PayZen Launches Innovative Financial Solution for Affordable Care with The Care Card & Partners with Geisinger & UTMB
The revolutionary, healthcare affordability product is designed to address affordability pre-care and longer care cycles. The Care Card is PayZen’s second product and expands on the highly successful post care payment plan solution.
SAN FRANCISCO, Oct. 3, 2023 /PRNewswire/ — PayZen, a healthcare focused fintech company tackling healthcare affordability with AI-powered patient affordability solutions, today announced the release of its newest product, the PayZen Care Card, with its major launch partners Geisinger and University of Texas Medical Branch (UTMB).
PayZen uses advanced technology to solve healthcare affordability end-to-end, leading to happier, healthier patients, and improved financial outcomes for providers. PayZen’s award winning, data-driven, personalized payment plans ease the financial burden for patients post-care. PayZen’s latest product, the Care Card, gives healthcare consumers all the benefits of PayZen’s post-service payment plans in the form of a physical and virtual debit card for convenient use at point-of-care, or for recurring care scenarios. The Care Card addresses the growing problem of patients putting off care due to cost, improving healthcare access and providing financial peace of mind for consumers.
“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,” said Robert Dewar, Chief Revenue Officer at Geisinger. “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.
“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,” said Emily Goertz, UTMB’s Vice President of Revenue Cycle. “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.”
Providers can offer the Care Card to patients ahead of scheduled procedures, at point-of-care, or for longer care cycles such as dialysis or cancer treatments. When swiped, the card instantly creates personalized, zero-interest plans so patients can pay affordably over time, while PayZen funds the provider up-front. The new card will be available to consumers of PayZen’s fast-growing list of partnered healthcare systems and providers, and will utilize PayZen’s Operating System for Healthcare Affordability, allowing Care Card transactions and post-care payment plans to be managed easily in one place from any device.
“Geisinger and UTMB are true innovators in their pursuit of better health outcomes for their patients, while PayZen is addressing healthcare affordability so patients have better financial outcomes as well,” said Itzik Cohen, CEO & Co Founder at PayZen. “Together we are creating a product that addresses patient affordability and creates an impact for healthcare consumers and providers alike, well beyond what traditional payment approaches can offer.”
The Care Card’s automated payment plans are customized for each individual using PayZen’s healthcare AI technology, which instantly analyzes over 30,000 data points to present a monthly installment plan that is highly tailored to the patient’s financial circumstances and ability to pay. Patients never pay interest and can use the same card for all out-of-pocket expenses with their provider. Each card will arrive automatically activated, and synced to the corresponding PayZen account. Patients will be able to use the Care Card at all of their provider’s portals, check-out flow, or POS systems just like a normal debit card. It will also come equipped with contactless “tap” (NFC) capabilities for convenience and an EMV chip for security.
For providers, PayZen’s Care Card facilitates increased service volumes and significantly increases collection rates on patient balances, impacting both the top and bottom lines. It also improves cash flow and reduces days in A/R through fully non-recourse cash acceleration. PayZen absorbs the risk, ensuring providers receive payment after the first swipe. PayZen then collects monthly payments from the patient until the payment plan is complete.
While in its pilot phase, the Care Card developed an immense waiting list of health systems eager to allow their patients to access its benefits. Now, following its preliminary success, the Card is now publicly launching with multiple provider partners nationwide throughout 2023. For more information or to contact PayZen about this new offering, visit PayZen.com.
PayZen is a mission-driven healthcare fintech company that is solving the growing patient payment responsibility problem with superior technology and a modern approach. PayZen is backed by leading equity and credit capital investors and is led by proven technology veterans with a successful track record of helping millions of Americans overcome financial struggles.
Geisinger is committed to making better health easier for the more than 1 million people it serves. Founded more than 100 years ago by Abigail Geisinger, the system now includes nine hospital campuses, a health plan with more than 540,000 members, two research centers and the Geisinger Commonwealth School of Medicine. With nearly 24,000 employees and more than 1,600 employed physicians, Geisinger boosts its hometown economies in Pennsylvania by billions of dollars annually. Learn more at geisinger.org.
For more than 130 years, UTMB has been training today and tomorrow’s health care workforce; working to better understand and treat illness and injury; providing care for Texas families; and innovating new ways to improve health. UTMB opened in 1891 as the nation’s first public medical school and hospital under unified leadership, and is now a major academic health sciences center of global influence; a world-renowned research enterprise; and a growing, comprehensive health system. UTMB has a $3.3 billion annual statewide economic impact, and more than 46,000 jobs in Texas are directly or indirectly attributed to UTMB. Learn more at utmb.edu.