Health Credit Services
Specialize in only healthcare financing and are committed to devising new ways for patients to receive care.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
$190m Valuation: $190m | Acquisition | ||
| Total Funding | 000k | ||
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Health Credit Services (HCS) was a fintech company focused on the patient financing market, which has since been integrated into a larger financial entity. The company was founded in 2015 by Clark Burget, Matt Mckenna, and Hans Zandhuis, who served as CEO. It began offering point-of-sale healthcare loans in 2014. Based in Charlotte, North Carolina, HCS established itself by partnering with medical providers across all 50 states to offer financing for procedures and products not typically covered by insurance.
A significant milestone in the company's history occurred in October 2019, when Ally Financial completed its acquisition of HCS for $190 million. This acquisition was a strategic move for Ally to enter the growing point-of-sale lending market and to diversify its digital financial product offerings. The existing HCS management team and its approximately 85 employees were retained to lead the business line within the Ally organization. Subsequently, the services of HCS were integrated into Ally Lending, which was later acquired by Synchrony Financial in March 2024.
HCS operated on a business-to-business-to-consumer (B2B2C) model. It made money by providing unsecured personal loans to patients through its network of healthcare providers and earning interest on those loans. The platform served a wide array of specialties, including dental, cosmetic, audiology, vision, orthopedic, and fertility services. The service was designed to provide a fully digital application process, allowing patients to secure financing for out-of-pocket medical expenses with affordable monthly payments and fixed interest rates. For providers, HCS offered a way to increase patient access to care by presenting immediate, manageable payment options, thereby helping to grow their business. The loans, originated through partners like Cross River Bank, featured no down payment and no penalties for early payoff.
Keywords: Health Credit Services, patient financing, point-of-sale lending, healthcare loans, medical credit, Ally Lending, Synchrony, elective procedures finance, Hans Zandhuis, Clark Burget, Matt Mckenna, dental financing, cosmetic surgery loans, fertility financing, audiology loans, vision financing, unsecured medical loans, healthcare provider financing, digital lending, consumer finance