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 benefits to their patients. Now, after learning, iterating and improving the new patient financing solution during the pilot phase, we are thrilled to announce that the Care Card is publicly launching with multiple provider partners nationwide throughout 2023.
The Operating System for Healthcare Affordability is expanding
Our mission at PayZen has always been to make healthcare more accessible and affordable for everyone. The PayZen Care Card is another leap forward in achieving that mission. This medical care card is not just another patient financial tool; it’s a game-changer that addresses healthcare affordability at every stage – both before and after care.
With the launch of the Care Card, we are expanding PayZen’s Affordability OS, following the resounding success of our post-care patient payment solution. This new offering is a physical and virtual card that patients can use conveniently at the point of care or for recurring healthcare scenarios. With the Care Card in hand, patients can seek and access the medical care they need without hesitation, providing them with financial peace of mind.
Enabling our partners to eliminate financial barriers to medical care
I would like to recognize and thank our pilot partners, Geisinger and The University of Texas Medical Branch (UTMB). These organizations are true innovators in their pursuit of better health outcomes for their patients, and in partnering with PayZen patient financial services to improve healthcare access and affordability, they are ensuring patients have better financial outcomes as well. Below is a snapshot of each provider’s experience and outcomes in bringing the Care Card to its patients:
“With the Care Card, we have been able to more successfully achieve patient liability collections prior to service, without having to manage an internal payment plan. The Care Card helps us offer another patient friendly option for patients who cannot pay the full amount prior to services. Once patients understand their out-of-pocket costs, the Care Card ensures that they will have a way to pay for their care. It is a true win-win.” - Emily Goertz, Vice President of Revenue Cycle at UTMB
“After successfully partnering with PayZen to pilot personalized zero-interest payment plans for our patients with outstanding post-care balances, we’re excited to now be working with them on the Care Card. 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.” - Robert Dewar, Chief Revenue Officer at Geisinger
Unlocking financial freedom for patients and providers
So, how does the PayZen Care Card work? It’s an elegantly simple, yet incredibly powerful health care card. Providers can offer the Care Card to 100% of their patients before scheduled medical procedures, at the point of care, or for longer care cycles. When the card is used, it instantly creates personalized payment plans tailored to the patient’s financial circumstances. PayZen covers the upfront costs for the provider, ensuring they receive payment promptly. And, as with all of PayZen’s offerings, patients never pay any interest or fees.
For providers, the Care Card offers significant benefits. It increases service volumes, improves payment adherence rates on patient balances, enhances cash flow, and reduces days in accounts receivable through non-recourse cash acceleration. PayZen absorbs the risk, ensuring providers receive payment right after the first swipe, and then services monthly payments from the patient until the payment plan is complete.
The future of healthcare affordability
Our forward-thinking partners, Geisinger and UTMB, have been integral to our journey in patient financing. Together, we’ve redefined the boundaries of what’s possible, crafting a roadmap to healthcare affordability and shaping a future where no one has to compromise on their health due to financial concerns.
The large waiting list of eager healthcare organizations underscores the urgency of the problem we’re addressing. For those on the cusp of joining our journey, we say this: your wait is nearly over. The expansion of our patient financing solution will bring us one step closer to making quality healthcare more equitable and affordable to all, and we can’t wait to have you on board.
