The Latest at PayZen
Beyond Billing: How AI is Personalizing Healthcare Payment Solutions
Beyond Billing: How AI is Personalizing Healthcare Payment Solutions Artificial intelligence (AI) is transforming industries across the globe, improving the way businesses interact with their customers and creating more personalized experiences. In the world of payment solutions, AI is helping companies not only streamline operations but also address customer pain points with greater precision and empathy. From retail to healthcare payment solutions, AI is unlocking new possibilities...
How AI-Powered Patient Financing Makes Healthcare More Affordable
Empower your revenue cycle with AI-driven patient payment plans that streamline collections and cash flow Never mind how they behaved at the voting booth: American voters still see healthcare costs as a significant problem. Pew Research Center pollsters found that nearly two-thirds (or 65%) of voters felt healthcare was “very important” to how they voted. It’s not hard to see why. According to the Kaiser Family Foundation: Nearly 50% of U.S. adults agree that managing healthcare cos...
6 Surprising Costs of Ignoring Patient Financing Solutions
Healthcare providers aim to deliver exceptional care, but rising economic pressures make that goal increasingly challenging. Patient balances over $7,500 tripled between 2018 and 2022 leaving many healthcare providers chasing down payments from patients. As a result, hospitals lose millions annually in unpaid bills and write-offs, while uninsured and underinsured patients face growing barriers to care. This article highlights the hidden costs of neglecting patient financing solution...
Essential Questions to Ask When Evaluating a Patient Financing Partner
Choosing the right patient financing partner is critical for healthcare providers striving to make care more affordable and accessible. Today, nearly half of American adults struggle to afford healthcare costs, with 61% of patients avoiding care altogether due to financial barriers, making financing solutions an increasingly important component of patient access. While approval, fees, and interest rates are important metrics for evaluation, providers must dig deeper. How will the fin...
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 hea...
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 Off...
Empowering Patients and Enhancing Healthcare Affordability 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 necessar...
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 t...
Propensity to pay vs. ability to pay in healthcare: What’s the difference and how to achieve success?
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 collection success rates. But especially when it comes to patient collections in healthcare, ability to pay is also cruciall...
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 ben...
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...