Senex Services Corp. Signs Pact with Fifth Third for New Patient Finance Program

Senex Services Corp., a market leader in the purchase of self-pay healthcare accounts receivable, today announced it has entered into an agreement with Fifth Third Bank to provide financing for a new patient account financing program, the Senex Advantage®. This innovative solution will immediately accelerate cash for hospital providers, improving days of cash on hand and reducing bad-debt. It will also create goodwill in the community by offering patients flexible payment options and reducing the number of patient accounts sent to collection agencies.

Senex recently announced it was partnering with Computer Sciences Corporation (NYSE: CSC) to assist in providing state-of-the-art accounts receivable systems, accounting support and related back-office services for this early stage program. With the financing piece now in place, the program is ready to roll out to hospital clients.

The relationship with Fifth Third Bank will allow Senex to finance patient accounts that are eligible for financing as early as the patient?s portion is identified by the hospital. Whether the self-pay balance is due to co-pays, deductibles, uncovered services or the patient does not have health insurance, the Senex Advantage® will allow financing for a period of up to 30 months, at a rate of interest lower than many credit cards.

As consumers bear an increasingly larger portion of their healthcare bill, the Senex Advantage® facilitates their management of these obligations, while accelerating the cashflow of healthcare providers.

R. Matthew Neff, Chairman & CEO of Senex, stated: ?Consumer-directed healthcare poses several new challenges for both providers and consumers of healthcare services. One of those challenges is that consumers bear a larger share of the healthcare bill, and new financing sources are necessary. At the same time, hospitals can no longer rely solely on third party payors, like health insurers, to cover their expenses. Actively managing self-pay receivables is vital to maintaining the financial health of healthcare providers. The Senex Advantage® is designed to help both the consumer and the provider in this regard. With partners like CSC and Fifth Third, we now have the capacity to expand the program to meet these needs.?

“Senex Services Corp. is a progressive, growing company and Fifth Third is proud to be partnering with the Senex Advantage program,” said John E. Pelizzari, President and CEO, Fifth Third Bank, Central Indiana. “We believe this program will be a beneficial option for both hospitals and patients.”