PAYMEDIX FIXES CONSUMER HEALTHCARE OUT OF POCKET PROBLEM BY GUARANTEEING PAYMENTS FOR ALL EMPLOYEES AND DEPENDENTS
MILWAUKEE, Feb. 17, 2022 /PRNewswire/ — Health Payment Systems, Inc. (HPS) announced today the expansion of its groundbreaking healthcare payments financing solution to serve patients, employers and providers nationwide. Previously only available through the HPS independent provider network, PayMedix guarantees prompt full payment to healthcare providers and offers manageable repayment plans to patients for all allowed in-network, out-of-pocket charges up to a patient’s maximum out of pocket amount.
“Providers are spending more to collect less, and more patients are challenged to access the care they need,” said Tom Policelli, PayMedix CEO. “PayMedix makes it simple. As soon as a claim is adjudicated, PayMedix sends participating providers 100% of the in-network allowed amount. Providers do not need to chase consumers after services are provided or demand payment before delivering care. All consumers get a single monthly summary of all of their care regardless where they went to get it, and the typical blizzard of confusing paperwork goes away. All consumers who cannot pay their balances right away can enter into a repayment plan regardless their individual credit history.
“Complicated, system-wide problems require end-to-end solutions that simplify and deliver efficiency to all,” continued Policelli. “That is what PayMedix does, and now we are prepared to expand our PayMedix financial network nationally.”
PayMedix, which has experienced 30% growth year over year, is expanding to meet rapidly growing demand from providers, TPAs, and employers. PayMedix has processed more than $5 billion in payments and is now leveraging its highly scalable financial technology platform to offer a complete solution that serves all parts of the healthcare payment equation.
Redefining Healthcare Payments for the Modern Age
PayMedix addresses a number of the biggest challenges that have increasingly taxed the healthcare payments system following decades of changes in healthcare resulting in a fragmented and complex industry:
- More employers are offering high deductible plans in order to share cost increases with employees, leading to more out-of-pocket spending for patients;
- A lack of certainty and financial security for everyone, resulting in an industry ranked low in likelihood to recommend their services;
- Patients delaying or skipping care due to the inability to pay for services;
- Proliferation of point-solution offerings that increase complexity, system-wide cost, and consumer confusion
“By redefining and owning the financial relationships in healthcare payments, we have achieved extremely high customer satisfaction rates that are three times the industry average,” said Terry Rowinski, PayMedix president. “More than 90% of our users say they would recommend PayMedix to family or friends, and that it is a better tool for both paying and understanding their healthcare expenses. By expanding the reach of PayMedix into new markets, we will change the way people access, use, and pay for healthcare.”
A Complete Solution for All
PayMedix is a complete solution for all, not a partial solution for some:
- Providers: By guaranteeing full direct payments to participating providers, PayMedix eliminates collection costs and risk of bad debt and allows them to focus on patient care
- Patients: PayMedix simplifies healthcare invoicing by delivering a single consolidated statement — a “Super EOB” — that eliminates confusion and increases transparency. Patients no longer receive multiple invoices from multiple providers for each medical treatment. All consumers, regardless their credit histories, can choose to pay over time. This improves access to care by alleviating the burden of up-front, in-full payments and rigid collection processes from providers
- Employers: PayMedix reduces the burden of healthcare costs for employees, increasing overall satisfaction with employer benefits. PayMedix has achieved a Net Promoter Score (willingness to recommend to others) of 75 with participating employees, which is rare in the healthcare industry where NPS scores typically hover around 24
- TPAs: PayMedix gives TPAs a way to expand their business and differentiate their offerings with a solution that enables their clients to improve access to quality care for all employees
“The momentum we are seeing with new customers and a rapidly growing team puts PayMedix in an excellent position to take advantage of the opportunity to change the way payment systems work nationwide,” said Policelli. “We are the only company providing a comprehensive solution to the payments problem for everyone – providers, patients, employers and TPAs. We let providers and patients take back their relationship and focus on delivering and receiving necessary care.”
About PayMedix
PayMedix is a division of Wisconsin-based HPS. PayMedix is dedicated to solving the problem of high out-of-pocket costs for everyone: providers, patients, employers and TPAs. By guaranteeing payments to providers and offering understandable statements and flexible payments for all patients, PayMedix is changing the way people access, use, and pay for healthcare. PayMedix has processed more than $5 billion in medical payments for hospital systems and physician practices and can be implemented in conjunction with any PPO or HMO network.
About HPS
Health Payment Systems (HPS) is a privately held healthcare technology and services organization with solutions that reduce the cost and complexity of the healthcare payments process to benefit providers, employers, patients and TPAs.
Headquartered in Milwaukee, Wisconsin, HPS has an independent network of 96 hospital facilities and 22,600 individual providers.
Media Contacts:
Norah Silverstone, Brodeur Partners for PayMedix
nsilverstone@brodeur.com
(845) 670-8791
Jourdan Miller, Health Payment Systems
jmiller@hps.md
(414) 217-5505
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SOURCE PayMedix
