Wake Forest Baptist Medical Center partnered with Commerce Bank to offer patients zero percent interest loans up to $50,000 to help individuals manage their healthcare costs.
Terms of the loan repayment depend upon the loan amount. For loans valued between $250 and $5,000, payment can be spread over a 24-month period. Loans between $5,000 and $15,000 can be repaid in 60 months and loans between $15,000 and $50,000 can be repaid in 84 months.
Wake Forest Baptist Medical Center CFO Chad Eckes said the new loan program gives patients an alternative way to structure payment plans. "This alternative allows a solution for those patients that want to pay their bills and just need more time to fulfill that commitment."
Mr. Eckes said the hospital already financed more than $1 million in patient loans.