NASHVILLE, Tenn., Oct. 4, 2018 /PRNewswire/ -- CarePayment, a leading patient financial engagement company that partners with healthcare providers to help patients pay their out-of-pocket medical expenses, has entered into an asset-backed revolving credit facility provided by funds managed by affiliates of Ares Management L.P. ARES ("Ares"). 2018 has been a record growth year for CarePayment, and the financing facility with Ares will enable the company to continue to meet the strong demand from both providers and patients for its comprehensive, flexible, and affordable, 0.00% APR payment plan solutions.

"CarePayment is excited to be working with a respected financial brand like Ares to help fuel our continued growth", said Craig Hodges, CEO of CarePayment. "When we set out to identify the best sources of financing for our company's future, Ares quickly rose to the top because of their financial expertise and strong track record with companies of our size and growth trajectory."

CarePayment partners with healthcare providers throughout the U.S. to provide flexible, affordable payment programs to patients with no application and no risk to credit score. Providers fully sponsor the program and offer CarePayment to their patients before, during or after clinical care so that any patient who needs help paying their bills has the options they need when they need them.  Once enrolled in a payment program, CarePayment takes over the full billing and payment experience for the patient until payment is made in full. As a result, providers see a significant increase in balance after insurance collections and reduction in bad debt, as well as an increase in patient satisfaction.

About CarePayment 
CarePayment is a patient financial engagement company that accelerates providers' transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community.

CarePayment's patient-friendly financing is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by Republic Bank & Trust Company, Member FDIC. Find more information at www.carepayment.com.

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SOURCE CarePayment