What You Should Know
– HPS/PayMedix secures $33M in combined equity and debt financing to accelerate the growth of its healthcare financing and payments platform.
– Led by HLM Investment Partners, the funding will be used to expand the PayMedix solution, which unifies all healthcare stakeholders through guaranteed provider payments, interest-free patient financing, and a consolidated SuperEOB® experience.
The Affordability Mandate: Unifying the Payment Experience
As healthcare costs continue to rise, both providers and patients are facing an “affordability crisis” that often leads to delayed care or uncollectible debt. PayMedix addresses this by simplifying the complex web of healthcare information and payments.
- Guaranteed Provider Payments: PayMedix has processed over $7B in medical payments, ensuring that hospital systems and physician practices receive funds without the typical administrative abrasion.
- The SuperEOB®: By consolidating fragmented healthcare information into a single system, PayMedix provides a transparent, easy-to-understand billing experience for consumers.
- Interest-Free Financing: The platform offers complete interest-free financing for patients, recently expanded via the acquisition of TempoPay to include pharmacy, dental, and vision expenses.
Proven Retention and Market Demand
The $33M investment follows a year of “skyrocketing” demand for alternative financing solutions. CEO Tom Policelli notes that the platform has achieved remarkable loyalty metrics across the ecosystem:
- Provider Retention: 100% over several years.
- Employer Retention: Over 93%.
- Consumer Satisfaction: Ratings exceeding 91%.
“As employers, providers, and payors look for alternative financing and payment solutions to deal with the affordability crisis in healthcare, demand for PayMedix has skyrocketed in the last year,” said Tom Policelli, HPS/PayMedix CEO. “With years of 100% provider retention, over 93% employer retention, and consumer satisfaction ratings over 91%, we have proven that we have created a solution that provides value across the board. This new investment will directly support expanding our platform so more patients can get the care they need and providers can serve their communities more effectively.”
