PayZen was founded in 2019 with a mission of solving the affordability problem for both patients and healthcare 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 to Improve Healthcare Affordability
Over the past decade, we have seen patient payment responsibility increase dramatically, making equitable access to healthcare increasingly elusive. We have seen the resulting financial stress on patients to afford necessary care and the strain on healthcare providers from rising costs and declining cash flows.
Already today, our platform is increasing access to healthcare services by using data, automation and AI to engage the right patients and offer them affordable payment options based on their unique ability to pay. Simultaneously, we fully automate the process for medical providers, improving cash flow metrics and reducing administrative complexities.
To validate our impact, KLAS surveyed a number of PayZen’s active health systems and scored us in several areas based on the client feedback. We are thrilled to share a few key findings from the comprehensive report.
PayZen’s Value to the Patient Financial Experience
According to KLAS’ research, the simplicity and ease-of-use of our platform have led to a positive patient financial experience. At the same time, PayZen’s technology and automation afford clients the advantage of a light provider lift, increased patient payments, and cash up front, all of which have a tangible impact on their bottom line. Notably, in the loyalty category, PayZen received an A+ for “Likely to recommend” and every single customer surveyed said they would buy PayZen again.
Other key highlights from the report include:
- 100% of PayZen clients surveyed said PayZen keeps all promises
- 83% of clients reported seeing expected outcomes within 6 months and 100% saw them within 12 months
- PayZen was rated A+ on “Delivery of new technology” and 100% of PayZen clients surveyed said PayZen is part of their long-term plans
KLAS’ report validates that our AI-powered affordability platform is beneficial for patients and health systems alike. Providers get a higher patient payment rate and accelerated cash, while patients get expanded access to care and a seamless payment experience.
"In-house, our payment plans have term limits, but PayZen can go above and beyond and seamlessly integrate its process into our workflow. The product can qualify patients quickly so that they can pay us quickly. It provides a better financial experience for patients. More patients have been paying their bills since we started using PayZen." - VP/Other Executive
While we started with helping patients break large care balances into monthly payments, our vision is broader than that: we aim to solve healthcare affordability holistically. For some patients, the solution involves setting them up on interest-free payment plans. For others, it means guiding them through a financial assistance process. At the end of the day, we want to direct patients to the best option to afford their care and alleviate the associated financial and administrative burden for providers. We are continuing to innovate together with our provider partners and invest to deliver on that vision.