Paymedix has significantly impacted the healthcare payment landscape, offering solutions to reduce out-of-pocket costs for all stakeholders. With the help of the Validation Institute, Paymedix’s innovative approach has been rigorously verified, enhancing its credibility and trust within the market. This collaboration underscores the effectiveness and reliability of their financial solutions in addressing complex healthcare payment challenges.
Key Takeaways from Paymedix’s Innovative Solutions
- Comprehensive Payment Solution: Paymedix addresses the whole spectrum of financial challenges in healthcare, not just isolated issues. Their approach ensures that providers can maintain operations while reducing out-of-pocket costs for patients.
- Validation Enhances Credibility: The Validation Institute’s certification of Paymedix underlines the efficacy and reliability of their payment solutions. This external validation has significantly bolstered their standing in the competitive fintech landscape.
- Holistic Financial Modeling: Paymedix uses extensive data to tailor financial models that help healthcare systems understand and improve their economics. These models are validated by the Validation Institute, guaranteeing accuracy and performance.
- Universal Benefit: Paymedix’s solution is designed for all, ensuring that every participant, regardless of their credit status, benefits from simplified and transparent payment processes. This universal approach not only improves health equity but also simplifies the healthcare payment process for every stakeholder involved.
Introduction to Paymedix
Validation Institute:
Good afternoon everyone. Today we are joined by Tom Paulicelli, the Chief Executive Officer of Paymedix. Paymedix is a remarkable company that has developed a much-needed payment solution specifically aimed at addressing the ever-increasing issue of exorbitant out-of-pocket costs for healthcare providers, patients, employers, and TPAs. It is my pleasure to have Tom join us today to share his insights and his expertise on this vital matter. Hello Tom, how are you today?
Tom Paulicelli, CEO of Paymedix:
Great, thank you for having me.
Exploring Fintech Solutions in Healthcare
Validation Institute:
Well, thank you for being here. So Tom, we hear about all these fintech solutions. What is the key differentiator that sets the Paymedix single payment solution apart from other fintech solutions in the marketplace?
Tom Paulicelli, CEO of Paymedix:
Well, the key is we really go at the whole problem. There’s a lot of Point solutions that are trying to nibble around and help different elements, but we’re going after the whole thing.
So if you’re a provider today, a lot of their financials are really compressed right now. They’re having a tough time and so they’re really trying everything they can to collect as much money as possible in order to fund their operations, and it’s reasonable.
We need to do that. Consumers, though, are also feeling pressure. 47% of people with insurance are avoiding necessary care because they’re concerned about how they’re going to pay for it.
So there’s a lot of Point solutions that are aimed at little elements of that. We go after the entire problem and say to the providers, we’re going to handle all of the claims for all of these people, regardless of credit rating, and for the consumers who say all of your expenses all the way up to your out-of-pocket max for all your network. By taking this holistic approach, we’re able to drive major efficiencies and increase health equity for all.
Financial Modeling and Paymedix’s Impact
Validation Institute:
And the Paymedix validation report includes two Financial models. What type of data goes into this calculator, and what is the output?
Tom Paulicelli, CEO of Paymedix:
Great question. We’ve got, we’ve been doing this for over a dozen years. We put five billion dollars through this machine, so we’ve collected an enormous amount of data.
And so what that means is we can go in and customize a financial report for a given Health System to help them understand their own economics and how we can improve them.
And so the models that the Validation Institute reviewed showed some of that. They showed how we can take different inputs from different types of hospitals because hospitals are going to vary depending on their patient mix, the different payer mix they’ve got in there, what the consumers are looking like.
They’re going to go through all of that, and we can customize the output to say here’s your specific output, and we guarantee the results for them.
The Universal Solution Concept of Paymedix
Validation Institute:
When we’ve spoken before, you’ve described Paymedix as a solution for all. Can you clarify what that means?
Tom Paulicelli, CEO of Paymedix:
Yeah, so we like to use that word ‘all’ quite a bit, a lot. And what that means is when we walk up to an employer, we can say to them, ‘Look, we’re going to handle and optimize for all of your employees regardless of their credit rating or anything really.
And when we say to the consumers again like I said earlier, we’re going to handle all of your claims all the way up to your out-of-pocket max, and the provider, everything that you get from all of these people.
That holistic approach allows us to simplify the entire process. If you think about it today, this is going to be a little geeky here, I apologize, but if you think about it today, there’s a bunch of little subroutines out there, and by optimizing each of those subroutines, which everyone’s trying to do now, the whole is self-optimized.
Everything gets dragged down; it’s way too expensive and just impenetrable. Think about all the bills you get, your EOBs from your insurance company, all the bills from the provider.
You roll it all together; it doesn’t make a lick of sense, and we make all of that go away, all of it. And you get one simple sign, and the only way we can do that is by taking responsibility for all of what’s going on.
The Importance of Validation
Validation Institute:
It’s amazing. And can I ask, you know we’re very excited that you were able to achieve validation, and it’s such a great solution, but why was achieving a validation so important?
Tom Paulicelli, CEO of Paymedix:
Well, I think it’s important probably in any realm, but in healthcare, there are a lot of claims that get made all the time, and over time, even more.
And you know, I can’t help if we were to step back and sum up all of the claims that are made in healthcare by all these different organizations, then Healthcare would be getting cheaper every year.
People would be more satisfied every year, and everything would be wonderful. So clearly, that’s not the case. There’s a ton of claims out there. And look, on the back end of any sales process, I think we’ve got, we do very well because we’ve got all this data, we make these guarantees, we can lay it out, we’ve got a ton of references, we’ve got a lot we can do to close the sale.
To me, with the Validation Institute and the review you did, it helps us initiate a relationship, start a conversation with someone because we can say, ‘Look, here’s an external third party that validates claims that you hear in healthcare, that most of which probably don’t make sense. This one’s externally validated. Can we talk?’ And that’s really the value to me, and we’ve seen that work already.
Differentiation Through Validation
Validation Institute:
And I know we’ve spoken about how many different solutions are out there, but how does having a validation help you stand out from the competition?
Tom Paulicelli, CEO of Paymedix:
It’s wonderful because it’s not us talking, right? We get that little red check mark which catches people’s attention, and we get to say, ‘Here, here’s the study, an external third party that has validated this.’ So I think it’s very important. It’s like having a reference before you’ve even met anyone.
Validation Institute:
Well, thank you very much for being here. And for those of you wanting to learn more about Paymedix, go to their website. It’s on the homepage, and you can download the validation there, or visit validationinstitute.com, and you can read it there as well. Tom, again, thank you for being here today.
Tom Paulicelli, CEO of Paymedix:
Thank you very much. I appreciate it. I hope you have a great day.
