Overview
PayZen is a BNPL platform that aims to provide affordable healthcare using financial technology, AI, and machine learning. The platform creates customized payment plans (up to 60 months with no interest or fees) for patients based on their affordability and provides funds regardless of their credit scores. Providers are expected to pay upfront to integrate the platform with the hospital’s revenue cycle systems and processes; the providers or hospitals are also pre-funded on the payment plans without recourse. Along with this, PayZen also offers the “Care Card” for pre-service payments and pharmacy expenses. The company claims its platform has improved patient collections by at least 30% and has increased patients’ accessibility to healthcare.
Key customers and partnerships
In August 2022, PayZen signed a deal with the Iowa Hospital Association (IHA) and its subsidiary ServiShare, as the preferred patient financing provider for IHA’s network of 117 hospitals and 17 health systems.
Funding and financials
In November 2022 , the company raised USD 220 million in funding via a USD 20 million Series B funding round led by 7wireVentures and a USD 200 million warehouse credit facility from Viola Credit. The proceeds were used to expand its credit lines and develop its technology further.
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