What You Should Know:
– HPS/PayMedix, a leading provider of healthcare financing solutions, announced the acquisition of TempoPay, an innovative payments platform designed to help employees manage healthcare costs. Financial details of the acquisition were not disclosed.
– The acquisition of TempoPay is a significant step forward in addressing the healthcare affordability crisis. By providing employees with the financial tools and support they need, HPS/PayMedix is helping to improve health outcomes and reduce financial stress.
Addressing Healthcare Affordability and Access
The combined offering from HPS/PayMedix and TempoPay aims to tackle the growing problem of healthcare affordability and access. By providing interest-free financing options for a wide range of healthcare expenses, the companies are empowering employees to better manage their financial well-being.
According to the PayMedix Healthcare Payments and Financial Disparities Study, a significant portion of Americans struggle to afford out-of-pocket medical costs, with those having lower credit scores facing even greater challenges. The combined solution addresses this issue by offering flexible payment options and simplifying the billing process for both employees and healthcare providers.
How it Works
TempoPay provides employees with interest-free financing for a variety of healthcare expenses, including medical care, prescriptions, and even veterinary bills. HPS/PayMedix, on the other hand, offers complete, uncapped financing for all in-network allowed charges. By combining these two offerings, employers can provide their employees with a comprehensive financial safety net.
The integration of TempoPay and HPS/PayMedix simplifies the healthcare payment process for both employees and providers. Employees receive a consolidated monthly statement, making it easier to manage their finances. Healthcare providers benefit from streamlined payment processes and reduced administrative burdens.
“Healthcare costs are increasingly becoming a disproportionate share of the American household wallet, and we need better solutions to manage the stress this puts on family budgets,” said Tom Policelli, CEO of HPS/PayMedix. “The acquisition of TempoPay underscores our mission to simplify healthcare and create greater health equity by removing the financial barriers that stand in the way of employees getting access to the care they need when they need it; not just when they feel that they can afford it.”
