Covered Care Announces Approval Rate Study Results

DALLAS, March 1, 2022 /PRNewswire/ -- Covered Care, a buy now pay later solution for the healthcare industry, announced today the results of a major study to determine Covered Care's expected approval rates when used as a second look lender behind three different leading prime providers.  The study validates an expected approval rate of more than 85% for patients declined by these lenders.

Covered Care worked with a leading credit bureau to assess how its proprietary Care Score would have performed on over 150,000 applications declined by three leading prime patient financing solutions. The Care Score has proven to be significantly more predictive than Vantage scores and was able to approve an average of more than 85% of the declined applications from the prime lenders and was able to offer at least $6,000 to the majority of approved applicants.

"This data study confirms our experience to date in the market – we are able to approve the majority of patients that are turned down by prime lenders, said Ken Rees, CEO of Covered Care.  "Our industry-leading patient financing platform is built from the ground up to help healthcare providers grow their businesses and avoid turning away patients."

Founded in 2020, Covered Care helps healthcare providers care for patients who otherwise would have been declined for traditional credit.  Their proprietary financing platform can underwrite and approve patients at every credit level – from prime to non-prime – with affordable rates and terms.  This flexibility allows healthcare providers to care for more patients without taking on any risk.

About Covered Care
Covered Care is a buy now, pay later financing solution for growing healthcare practices.  Our mission is to help healthcare providers care for more patients which means we provide the highest approval rates in the industry (up to 100%), affordable terms (as low as 0% APR for all credit tiers), and flexible pricing and integration options. For more information, visit CoveredCare.com.

SOURCE Covered Care