PayZen Unveils Innovative Financial Solution: The Care Card

Published 8 months ago

PayZen, the healthcare-focused fintech company, has launched its latest product, the PayZen Care Card. This healthcare affordability product is designed to facilitate pre-care and longer care cycles. The Care Card is the second product from PayZen, following the success of their post-care payment plan solution.

The PayZen Care Card

The PayZen Care Card aims to tackle the healthcare affordability problem end-to-end. With this card, patients can experience the benefits of PayZen’s post-service payment plans in a convenient physical and virtual debit card. This card can be used at the point-of-care or for recurring care scenarios. The main aim of the Care Card is to address the issue of patients deferring care due to financial concerns. Thus, the card is expected to enhance healthcare access and provide financial peace of mind for consumers.

The Care Card allows healthcare providers to offer patients a method to pay for scheduled procedures, point-of-care services, or longer care cycles such as dialysis or cancer treatments. The card generates personalized, interest-free payment plans, enabling patients to pay over time, while PayZen funds the provider upfront.

AI Tech Behind the Care Card

The Care Card’s payment plans are customized for each individual using PayZen’s healthcare AI technology. This technology uses over 30,000 data points to create a monthly installment plan that aligns with the patient’s financial circumstances and ability to pay. Patients do not pay interest and can use the same card for all out-of-pocket expenses with their provider. Each card is automatically activated and synced to the corresponding PayZen account.

Benefits for Providers

For healthcare providers, the Care Card facilitates increased service volumes and significantly improves collection rates on patient balances. It enhances cash flow and reduces days in A/R due to fully non-recourse cash acceleration. PayZen absorbs the risk, ensuring providers receive payment after the first swipe and then collects monthly payments from the patient until the payment plan is completed.

Rollout of the Care Card

After a successful pilot phase that generated a substantial waiting list of health systems, the Care Card is now publicly launching with multiple provider partners nationwide throughout 2023.

About PayZen

PayZen is a mission-driven healthcare fintech company that addresses the growing patient payment responsibility problem with innovative technology and a modern approach. The company is backed by leading equity and credit capital investors and consists of proven technology veterans who have successfully helped millions of Americans overcome financial struggles.

About Geisinger

Geisinger is a healthcare system committed to making better health easier for the more than 1 million individuals it serves. The system includes nine hospital campuses, a health plan with over 540,000 members, two research centers, and the Geisinger Commonwealth School of Medicine.

About UTMB

For over 130 years, UTMB has been training today and tomorrow’s healthcare workforce, working to better understand and treat illness and injury, providing care for Texas families, and innovating new ways to improve health. UTMB, a major academic health sciences center of global influence, has a $3.3 billion annual statewide economic impact, and more than 46,000 jobs in Texas are directly or indirectly attributed to UTMB.