Israeli Startup PayZen Offers New Fintech for Healthcare
The company says it can help with payments.
PayZen is a new Israeli startup which offers fintech solutions in the world of healthcare. The company explains that it is “tackling the massive problem” of the shifting of payment responsibility for health services to patients. The company is backed by leading equity and credit capital investors and boats leadership of proven technology veterans with a successful track record of “helping millions of Americans overcome financial struggles.’
More than 40% of the US population is on high deductible health plans, according to PayZen. Healthcare providers face a collection challenge that results in major cash flow issues. This can also leave patients with a negative experience when it comes to healthcare. After all, no one likes it when they get the doctor’s bill.
Fintech refers to new technologies which automate the delivery and use of financial services. Fintech is helps companies, business owners and consumers better manage their financial operations, processes, and lives through new specialized software and algorithms which consumers and businesses alike can use on their mobile devices and home computers.
PayZen states that its Fintech solution is an advanced technology which creates individual payment options that optimize repayment success and patient satisfaction.
The company was founded by its CEO Itzik Cohen, COO/CFO Tobias Mezger and CTO Ariel Rosenthal.
“PayZen addresses a decades-long problem of hospital bills going unpaid due to patients’ inability to pay large lump sum medical invoices,” said PayZen CEO and co-founder, Itzik Cohen. “We’ve created a business model that does well and good, addressing the challenges experienced both by patients and hospitals when it comes to out-of-pocket expenses.”
“We are excited to be working with PayZen to offer these innovative and flexible payment plans to patients,” said Scott Thomas, CEO at RMS. “This business model takes the payment burden off of patients and the collection burden off of hospitals, so patients can focus on recovery and hospitals can focus on treating patients.”
PayZen already has deals with RMS, a Revenue Cycle Management vendor, and Vim, a digital health company that connects payers to providers at the point of care. The company has already deployed its AI-backed technology platform across a number of healthcare providers, reaching hundreds of hospital systems and thousands of patients across the country.