PayMedix is an innovative payment solution designed to solve the problem of soaring out-of-pocket costs for providers, patients, employers and TPAs. PayMedix guarantees payments to providers by collecting on behalf of the patient, therefore eliminating bad debt, collection costs, and cost of capital. This drives increased net yield for the provider, and evaluating that assertion is the goal of this validation exercise.
Patients are guaranteed credit up to their out-of-pocket maximums, with 0% interest payment plan options. PayMedix is providing non-recourse financing to cover the patient responsibility portion of care. In so doing, the provider’s financial risk is mitigated by PayMedix. Whether or not the Patient can pay for their care, the Provider has been paid and remains whole.
PayMedix is a division of Wisconsin-based HPS, and has processed more than $5 billion in medical payments for hospital systems and physician practices. PayMedix can be easily implemented in conjunction with any PPO or HMO network.