PayZen Enters Agreement with Iowa Hospital Coalition

Healthcare financing platform PayZen signed a partnership agreement with the Iowa Hospital Association (IHA) and its subsidiary ServiShare to serve as the preferred patient financing provider for IHA’s network of 117 hospitals and 17 health systems.

Powered by artificial intelligence (AI), PayZen aims to help bring about solutions for healthcare affordability by providing financing options for patients and providers across the state of Iowa, according to a press release on Tuesday (Aug. 9).

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IHA chose PayZen following a careful selection process that included the firm’s approach to a financing solution that offered affordability while also serving the needs of residents statewide, according to the release.

“PayZen not only met our standards of service for our members but also demonstrated the ability to work successfully with providers in rural settings,” said Perry Meyer, executive vice president of IHA and SeriviShare.

“Rural providers are under immense pressure to deliver quality care with limited resources, but with PayZen’s unique approach to solving patient affordability, we can provide personalized financial solutions for all Iowans looking to access affordable health care across our member hospitals,” Meyer said.

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PayZen offers flexible payment options that strive to help reduce medical debt while also making it more affordable. The company also works to make it easier for medical professionals to improve performance and provide the care their communities need.

“One of the ways our platform brings value to health care providers, large and small, is its flexibility and ease of integration,” said Ed Young, vice president of solutions at PayZen. “Our platform can be used by organizations with limited resources and requires no IT investment to implement, while still giving every patient individualized payment options to fit their budgets.”

For Iowa hospitals offering PayZen, patients who apply are automatically approved without a credit check. PayZen’s 0% interest, no-fee payment plans are determined by an AI algorithm that analyzes more than 30,000 financial data points to determine customized monthly installments and terms up to 60 months, according to the release.