79 million Americans have medical debt or bill problems. Sadly, the inability to pay or fear of debt has led 1 in 3 Americans to delay or decline essential medical care.
This has to change. And that’s why we’re leading a $15 million Series A for PayZen, the care-now-pay-later company.
PayZen helps any patient get on a zero-interest, zero-fee custom payment plan so they can receive the care they need immediately without going into debt. How? PayZen’s AI analyzes thousands of data points about their financial situation to ensure they’re on a payback schedule they can afford, instead of the industry-standard one-size-fits-all plan. That’s why 87% of patients offered PayZen enroll, and it increases their payment adherence by 40% within one month. You can learn more about how PayZen works here.
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Meanwhile, PayZen helps hospitals increase collections by 52%. Typically, hospitals collect just 15 cents of every dollar they charge while sending people to collection services that destroy their credit score. By integrating PayZen, care providers give their patients a more understanding and affordable approach. They share a portion of the extra payments they receive with PayZen so patients aren’t charged extra fees.
Building a true win-win-win solution like this takes a combination of healthcare veterans, fintech experts, and skilled engineers. That’s the team PayZen assembled. CEO Itzik Cohen, COO Tobias Mezger, and CTO Ariel Rosenthal had previously worked together and seen how legacy approaches had failed providers and patients. They’ve joined forces with Kevin Roberts, the CFO of 3 million patient healthcare group Geisinger, and industry legend Lawrence Leisure who co-founded ADVI Health, Healthspottr, and healthcare investment fund Chicago Pacific Partners.
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Together, we see their potential to address the healthcare affordability crisis plaguing our country. Many of our LPs at SignalFire are large health systems, and their leaders told us how badly they need a solution like PayZen. We’re honored to get to support the company with our Beacon Talent recruiting technology, in-house AI experts, and network introductions team.
PayZen is the kind of startup that makes us proud to be investors. When technology is applied with empathy, it can solve some of society’s greatest challenges. We can’t think of a larger or more pressing one than ensuring everyone can afford the healthcare they need.
Image Credit: Mix and Match Studio. Cited Statistics
*Portfolio company founders listed above have not received any compensation for this feedback and may or may not have invested in a SignalFire fund. These founders may or may not serve as Affiliate Advisors, Retained Advisors, or consultants to provide their expertise on a formal or ad hoc basis. They are not employed by SignalFire and do not provide investment advisory services to clients on behalf of SignalFire. Please refer to our disclosures page for additional disclosures.
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