”Hospitals have found yet another way to monetize our illnesses and our need for medical help. It’s immoral.
Robin MilcowitzCharged 11.5% by AccessOne
How banks and hospitals are cashing in when patients can’t pay for health care
In November 2022, NPR published an eye-opening exposé on the subject. Payment plans advertised as “no interest” often charged so much in interest and late fees that a patient could end up owing 30-40% more than their original medical bill.
In fairness to hospitals, historically there were no solution providers they could work with to provide zero-interest payment plans for all patients regardless of income or credit, while also getting the no-risk cash acceleration and collections lift they need.
But now the patient financing landscape is different.
Affordability Financing is a new, better approach to patient payment options
PayZen’s solution is different. We combine modern fintech capabilities and expertise with a fundamental set of beliefs about the healthcare payment experience.
At PayZen, we believe…
PayZen versus AccessOne for Patients
*AccessOne interest rate and fee information obtained from AccessOne website here as of December, 2022.
PayZen versus AccessOne for Patients
*AccessOne interest rate and fee information obtained from AccessOne website here as of December, 2022.
PayZen versus AccessOne for Patients
*AccessOne interest rate and fee information obtained from AccessOne website here as of December, 2022.
Financing options directly impact healthcare equity
PayZen promotes equity
PayZen personalizes monthly payment amounts based on each individual’s ability to pay. Given two patients with the same bill amount but different means, one will be offered longer repayment terms so the payment amounts are lower, but neither patient will charged interest or fees. This approach ensures that patients facing greater hardship are not penalized, but instead have the same relative affordability of care as those with greater means.
AccessOne and others, don’t
As NPR reports, with AccessOne a patient who can afford to pay $292 a month on a $7,000 hospital bill could qualify for a two-year, interest-free payment plan – but a patient who can only afford $159 a month would have to take a five-year plan with 13% interest. Patients with greater hardship would pay $2,550 in interest, their medical debt inflated by 36% compared to a patient with greater ability to pay.
PayZen versus AccessOne for Providers
Notes and disclosures: AccessOne claims recourse rates of 5% or less, stating that propensity-to-pay determines cash acceleration – implying that lower recourse rates are possible because less cash is accelerated compared to traditional recourse programs, which are typically 15% recourse rates. Recourse rates also typically increase during economic downturns. AccessOne discount rate ranges are customer-reported. Realized rate combines pricing components for an “apples to apples” rate. A higher rate still delivers more overall cash if patient participation rates are also higher.
PayZen versus AccessOne for Providers
Notes and disclosures: AccessOne claims recourse rates of 5% or less, stating that propensity-to-pay determines cash acceleration – implying that lower recourse rates are possible because less cash is accelerated compared to traditional recourse programs, which are typically 15% recourse rates. Recourse rates also typically increase during economic downturns. AccessOne discount rate ranges are customer-reported. Realized rate combines pricing components for an “apples to apples” rate. A higher rate still delivers more overall cash if patient participation rates are also higher.
PayZen versus AccessOne for Providers
Notes and disclosures: AccessOne claims recourse rates of 5% or less, stating that propensity-to-pay determines cash acceleration – implying that lower recourse rates are possible because less cash is accelerated compared to traditional recourse programs, which are typically 15% recourse rates. Recourse rates also typically increase during economic downturns. AccessOne discount rate ranges are customer-reported. Realized rate combines pricing components for an “apples to apples” rate. A higher rate still delivers more overall cash if patient participation rates are also higher.
Truly compassionate patient financing
In the NPR article, AccessOne chief executive Mark Spinner called his firm a “compassionate, empathetic patient financing company.” Others might argue that truly compassionate patient financing doesn’t increase medical debt or raise concerns over healthcare equity. Affordability Financing fits that definition.
Try PayZen today to see the impact on your patients’ financial health and your own
Even if you already offer AccessOne or similar financing options today, you can quickly run a pilot with PayZen and see the difference in patient satisfaction, patient collection rates, and cash flow.
Turnkey solution
Simple go-live. Fully automated. No staffing burden.
Improved results
Higher collections. Non-recourse cash. Daily funding.
Happy customers
Higher satisfaction. More brand loyalty. Less deferred care.
PayZen powers healthcare affordability.
Take the next step.
