial-institutions)
- [Health Care Loans (19)](https://blog.epicriver.com/tag/health-care-loans)
- [health credit services (6)](https://blog.epicriver.com/tag/health-credit-services)
- [health credit services online (11)](https://blog.epicriver.com/tag/health-credit-services-online)
- [healthcare administration (4)](https://blog.epicriver.com/tag/healthcare-administration)
- [healthcare administrative costs (1)](https://blog.epicriver.com/tag/healthcare-administrative-costs)
- [healthcare billing (2)](https://blog.epicriver.com/tag/healthcare-billing)
- [healthcare billing solutions (3)](https://blog.epicriver.com/tag/healthcare-billing-solutions)
- [healthcare costs (1)](https://blog.epicriver.com/tag/healthcare-costs)
- [healthcare finance (6)](https://blog.epicriver.com/tag/healthcare-finance)
- [Healthcare Finance Online (13)](https://blog.epicriver.com/tag/healthcare-finance-online)
- [healthcare financing (2)](https://blog.epicriver.com/tag/healthcare-financing)
- [healthcare lending (3)](https://blog.epicriver.com/tag/healthcare-lending)
- [healthcare loans (4)](https://blog.epicriver.com/tag/healthcare-loans)
- [hospital financing (3)](https://blog.epicriver.com/tag/hospital-financing)
- [Lending as a Service (7)](https://blog.epicriver.com/tag/lending-as-a-service)
- [low-interest medical loans (2)](https://blog.epicriver.com/tag/low-interest-medical-loans)
- [medical bill financing (2)](https://blog.epicriver.com/tag/medical-bill-financing)
- [medical billing (7)](https://blog.epicriver.com/tag/medical-billing)
- [medical billing solutions (7)](https://blog.epicriver.com/tag/medical-billing-solutions)
- [medical debt (4)](https://blog.epicriver.com/tag/medical-debt)
- [medical finance (2)](https://blog.epicriver.com/tag/medical-finance)
- [Medical Lending (24)](https://blog.epicriver.com/tag/medical-lending)
- [Medical Loan Financing (18)](https://blog.epicriver.com/tag/medical-loan-financing)
- [medical loans (7)](https://blog.epicriver.com/tag/medical-loans)
- [News (78)](https://blog.epicriver.com/tag/news)
- [patient billing solutions (1)](https://blog.epicriver.com/tag/patient-billing-solutions)
- [patient financial services (5)](https://blog.epicriver.com/tag/patient-financial-services)
- [Patient Financing (26)](https://blog.epicriver.com/tag/patient-financing)
- [patient lending (19)](https://blog.epicriver.com/tag/patient-lending)
- [patient loans (3)](https://blog.epicriver.com/tag/patient-loans)
- [patient responsibility (3)](https://blog.epicriver.com/tag/patient-responsibility)
- [patient satisfaction (1)](https://blog.epicriver.com/tag/patient-satisfaction)
- [Podcast Feature (3)](https://blog.epicriver.com/tag/podcast-feature)
- [price transparency (1)](https://blog.epicriver.com/tag/price-transparency)
- [reduce DAR (2)](https://blog.epicriver.com/tag/reduce-dar)
- [revenue cycle management for physicians (2)](https://blog.epicriver.com/tag/revenue-cycle-management-for-physicians)
- [Team (1)](https://blog.epicriver.com/tag/team)
see all
### Subscribe
#### About Us
Our commitment to utilize the lowest cost of capital and remove all unnecessary overhead from the loan process enables us to help everyone make the best possible financial decision when borrowing money.
#### Latest Blog Posts
#### Contact Us
242 Linden Street
Fort Collins, CO 80524
Phone: (970) 292-5045
Email: info@epicriver.com
© 2020 Epic River
-
-
-