HPS/PayMedix acquired healthcare financing platform TempoPay.
Source: PYMNTS: HPS/PayMedix Acquires TempoPay, Widening Access to Healthcare Financing
MILWAUKEE, September 5, 2024 – The acquisition aims to offer a healthcare financing and payments solution that addresses health equity, affordability and the need for a simpler healthcare payments experience, according to a Tuesday (Aug. 6) press release.
TempoPay gives employees access to interest-free financing for health and well-being treatments that overlays their current plans, the release said. The financing can be used to pay for prescriptions; medical, vision and dental bills; and veterinary care. Employees can repay over time.
Through the acquisition, employees can get uncapped financing for approved in-network charges, the release said. Workers are automatically enrolled, and HPS/PayMedix pays participating providers for their services. Employees then receive a consolidated statement each month and can set up payments accordingly, per the release.
Employee credit histories do not affect their access to financing, the release said.
“It’s a fact that 1 in 4 PayMedix members would be unable to get financing for their healthcare based on their credit scores,” HPS/PayMedix President Brian Marsella said in the release. “With TempoPay, we can reach even more members to help them get and stay healthy. The powerful combination of PayMedix and TempoPay provides employers with a valuable solution to support their workforce. We have proven that improving access to care drives better outcomes — particularly for lower-income employees. This in turn saves employers money.”
The advancement of healthcare financing solutions can offer relief to low-income consumers in the United States. Over 60% of consumers earning less than $50,000 a year have less than $500 on hand for medical emergencies.
Additionally, they are nearly twice as likely than the average American to be in poor health, according to PYMNTS Intelligence’s “2024 Women’s Wellness Index,” which drew on insights from surveys with over 10,000 U.S. consumers.
The study found that 40% of all U.S. consumers have less than $500 set aside to deal with unexpected medical bills. The data came as Health System Tracker found that the average cost for a trip to the emergency room in the U.S. exceeds $2,400 before insurance.
