PayZen is an AI-driven patient affordability platform designed to eliminate financial barriers for patients while optimizing the revenue cycle for healthcare providers, including hospitals, health systems, and large physician groups. The platform leverages artificial intelligence and machine learning, using over 30,000 data points, to create personalized, interest-free, and fee-free payment plans tailored to each patient's ability to pay.
Key Benefits for Providers:
- Accelerated Cash Flow: PayZen can purchase patient accounts receivable on a non-recourse basis, paying providers as quickly as the day after patient enrollment, which removes the debt from the provider's balance sheet.
- Increased Collections: Health systems using PayZen consistently see a collection lift of approximately 30% or more on patient payments.
- Reduced Administrative Burden: Pre-built EHR/EMR integrations and automated workflows, including presumptive financial assistance screening, reduce the need for manual collection and servicing efforts.
Main Features and Capabilities:
- Care Card: A physical and virtual debit card that enables flexible patient financing for pre-service and recurring care, automatically splitting charges into affordable, personalized monthly payments.
- Post Care: Offers personalized, interest-free payment options for existing balances, preventing accounts from going to collections.
- Balance Sheet Boost: Allows providers to transition their existing book of payment plans to PayZen to unlock immediate cash flow.
- AI-Powered Personalization: Uses advanced AI to determine the optimal payment terms for each patient, with a 100% approval rate for all applicants.
- Patient-First Model: Guarantees 0% interest and $0 fees (no late, modification, or overpayment fees) for patients, leading to a high Net Promoter Score (NPS 71).
Target Users and Use Cases: PayZen is specifically designed for larger health systems, multi-location providers, hospitals, and physician groups (medium to enterprise size) looking to modernize their patient financial experience, improve collections, and reduce bad debt.
