Innovations in Credit Scoring.

With the trend towards healthcare consumerism and increased enrollment in high deductible health plans (HDHP) comes a greater demand for healthcare-related credit. Many individuals will require funds to meet near-term or emergency healthcare expenses that may exceed their spending account balance; others may need a bridge to planned future contributions by their employer.

Canopy Financial’s HealthScore is the only healthcare-specific credit score and credit risk indicator for payers and financial institutions to apply in making healthcare-related lending decisions. HealthScore provides a means to identify customers most likely to utilize a healthcare line of credit and also helps quantify the credit risk associated with different customer segments. With HealthScore, insurers, administrators, and financial institutions tread into a new lending vertical with better visibility into revenue and credit risk potential.

HealthScore takes into consideration the traditional consumer credit score as well as other factors relating to the member's CDH coverage. As HealthScore considers the new, larger deductible obligation for each individual in addition to their existing credit score, it is considerably more predictive of credit risk in the context of healthcare lending.

Furthermore, any healthcare credit product can be managed directly from HealthDirect alongside an account holder’s Health Savings Account (HSA) or other CDH spending account.

For more information on Canopy Financial's broad array of healthcare banking solutions please Contact Us.