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Problem Tech Solves
Tech Brief
PayMedix is addressing the overly complex nature of the medical billing industry by providing a solution that works for all stakeholders involved. The healthcare industry is already complicated enough, with providers spending more to collect less and high deductible health plans becoming the rule, rather than the exception. At the same time, patients are being trained to ignore the mountain of bills, statements and collection notices with the average consumer receiving roughly 125 medical statements per year. PayMedix addresses this problem by providing payment to providers upfront and manageable payment plans to patients regardless their credit. This removes the burden of collection from providers and the stress of overdue payments from patients. Employers also benefit from a healthier employee base that is no longer avoiding care due to cost.
Tech Differentiators
When PayMedix talks about simplifying the healthcare payments experience, it aims to differentiate itself from a number of the niche “point solution” companies that have emerged in recent years that only address a small portion of the problem. There are now more the 180 of these point solutions in the market trying to address the broken payment experience. But all they’ve managed to do is add more complexity because they’re attacking just one part of the problem and their solution is generally siloed to a particular stakeholder. In contrast, PayMedix is fixing the broken system from the center. PayMedix doesn’t have to replace any of the current vendors within an HMO or PPO network. They work with what providers and employers already have in place to provide a comprehensive solution that benefits everyone—providers, employers, and patients alike. Additionally, PayMedix provides patients with an easily digestible and consolidated statement called a SuperEOB which consolidates bills across a patients network so they no longer have to sift through a mountain of paperwork to understand what they owe.
Validation
Over the years, PayMedix has received significant feedback from their customers which provides insight into both their economic and practical ROI. Customer satisfaction with the PayMedix product speaks for itself with 91% of users stating they would recommend PayMedix to a family member or friend to help them manage their healthcare expenses, 93% of users saying PayMedix is a better tool for paying for their healthcare expenses, and 92% of users saying PayMedix is a better tool for understanding their healthcare expenses. They’ve also received a Net Promotor Score of 75 which is three times higher than the industry average.
