PayZen, a fintech firm that uses individualized, no-cost patient finance solutions to combat healthcare costs, has secured a $220 million expansion round. PayZen is a healthcare financial technology firm that uses fintech, artificial intelligence, and deep learning to address healthcare economics. The mission-driven organization, together with its excellent technologies and a novel methodology, enables consumers to pay their out-of-pocket healthcare expenditures over time in a convenient and transparent manner. Medical providers ought to be able to concentrate on providing treatment rather than monetary services. Through Smart Medical Payment Plans and Non-Recourse Patient Funding, the organization improves financial results for both patients and physicians.
Funding Round Details
The deal includes a $20 million equity investment and a $200 million line of credit. 7wireVentures handled the oversubscribed equity portion, while Viola Credit offered a $200 million warehousing credit line to support further market development. This newest round of funding underlines the considerable and fast increasing industry interest for PayZen’s affordable financing platform, which was launched last year. PayZen has received $240 million in investment across five rounds.
CEO and Investor Statements
“This interesting round demonstrates PayZen’s innovation process as well as the enormous demand for additional inexpensive payment choices for people attempting to manage their medical bills,” commented Itzik Cohen, co-founder and CEO of PayZen. “Healthcare fairness and accessibility are fundamental issues in the United States.” Too many Americans have postponed or avoided obtaining the care they require because they aren’t provided with an acceptable payment option. PayZen is resolved to assist in the repair of this damaged system.”
“With hospital bills being the largest cause of foreclosures in the United States, and so many individuals without the money available to meet immediate health requirements, there is an urgent need for a solution that addresses this situation,” Shapiro (7wireVentures co-founder) stated. “PayZen’s beliefs in the significance of utilizing advanced technologies to relieve consumer concerns encountered in getting health and care are perfectly matched with our principles at 7wireVentures.” “We are pleased to be a part of this fantastic team on such an important endeavor.”
Fund Usage and Aim
PayZen will utilize the funding to expand its activities and product design as demand in its system grows among health systems looking to solve payment difficulties for their customers. The cash will also be used by the business to build partnerships with health institutions in order to incorporate its system into providers’ revenue cycle administration institutions. PayZen’s goal is to tackle healthcare economics by leveraging financial services, artificial intelligence, and machine learning. Their purpose is to offer people simple and inexpensive payment choices for medical treatment, as well as to be a useful, respected solutions provider to medical providers.
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Service Overview
Healthcare is getting pricey for many people. Medical practitioners are caught in the middle, earning less from carriers while attempting to recover more from patients. PayZen solves this issue. They provide 100% of patients with a healthcare credit card that they may use for any health-related cost at any time. All of this with no interest or fees. PayZen’s payment choices may be provided at any step of treatment, including pre-procedure, post-procedure, and just for peace of mind. PayZen cards are authorized anywhere debit cards are authorized. Enrollment is completely free, and they welcome all patients. Every day, PayZen finances providers. They can finance and reimburse the providers without recourse or give a servicing-only solution. Their objective is to give doctors complete freedom and convenience while providing patients with a great experience.
Conclusion
PayZen, a fintech firm that uses individualized, no-cost patient finance solutions to combat healthcare costs, has secured a $220 million expansion round. The deal includes a $20 million equity investment and a $200 million line of credit. 7wireVentures handled the oversubscribed equity portion, while Viola Credit offered a $200 million warehousing credit line to support further market development.
FAQs:
Ans. PayZen is a healthcare financial technology firm that uses fintech, artificial intelligence, and deep learning to address healthcare economics.
Ans. The firm has secured a $220 million expansion round.
Ans. The deal includes a $20 million equity investment and a $200 million line of credit.
Ans. PayZen will utilize the funding to expand its activities and product design as demand in its system grows among health systems looking to solve payment difficulties for their customers.
Ans. Their purpose is to offer people with simple and inexpensive payment choices for medical treatment, as well as to be a useful, respected solutions provider to medical providers.
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