Zero-interest affordable payment plan options now offered to Allegiance patients
Louisiana-based acute and post-acute health system, Allegiance Health Management, has selected PayZen, a fintech company tackling healthcare affordability, to provide its 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 leverage a customized billing solution designed to create affordable, always 0% interest, payment plans for their patient balances.
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Patients of Allegiance with an out-of-pocket balance after insurance exceeding $250, as well as those with Medicare, will be eligible to receive an offer. This offer will be delivered to them via PayZen’s omni-channel engagement platform. Once notified, they will instantly be provided with multiple payment plan options that have varying monthly payment amounts and term lengths to best fit their unique ability to pay over time.
Customized patient payment plans 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 selects their perfect plan, PayZen’s servicing platform will provide a modern and simple way for the patient to manage their payment plan, receive notifications, automate their monthly payment and edit their profile.
“With medical bills being the leading cause of debt in the country, it’s imperative to provide patients with transparent, affordable healthcare,” said Michael Fontenot, Southern Region CFO of Allegiance Health Management. “PayZen’s zero interest plan and unique payment over time offering is an opportunity for our patients to develop the payment strategy that works best for them, while still getting the level of care they deserve. At Mercy Regional Medical Center, we look forward to working together and helping to improve healthcare affordability in our community.”
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“With the cost of living rising across the nation, out of pocket medical bills should not be another strain on American households,” said Rich Lopez del Rincon, Chief Revenue Officer of PayZen. “We’re incredibly excited to bring our technology to the patients of Allegiance Health Management, where we can help get the care they need while meeting their budgetary needs. We’re seeing tremendous demand and traction in our business, and look forward to continuing this great momentum.”
This announcement comes off the heels of PayZen’s recent Series A funding, raising $15M in backing from SignalFire, 7Wire Ventures and Link Ventures, among others, to reduce the friction of medical bill payments for patients and hospitals. Providers that have embraced the “Care Now, Pay Later” (CNPL) model proposed by PayZen, allows patients to focus on recovery and paying their bills while hospitals/health systems can focus on treatment rather than chase patients with surprise or unpayable bills.
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