Frequently Asked Questions for BankVista Financing Program
FAQ: BankVista Financing Program
Mankato Clinic has partnered with BankVista to offer patients an easy and convenient option to finance your healthcare expenses.
Mankato Clinic has offered monthly payment plans to current patients. Now Mankato Clinic has partnered with BankVista to offer funding and more flexible terms to better serve our patients’ financial needs. If you had a payment arrangement directly with Mankato Clinic prior to May 1, your payment arrangement will be honored through December 31, 2019, if you are making the agreed monthly payments. At that time, you can pay your remaining balance in full interest-free or enroll in financing through BankVista.
When you enroll in BankVista, you set your monthly payment amount. Financing is available on balances of $250 or more. The limit is $30,000. You can consolidate family member balances into one monthly payment and choose a payment schedule from 12 to 60 months. There are no prepayment penalties.
BankVista offers a 9.5% fixed interest rate. We have learned from working with our patients that many use high-interest credit cards to pay medical bills. Recently, patients have expressed appreciation for this lower interest rate available through a local bank. Click here to calculate your payments and interest by choosing the Simple Loan Calculator.
Mankato Clinic gives our patients a 90-day interest-free period to pay their bill after they receive their first billing statement. As soon as you realize you may have difficulties paying your bill in 90 days, please call a Mankato Clinic Patient Account Representative to learn about your options. Call 507-389-8507 or 800-657-6944 Monday through Friday from 7 a.m. to 5 p.m.
We want to focus our efforts on providing high quality care. The rising cost of health care is challenging for patients and healthcare providers. So we chose to partner with BankVista, a local independent community bank in Mankato. In partnering with BankVista, our intent is to help our patients by providing more flexible payment plan options. After our 90-day interest-free period, BankVista offers an easy and convenient option to finance your healthcare expenses. Mankato Clinic does not receive any money from the interest our patients pay to BankVista.
Yes, you can. However, you cannot pay BankVista directly with your HSA credit card. The simplest option is to use your HSA credit card to pay Mankato Clinic during the 90-day, interest-free period when possible.
Your HSA provider may require proof that the payment is a medical expense. Your BankVista receipt will not reflect the payment is for a medical expense. Mankato Clinic can provide a statement for your HSA as proof that the payment to BankVista was for healthcare services at Mankato Clinic. Here’s how you can use your HSA to make payments or be reimbursed.
- You can reach out to your HSA provider and ask if bill pay is an option. You can set up a bill pay to go directly to BankVista.
- You can set up an automatic debit from your personal checking account and be reimbursed by your HSA.
- You can reach out to your HSA provider and ask if there is a check option. You can send a check from your HSA instead of a personal check.
Remember the healthcare service must have occurred after you opened your HSA. For instance, if you open your HSA on January 1, 2020, you cannot use your HSA to pay for a healthcare expense from 2019. For expenses incurred after you open your HSA, you do not need to pay by the end of the calendar year. In addition, your HSA cannot be used to pay interest.
Yes, you can. However, you cannot pay BankVista directly with your FSA credit card. Remember, Flexible Spending Accounts can be used for qualified medical expenses incurred during a calendar year. For example, a service performed in 2019 cannot be paid with your 2020 FSA funds. The simplest option is to use your FSA credit card during the 90-day, interest-free period when possible.
Some FSA companies require proof that the payment is a medical expense. Your BankVista receipt will not reflect the payment is for a medical expense. Mankato Clinic can provide a statement for your FSA as proof that the payment to BankVista was for healthcare services at Mankato Clinic. Here’s how you can use your FSA to make payments or be reimbursed.
- You can reach out to your FSA provider and ask if bill pay is an option. You can set up a bill pay to go directly to BankVista.
- You can set up an automatic debit from your personal checking account and be reimbursed by your FSA.
- You can reach out to your FSA provider and ask if there is a check option. You can send a check from your FSA instead of a personal check.
We have worked with BankVista to ensure most everyone qualifies for the BankVista financing plan. There is no credit check.
If you make your payments and meet your loan agreement, this could affect your credit score positively. As with any other loan, failing to make payments will have a negative impact on your credit score.
You will need to pay off the balance of your account in 90 days. After 90 days, your balance will be referred to a collection agency. When the debt is turned over to a collection agency, it can affect your credit score negatively. Before this happens, we encourage you to call a Mankato Clinic Patient Account Representative at 507-389-8507 or 800-657-6944. Hours of operation are 7 a.m.-5p.m. Monday through Friday.
Due to the increase in high deductible health plans, patients are personally responsible for a larger portion of their healthcare costs. This is a challenge for patients and healthcare providers. Financing options like the BankVista program are becoming much more common.
costs. Our goal is to offer patients a cost estimate for the services we provide. At each of our clinic locations, Mankato Clinic has posted pricing for our 25 most frequently billed healthcare services for Dermatology, Endoscopy Center, General, Pediatrics and Psychiatry/Psychology. Our prices are also available online. Patient Financial Services staff members can also help patients understand their costs and coverage. Our Patient Account Representatives are available 7 a.m.-5 p.m. Monday-Friday. Call 507-389-8507 or 800-657-6944.