Work Here?
About PayZen
Industries
Fintech
Healthcare
Company Size
51-200
Company Stage
Debt Financing
Total Funding
$70M
Headquarters
San Francisco, California
Founded
2019
Overview
PayZen helps make healthcare more affordable by creating personalized payment plans for patients using data analytics and artificial intelligence. Their plans are designed to be simple and transparent, ensuring that all patients can access 0% interest, no-fee options. Unlike competitors, PayZen focuses specifically on the healthcare sector with its "Care Now, Pay Later" model, allowing patients to receive care immediately and pay over time. The goal is to reduce the financial burden of medical expenses for patients while improving collection rates for healthcare providers.
Simplify's Take
What believers are saying
- Partnerships with healthcare providers boost market penetration and service adoption.
- Recent $232M funding supports growth of 'Care Now, Pay Later' product.
- Sixfold revenue growth in 2022 and 2023 indicates strong market demand.
What critics are saying
- Increased competition from AI-driven healthcare payment solutions may erode market share.
- Financial instability of hospitals could impact PayZen's payment collections.
- Reliance on $200M debt facility poses financial risks if growth expectations aren't met.
What makes PayZen unique
- PayZen offers 0% interest, no-fee payment plans for all patients.
- The 'Care Now, Pay Later' model increases patient access to necessary treatments.
- PayZen uses AI and machine learning for personalized, effective payment plans.
Help us improve and share your feedback! Did you find this helpful?
Funding
Total Funding
$70M
Above
Industry Average
Funded Over
4 Rounds
Benefits
Stock Options
Growth & Insights and Company News
6 month growth
↓ -4%1 year growth
↓ -5%2 year growth
↓ -4%ESCONDIDO, CA - December 18, 2024 - Palomar Health, California's largest healthcare district, is proud to announce its partnership with PayZen, a technology company tackling healthcare affordability with AI-powered solutions.
Itzik Cohen, CEO at PayZenHospitals serve as the lifeblood of our communities, delivering essential healthcare services to millions while also providing critical jobs nationwide. However, many of these indispensable institutions face severe financial strain. Nearly 40% of American hospitals expect to continue losing money from operations into 2024, with almost 80% operating at or near break-even. This precarious financial situation poses a significant threat to the sustainability of our healthcare system and, by extension, to the health and well-being of countless Americans.The U.S. healthcare system is in the midst of an affordability crisis that hurts both patients and healthcare providers. Self-pay patient balances now account for over 30% of healthcare revenue, yet the collection rate on these balances is dismally low, ranging between 20–30%
Artificial intelligence (AI) is making its mark on the business world, with several tech companies reporting growth in retail and healthcare sectors. These firms are leveraging AI to address persistent challenges, from eCommerce sizing woes to mounting medical bills, signaling a potential shift in how industries approach longstanding issues. Zapata AI Reports Q2 Growth. Zapata, an enterprise AI software provider, reported second-quarter revenue of $2 million, up 40% from $1.43 million in the same period last year. The Boston-based company, specializing in quantum-inspired AI solutions, saw its gross margin improve to 36% from 19.7% year-over-year
US-based startup PayZen has secured a $32 million Series B round led by NEA and a $200 million debt facility from Viola Credit and a syndicate of insurance companies. The funding will support the growth of its 'Care Now, Pay Later' product, which allows patients to pay medical bills in interest and fee-free installments. PayZen's revenue has expanded sixfold in 2022 and 2023, and the company is now valued at over $200 million.
/PRNewswire/ -- Today PayZen, a technology company tackling healthcare affordability with AI-powered solutions, announced an oversubscribed Series B, led by...
PayZen is Hiring for 15 Jobs on Simplify!
Find jobs on Simplify and start your career today
About PayZen
Industries
Fintech
Healthcare
Company Size
51-200
Company Stage
Debt Financing
Total Funding
$70M
Headquarters
San Francisco, California
Founded
2019
PayZen is Hiring for 15 Jobs on Simplify!
Find jobs on Simplify and start your career today