PayMedix Study Reveals Significant Cost Savings and Improved Healthcare Access for Employers and Employees
TL;DR
PayMedix member rates are rising at an annual rate that is approximately 40% lower than the national average. Employers who use PayMedix are saving money for themselves and their employees.
PayMedix's zero-interest financing and healthcare payments solution successfully stems the rise in health insurance costs for its employer members by as much as 40% versus the national average. It provides complete, uncapped financing for all in-network allowed charges that any employee may owe to providers.
PayMedix can break the cycle of out-of-control healthcare costs and fix our broken healthcare system by providing guaranteed zero-interest financing for employees and prompt full payments to providers. It improves equitable access to the healthcare system and allows all employees to access care that fits their means and budgets.
PayMedix's findings show that its innovative payments solution lowers costs for employers and employees, improves access to healthcare, and contributes to better outcomes by reducing inpatient utilization.
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PayMedix, a healthcare financing and payments solution provider, has released findings from a comprehensive analysis of its member data, revealing significant benefits for both employers and employees. The study, which examined data from over 45,000 active members over a 12-month period in 2023, shows that PayMedix's innovative approach is successfully mitigating the rise in health insurance costs and improving access to healthcare.
According to the study, employers using PayMedix experienced a one-year medical trend of just 4.0% and a two-year annualized trend of 3.1%, compared to national averages of 6.4% and 5.4%, respectively. This translates to an annual cost increase that is approximately 40% lower than the national average, resulting in substantial savings for both employers and their employees.
The analysis also revealed that PayMedix's solution promotes equitable access to healthcare regardless of credit scores. Employees with low credit scores (350-649) averaged the same number of annual claims as those with higher credit scores (650-850+), indicating that the zero-interest financing and flexible payment plans offered by PayMedix enable all employees to access care that fits their means and budgets.
Furthermore, the study found that PayMedix members had lower inpatient utilization rates compared to national benchmarks. Only 14% of PayMedix members' claims were for inpatient care, versus the national average of 22%. This suggests that PayMedix is contributing to better health outcomes and keeping costs down for all parties involved.
Tom Policelli, CEO of PayMedix, stated, "Our data demonstrates what we have believed all along – together with employers and providers, PayMedix can break the cycle of out-of-control healthcare costs and fix our broken healthcare system by providing guaranteed zero-interest financing for employees and prompt full payments to providers."
The implications of this study are significant for the healthcare industry. By providing a solution that reduces costs, improves access to care, and promotes better health outcomes, PayMedix is addressing some of the most pressing issues in the U.S. healthcare system. The company's approach could potentially serve as a model for broader healthcare reform, demonstrating that it is possible to simultaneously reduce costs and improve access to care.
As healthcare costs continue to rise and access to care remains a critical issue for many Americans, solutions like PayMedix's could play an increasingly important role in shaping the future of healthcare financing and delivery. The study's findings suggest that innovative payment models can have a substantial impact on both the affordability and accessibility of healthcare, potentially leading to a more equitable and efficient healthcare system overall.
Curated from News Direct
