Health financing platform PayZen signed a partnership agreement with the Iowa Hospital Association (IHA) and its subsidiary ServiShare to serve as the preferred provider of patient financing for the IHA network of 117 hospitals and 17 health systems.
Powered by artificial intelligence (AI), PayZen aims to provide solutions for healthcare affordability by providing financing options to patients and providers across the state of Iowa, according to a Press release Tuesday (August 9).
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IHA chose PayZen following a careful selection process that included the company’s approach to a financing solution that offered affordability while meeting the needs of residents across the state, according to the release.
“PayZen not only met our service standards for our members, but also demonstrated its ability to work successfully with rural providers,” said Perry Meyer, Executive Vice President of IHA and SeriviShare.
“Rural providers are under immense pressure to provide quality care with limited resources, but with PayZen’s unique approach to solving patient affordability, we can provide personalized financial solutions to all Iowans. seeking to access affordable health care at our member hospitals,” Meyer said.
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PayZen offers flexible payment options that strive to help reduce medical debt while making it more affordable. The company also strives to make it easier for healthcare professionals to improve their performance and provide the care their communities need.
“One of the ways our platform brings value to healthcare providers large and small is its flexibility and ease of integration,” said Ed Young, vice president of solutions at PayZen. “Our platform can be used by organizations with limited resources and requires no IT investment to implement, while providing each patient with individualized payment options to suit their budget.”
For Iowa hospitals offering PayZen, patients who apply are automatically approved without a credit check. PayZen’s interest-free, no-fee payment plans are determined by an artificial intelligence algorithm that analyzes more than 30,000 financial data points to determine personalized monthly installments and terms of up to 60 months, according to the release.