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 for tailoring financing to meet individual needs, ultimately creating better outcomes for both businesses and consumers.
AI Across Industries: Innovating Customer Payment Solutions
In industries like retail and financial services, AI is streamlining customer payments and driving results for businesses. In retail, Buy Now, Pay Later (BNPL) platforms such as Klarna and Affirm use AI to instantly assess creditworthiness and offer flexible payment options, improving accessibility for customers while boosting conversion rates for retailers.
In financial services, lenders use AI to predict delinquency risks, proactively engaging customers with tailored payment solutions like adjusted repayment terms or payment holidays. This personalized support helps customers stay on track with payments while reducing defaults, ultimately protecting the provider’s bottom line.
These examples demonstrate how AI creates win-win scenarios by improving customer experiences and ensuring businesses achieve better financial outcomes. Nowhere is this dynamic more critical than in healthcare.
AI in Healthcare: Supporting Patients and Providers Alike
AI is making a significant impact in healthcare patient financing by expanding patient access and affordability, enhancing the patient experience, and reducing the number of people sent to collections. At the same time, it helps providers collect more patient balances, minimize write-offs, improve cash flow, and free up staff to focus on more strategic initiatives.
PayZen, a leader in healthcare patient financing, leverages AI-powered technology to analyze thousands of data points—such as a patient’s financial circumstances, financial behavior, and payment history—to create personalized, interest-free patient payment plans.
Unlike competitors that offer standardized plans based solely on bill amounts, PayZen’s AI tailors each payment plan to the patient’s unique situation and monthly budget, increasing offer acceptance rates (78% of PayZen offers are accepted) and improving repayment likelihood.
Beyond offering personalized healthcare payment solutions, PayZen uses AI to actively service each payment plan, making smart, real-time recommendations based on payer behavior. If a patient is significantly delinquent, the AI avoids offering a payment holiday, instead suggesting smaller, more frequent payments to help them regain stability. Conversely, a patient facing temporary hardship might be offered a payment holiday or reduced payments for a period to ease financial strain.
By integrating AI across the entire healthcare patient financing journey—from tailored payment plans to servicing them intelligently—PayZen is unlocking opportunities for patients and providers alike. This end-to-end AI-driven approach not only ensures that patients receive financial solutions that work for them but also enables providers to collect more pre and post- service.
For the University of Texas Medical Branch, PayZen’s technology helped increase pre-service collections by 37% and overall collections by 25%, all while driving excellent patient satisfaction scores.
The Future of AI-Driven Patient Payment Experiences
AI is transforming the healthcare patient financing landscape end-to-end, making patient payment solutions more accessible, flexible, and effective for all parties involved. From helping customers afford purchases in retail to enabling patients to manage medical bills—and even optimizing backend servicing and collections—AI is driving smarter, more empathetic payment solutions.
This innovation is especially critical in healthcare, where cost remains a major barrier to care. With 61% of uninsured individuals forgoing medical treatment due to financial constraints, AI-powered patient financing platforms like PayZen are bridging the affordability gap. By aligning patient needs with provider goals, they’re driving better outcomes for all parties.
However, we are only scratching the surface of what’s possible. In the not-too-distant future, we envision AI serving as a true concierge for healthcare and healthcare affordability, helping patients navigate their bills with clarity and confidence. AI has the potential to provide a holistic patient payment solution, simplifying the complex web of government programs, financial aid, insurance, and payment plans—delivering personalized recommendations informed by each patient’s unique financial situation.
We’re excited about a future where customer-centric payment systems set a new standard across industries, empowering businesses to thrive while making financial decisions easier and more accessible for the people they serve.
Learn how PayZen’s AI-powered patient financing platform can improve patient experience and increase collections by 25%, contact us today to schedule a demo.
