HPS/PayMedix announced the acquisition of TempoPay, an innovative payments solution created at Redesign Health that helps employees access medical, dental, pharmacy, and other expenses not paid by their insurance. Together, HPS/PayMedix and TempoPay now offer a comprehensive healthcare financing and payments solution, addressing the issues of health equity, affordability, and the need to simplify the healthcare payments experience.
According to the PayMedix Healthcare Payments and Financial Disparities Study, one-third of Americans say out-of-pocket costs (33%) and deductibles (31%) are unaffordable. This figure increases to four in ten for those with a credit score of 669 or less. Further, more than half (52%) of insured Americans said that paying for medical bills has been stressful, with nearly all of them (92%) claiming the stress has affected their physical and mental health.
“Healthcare costs are increasingly becoming a disproportionate share of the American household wallet, and we need better solutions to manage the stress this puts on family budgets,” said Tom Policelli, CEO of HPS/PayMedix. “The acquisition of TempoPay underscores our mission to simplify healthcare and create greater health equity by removing the financial barriers that stand in the way of employees getting access to the care they need when they need it; not just when they feel that they can afford it.”
TempoPay offers all an employer’s employees’ interest-free financing for health and wellbeing care that overlays their current plans. Once activated by the employee, TempoPay VISA cards can be used to pay for everything from medical care and prescriptions to vision and dental bills; even vet bills for their pet and other approved health and wellness-related costs not covered by their plans. The employer sets the dollar amount and charge types that will be processed, and employees can repay their bills over time interest-free via payroll or bank account.
“TempoPay is the lifeline employees need today so they can access care and maintain their health without fearing high interest bills or avoiding needed care,” Erika Davison-Aviles, CEO and Co-founder of TempoPay said. “We are excited to become a part of HPS/PayMedix’s innovative healthcare payment solution and further our mission to alleviate consumers’ financial pressure. For employers we help maximize the value of their benefits plans, pre-tax accounts, and other well-being programs.”
With TempoPay and PayMedix combined, all employees can access interest-free financing for all their healthcare needs. While TempoPay offers immediate financing of everyday healthcare expenses, PayMedix provides complete, uncapped financing for all in-network allowed charges that any employee may owe to providers. All employees are automatically enrolled and PayMedix then pays all participating providers in full. The employees each get a simplified consolidated statement (a SuperEOB) each month and can arrange to pay it on terms that fit their budgets. Participating providers, in turn, are simply paid the full employee balance due automatically and therefore have no bill to collect.
Because PayMedix and TempoPay are ‘credit-blind’, all employees, regardless their credit histories, can make their healthcare expenses more manageable. “It’s a fact that 1 in 4 PayMedix members would be unable to get financing for their healthcare based on their credit scores. With TempoPay, we can reach even more members to help them get and stay healthy,” said Brian Marsella, President of HPS/PayMedix. “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.”
