The Latest at PayZen
Understanding Regulatory Changes Impacting the Patient Revenue Cycle
In recent years, federal and state legislators have increased their focus on the patient revenue cycle, patient payments and patient financing. Those changes impact health system revenue, place additional complexity and burden on operations, and require reevaluating existing practices and vendors. As hospitals nationwide experience staffing shortages, many are struggling to keep up with the demands. At the same time, patients face mounting financial pressures. The rising cost of health...
Marshall Medical Center Increases Patient Payments and Eases Staff Burden with PayZen
Marshall Medical Center takes pride in the connection it shares with the community of El Dorado County, the population it has served for 65 years. Marshall is a true community hospital with a strong desire to remain independent, but faced staffing constraints and cash flow challenges that were threatening this status. Seeking a solution, Marshall partnered with PayZen to bring AI and automation to its patient payment plans, alleviating burden on its staff while ensuring a reliable, consistent ca...
Financial Services Veteran Antonio Martino joins PayZen as Chief Financial Officer
The PayZen team is thrilled to announce that Antonio Martino has joined us as Chief Financial Officer to spearhead the company’s financial and capital markets activities. PayZen’s mission is to bring financial health to healthcare. Our advanced technology platform leverages AI, automation, and unique datasets to tackle the healthcare affordability crisis in the U.S., resulting in happier, healthier patients and improved financial outcomes for medical providers. As Chief Financial Office...
Transparent Costs, Unseen Hurdles, and Empowering Patients with the PayZen Care Card
Americans are increasingly concerned about healthcare costs. Many have had the all-too-common experience of being blindsided by big healthcare bills after receiving much-needed treatment. As of 2022, the No Surprises Act protects patients, so they will receive a good faith estimate of the total cost of care up front. Yet along with this proactive legislation, there are unseen hurdles in healthcare affordability. Among these, patients are now increasingly delaying or avoiding necessary c...
Allegiance Health Management Boosts its Cash Flow and Affordability
Allegiance Health Management, a leading healthcare provider in Louisiana, had historically struggled to improve collection rates on patient balances. Then, Allegiance discovered PayZen, a solution that allows patients to pay for out-of-pocket medical expenses over time. As Allegiance has proactively offered patients more affordable payment options, both revenue capture and patient satisfaction have increased substantially. Background: A “No-Brainer” to Improve Cash Flow Metrics and the ...
Propensity to pay vs. ability to pay: what’s the difference?
And how does ability to pay affect patient payment success? The billing and collections industry often uses the concept of propensity to pay to express the likelihood that a group of customers will pay their bills. Propensity-to-pay calculations continue to get more precise, with artificial intelligence-based algorithms to interpret historical data and forecast future collections rates. But especially when it comes to patient collections in healthcare, ability to pay is also crucially i...
Introducing the PayZen Care Card: A Timely Game-Changer for Healthcare Affordability
The good news from PayZen keeps coming and I couldn't be more proud to announce this latest milestone on our journey to bring patient financial health to healthcare. Today, we are publicly unveiling the PayZen Care Card, a natural expansion of our patient financing platform designed to transform affordability and access to healthcare very early in the medical care cycle. During its pilot phase, the Care Card generated overwhelming interest among health systems eager to offer its benefi...
PayZen Hires Praveen Chandran, Ex Affirm, Google, and PayPal, as Chief Product Officer
The PayZen team is thrilled to announce that, this week, veteran product leader Praveen Chandran joined us as Chief Product Officer to scale and extend our product development globally. Utilizing the power of AI, PayZen is on a mission to bring financial health to healthcare using an advanced technology platform that solves the affordability problem for patients and medical providers end-to-end. This results in happier, healthier patients and improved financial outcomes for providers. A...
PayZen Recognized as Emerging Healthcare Affordability Solution
PayZen was founded in 2019 with a mission of solving the healthcare affordability problem for both patients and providers. We are proud to share that this month, KLAS Research (KLAS), the world’s leading third-party healthcare IT research organization, spotlighted PayZen’s platform as an emerging solution in the healthcare affordability space. Using Data and AI Technology to Improve Healthcare Affordability Over the past decade, we have seen patient payment responsibility increase dram...
North Sunflower Medical Center Transforms its Patient Financial Experience
At North Sunflower Medical Center (NSMC), revenue cycle management is more than a business process. As the rural healthcare hub dedicated to improving the lives of the people in the Mississippi Delta, NSMC is woven into the fabric of its community. Any solution the hospital implements is used by its neighbors, church members—even friends and family. The hospital needed a process for collecting on self-pay patient balances that aligned with its community-oriented, personalized approach...
How health systems can strengthen finances amid recessionary pressures
Now is the time for hospitals to shore up cash flow Among the uncertainties facing the healthcare industry in 2023, one challenge is already rising to the top of the priority list: cash flow. Half of U.S. hospitals ended last year with a negative operating margin, with rural hospitals expected to increase closures without the continuation of COVID relief aid. Given this pattern and the soaring costs of labor, supplies and services, it’s not enough to take a wait-and-see approach to you...
How healthcare providers can tackle medical debt to help improve health equity
Learn what role medical debt plays in driving health inequity – and how providers can help close the gaps. Millions of adults in the U.S. struggle to bear the weight of soaring health care costs. A June 2022 survey from Gallup showed that nearly 40% of Americans — an estimated 98 million people — had delayed or skipped healthcare treatments, cut back on regular household expenses, or borrowed money in the previous six months due to high costs of medical care. People are also carrying hi...