HPS/PayMedix Acquires TempoPay to Streamline Healthcare Payments
TL;DR
The acquisition of TempoPay by HPS/PayMedix provides a competitive advantage with interest-free financing for healthcare needs.
TempoPay VISA® cards can be used for medical, dental, pharmacy, and other expenses not covered by insurance, repaid interest-free over time.
The acquisition aims to simplify healthcare, remove financial barriers, and improve access to care for all employees, promoting greater health equity.
TempoPay offers interest-free financing for all healthcare needs, providing a lifeline for employees to access care without high interest bills or stress.
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HPS/PayMedix has acquired TempoPay, a payment solution developed by Redesign Health, to help employees manage out-of-pocket medical, dental, pharmacy, and other expenses not covered by insurance. This merger aims to simplify healthcare payments and address issues related to health equity and affordability.
According to the PayMedix Healthcare Payments and Financial Disparities Study, a significant portion of Americans find out-of-pocket costs and deductibles unaffordable, with the problem exacerbated for individuals with lower credit scores. Additionally, over half of insured Americans report stress related to medical bills, impacting their physical and mental health.
Tom Policelli, CEO of HPS/PayMedix, emphasized the importance of the acquisition in alleviating financial stress on families and enhancing access to necessary care. TempoPay's solution allows all employees to receive interest-free financing for health-related expenses through a VISA® card, with repayments managed via payroll or bank accounts.
Erika Davison-Aviles, CEO and Co-founder of TempoPay, highlighted the benefits for both employees and employers, noting that the solution maximizes the value of benefits plans and other well-being programs by providing a stress-free way to manage healthcare costs.
The integration of TempoPay with PayMedix ensures that all employees can access financing for their healthcare needs, regardless of their credit history. PayMedix provides comprehensive financing for all in-network allowed charges, simplifying the payment process for both employees and providers. This approach promotes better health outcomes, particularly for lower-income employees, and offers cost savings for employers.
Brian Marsella, President of HPS/PayMedix, pointed out that a significant portion of PayMedix members would struggle to obtain healthcare financing based on traditional credit scores. The acquisition broadens the reach of interest-free healthcare financing, supporting the overall mission to improve health equity and financial security for employees.
Curated from News Direct
