The "Original" AccessOne MedCard
Our original medical credit card has a variable interest rate of prime plus 6% which is updated the 15th of each month based on the Wall Street Journal published prime interest rate. This is generally lower than the rate charged by most major credit cards. Unlike traditional bank cards patients can choose to make 3 equal and timely monthly payments interest free. Once the patient makes the first payment, 92% of the remaining account balance is funded. The remaining 8% is the AccessOne service fee. The hospital receives 92% of all interest free payments from patients who elect this option which is not funded. This is a full recourse program whereby the hospital returns the unpaid portions of defaulted accounts. Accounts are in default and recourse when the patient cardholder misses 3 consecutive payments. All accounts are settled monthly with our hospital clients. This product produces the most rapid cash acceleration.
The "Enhanced" AccessOne MedCard
This program works just like the first, accounts are funded after patient make the first minimum payment, but patients do have the opportunity to avoid interest by making 12 rather than 3 equal and timely monthly payments. The hospital receives 92% of these payments. This 12 month interest free option increases the attractiveness and outreach of the program. This program is ideal for the hospital that desires the benefits of funding with more outreach or wants to replace an existing interest free self-administered program. Currently this is our most popular program.
