PayZen, a US-based healthcare-focused fintech, has introduced the PayZen Care Card to address healthcare affordability, in partnership with Geisinger and the University of Texas Medical Branch.
Facts
- PayZen, a San Francisco-based fintech founded in 2019, offers an affordability financing platform to provide patients with “zero-cost” options for managing their medical bills.
- PayZen’s platform integrates with medical providers’ existing revenue cycle solutions and offers personalized payment plans to ease patients’ financial burdens after receiving care.
- In November last year, PayZen raised $220 million in funding, including $20 million in equity and $200 million in a credit facility.
- The Care Card, PayZen’s new product, allows US consumers to access its post-service payment plans through a physical and virtual debit card, usable at the point of care and for recurring care scenarios.
- Medical providers can offer the Care Card to patients before scheduled procedures, at the point of care, or for recurring care cycles. The card uses artificial intelligence (AI) technology to create personalized payment plans for patients, with PayZen providing funds to the medical provider upfront.
- Robert Dewar, Chief Revenue Officer at Geisinger, a regional healthcare provider, sees the Care Card as a way to ensure patients receive necessary care without financial concerns, making better health more accessible to their members and communities.
