Clarity Credit Union Wins Finopotamus Tekki Award for Medical Payment Loan Program

Posted by Alyse Knudsen on September 30, 2024

Clarity Credit Union won the Tekkie Award from Finopotamus in the category of Revenue Growth. Finopotamus provides “fintech news for hungry CUs,” and their Tekkie awards recognize outstanding achievement in credit union technology. 

Clarity Credit Union, based in Meridian, Idaho, won the award for its implementation of a technology solution from Epic River that has helped Valor Health, a hospital in Emmett, Idaho, solve its cash flow problem and help patients afford their healthcare payment issues – all while creating a new revenue stream for the credit union. 

In September 2020, Epic River approached Clarity Credit Union because of the feedback being provided by patients at Valor Health. Patients were telling them that healthcare insurance was covering less and less, and deductibles, co-pays, and premiums were on the rise, leaving them with large medical bills that were hard to pay. Clarity Credit Union partnered with Epic River, based out of Fort Collins, Colo., to provide patients at Valor Health the opportunity to access medical loans to help them manage their medical debt. Using a software service provided through Epic River, the service solution offers a streamlined lending process and provides an additional revenue stream for Clarity. 

“Since we started using the Epic River platform, we have funded 165 loans for almost $600,000, keeping these from going to collections and helping people improve their credit,” said Clarity Chief Lending Officer Dan Edgerton. 

This loan program allows patients to easily sign up for credit union membership and receive access to the medical loan program. The medical loans offer patients payment options based on their need. They can choose the 0% interest option with the promise to repay the loan within 2 years or they can opt for a longer term to lower the monthly payment due. This program allows patients to close out their healthcare bills and move on with their lives. 

“With the loans fully guaranteed by the healthcare provider, we have not taken any losses. With that, we earn 6% interest plus late fees. If a loan becomes uncollectable, we pay the loan off with the providers funds and ‘return’ the loan to them,” Edgerton continued.  “We were excited to hear the news [about winning the Tekkie award]. We feel the Epic River platform fits our credit union well and look forward to a long working relationship with them.” 

Posted in Idaho, Regional Member News.