US Fintech PayZen Launches Innovative PayZen Care Card to Enhance Healthcare Affordability
In a significant move to tackle the issue of healthcare affordability, PayZen, a US-based fintech company specializing in healthcare, has unveiled the PayZen Care Card. This groundbreaking product launch is a result of a strategic partnership between PayZen, Geisinger, and the University of Texas Medical Branch, writes Shruti Khairnar in Fintech Futures.
PayZen, headquartered in San Francisco, California, and established in 2019, operates an innovative affordability financing platform designed to offer patients «zero-cost» options while effectively managing their medical expenses. For medical providers, PayZen’s platform seamlessly integrates with existing revenue cycle solutions, while for consumers, it presents personalized payment plans aimed at alleviating the financial burdens associated with post-care healthcare expenses.
Last year, in a substantial funding round, PayZen successfully raised $220 million, comprising $20 million in equity funding and $200 million in credit facility, underscoring the growing demand for their services.
The newly introduced PayZen Care Card empowers consumers across the United States with the ability to access all of PayZen’s post-service payment plans. This access is facilitated through a physical and virtual debit card that can be utilized at the point of care or in recurring care scenarios.
For medical providers, the Care Card presents a valuable tool that can be offered to patients before scheduled procedures, during point-of-care interactions, or for recurring care cycles. Upon swiping the card, a personalized payment plan for the patient is generated, leveraging state-of-the-art artificial intelligence (AI) technology. Simultaneously, PayZen promptly disburses the necessary funds to the healthcare provider, streamlining the payment process.
Robert Dewar, the Chief Revenue Officer at Geisinger, a prominent regional healthcare provider in the United States, expressed his enthusiasm for this innovative solution, stating, «We want to make sure that patients don’t avoid or defer necessary care because of financial concerns, and the Care Card will help Geisinger make better health easier for our members and communities.»
The launch of the PayZen Care Card marks a significant step forward in addressing the challenge of healthcare affordability in the United States. By providing patients with accessible and tailored payment plans, this fintech innovation aims to improve the overall healthcare experience and ensure that financial concerns no longer act as barriers to receiving essential medical care.