Allegiance Health Management Taps Care Now, Pay Later Leader, PayZen, to Modernize Payments Affordability Strategy

0

SAN FRANCISCO, February 3, 2022 /PRNewswire/ — Louisianaacute and post-acute health system, Allegiance Health Management, has selected PayZen, a fintech company tackling healthcare affordability, to provide patients with a simpler, more modern and affordable way to pay for out-of-pocket medical expenses. Using PayZen’s technology platform, 100% of patients will be able to take advantage of a personalized billing solution designed to create affordable payment plans, always at 0% interest, for their patients’ balances.

Allegiance patients with balance paid out after insurance overrun $250, as well as those with Medicare, will be eligible to receive an offer. This offer will be offered to them via PayZen’s omnichannel engagement platform. Once notified, they will instantly be offered several payment plan options that have varying monthly payment amounts and durations to best suit their unique ability to pay over time.

Personalized payment plans for patients are determined by PayZen’s AI algorithm, which analyzes over 30,000 individual financial data points to present the most affordable options to the patient. Once the patient has selected their perfect plan, PayZen’s service platform will provide the patient with a modern and easy way to manage their payment plan, receive notifications, automate their monthly payment and edit their profile .

“With medical bills being the number one cause of indebtedness in the country, it is imperative to provide patients with transparent and affordable healthcare,” said Michael Fontenot, CFO of Allegiance Health Management’s Southern Region. “PayZen’s zero interest plan and unique pay-over-time offering is an opportunity for our patients to develop the payment strategy that works best for them, while getting the level of care they deserve. At Mercy Regional Medical Center, we look forward to working together and helping to improve health care affordability in our community.”

“With the cost of living rising across the country, unreimbursed medical expenses are unlikely to be a new strain on American households,” said Rich Lopez del Rincon, Chief Revenue Officer of PayZen. “We are extremely excited to bring our technology to Allegiance Health Management patients, where we can help them get the care they need while meeting their budget needs. We are seeing tremendous demand and traction in our business , and we look forward to continuing this great momentum.”

This announcement follows PayZen’s recent Series A financing, raising $15 million in support of SignalFire, 7Wire Ventures, and Link Ventures, among others, to reduce medical bill payment friction for patients and hospitals. Providers who have adopted the “Care Now, Pay Later” (CNPL) model offered by PayZen, allow patients to focus on collecting and paying their bills while hospitals/health systems can focus on treatment rather than chasing patients with surprise or unpayable bills.

To learn more about PayZen, visit payzen.com.

About PayZen:
PayZen is a mission-driven fintech company focused on solving the growing problem of patient payment liability through superior technology and a modern approach. PayZen is backed by leading equity and credit capital investors and is led by proven technology veterans who have already helped millions of Americans overcome their financial challenges.

About Allegiance Health Management:
Allegiance Health Management, a Louisiana healthcare company based in Shreveportcurrently provides administrative and management support services for 15 hospitals in three states with 11 acute care hospitals in Louisiana. Allegiance Health Management’s mission has always been to provide leadership support to our rural and community health care facilities, enabling them to thrive and achieve their mission of providing diverse health care to their communities.

SOURCEPayZen

Share.

Comments are closed.