US fintech PayZen launches new product to boost healthcare affordability
PayZen, a US-based healthcare-focused fintech, has launched PayZen Care Card in a bid to solve healthcare affordability, in partnership with Geisinger and University of Texas Medical Branch.
PayZen launches Care Card to enable healthcare affordability
Founded in 2019 and headquartered in San Francisco, California, PayZen operates an affordability financing platform to provide patients with “zero-cost” options and help them manage their medical bills. For medical providers, its platform embeds into their existing revenue cycle solutions and for consumers, it offers personalised payment plans to help ease patients’ financial burden post-care.
In November last year, the company raised $220 million in a growth round comprising of $20 million in equity funding and $200 million in credit facility.
With its new product, the Care Card, consumers in the US can access all of PayZen’s post-service payment plans through a physical and virtual debit card which can be used at the point of care or for recurring care scenarios.
Medical providers can offer the Care Card to patients ahead of scheduled procedures, at point-of-care, or for recurring care cycles. After swiping, the card then creates a personalised payment plan for the patient utilising artificial intelligence (AI) technology, while PayZen furnishes the funds to the medical provider up-front.
Robert Dewar, chief revenue officer at Geisinger, a regional healthcare provider in the US, says: “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.”
