PayZen Company Research Report

Company Overview

Name: PayZen

Mission of the Company: PayZen's mission is to eliminate financial barriers for patients to access healthcare while removing complexity and friction for providers to get paid. They aim to solve healthcare affordability at every stage of the patient care cycle.

Founded: 2019

Founders:
1. Itzik Cohen, Co-Founder & CEO
2. Tobias Mezger, Co-Founder & COO
3. Ariel Rosenthal, Co-Founder & CTO

Key People in the Company:

Itzik Cohen - Co-Founder & CEO

Tobias Mezger - Co-Founder & COO

Ariel Rosenthal - Co-Founder & CTO

Chiranjib Gupta - Chief Risk Officer

Praveen Chandran - Chief Product Officer

Antonio Martino - Chief Financial Officer

Headquarters: No information is available

Number of Employees: No information is available

Revenue of the Company: No information is available

What is the Company Known for: PayZen is known for its AI-powered healthcare payment platform, which is trusted by top medical providers to deliver comprehensive healthcare affordability solutions for both patients and providers.

Products

Payment Plans

Description: Leverages technology and data to increase patient payments by offering customized, no-interest payment plans up to 60 months.

Key Features:

Approval of 100% of patients

Fully automated process

Choice of recourse or non-recourse financing

Care Card

Description: A physical and virtual debit card designed to manage healthcare payments split into affordable monthly charges.

Key Features:

Instant activation

Tailored card terms to patients’ unique circumstances

Promotes repeated use with the health system

Financial Assistance Automation

Description: Automates the process of directing eligible patients to financial assistance or government programs using AI/ML technology.

Key Features:

Automated assessment of patient financial eligibility

Integrates into existing healthcare systems like Epic MyChart or Flywire

Recent Developments

August 13, 2024

Event: PayZen closes $232M Series B round led by NEA

Details: This round was oversubscribed and included participation from existing investors such as 7wireVentures, SignalFire, and Viola Ventures.

April 10, 2024

Event: PayZen releases a report on US Healthcare Affordability Crisis

Details: The report reveals trends and challenges faced by Americans in accessing affordable healthcare.

March 26, 2024

Event: PayZen hires Antonio Martino as Chief Financial Officer

Details: Antonio Martino joins with over three decades of financial services and public accounting experience.

December 8, 2023

Event: Partnership with Crawford Memorial Hospital

Details: PayZen partners with Crawford Memorial Hospital to enhance patient affordability and eliminate financial barriers.

October 3, 2023

Event: Introduction of the PayZen Care Card

Details: Public unveiling of the PayZen Care Card, designed to enhance healthcare affordability through extended payment options.

Media Coverage

Recent Media Publications

Payments Dive: PayZen introduces BNPL (Buy Now Pay Later) card for medical expenses (October 6, 2023).

The Real Maxime Podcast: Itzik Cohen discusses PayZen’s mission and partnership retention (November 23, 2023).

Yahoo Finance: Coverage on the PayZen Report revealing the healthcare affordability crisis (April 10, 2024).

Summary

PayZen is an innovative fintech company focused on making healthcare more affordable by providing custom payment plans, a Care Card, and leveraging AI to automate financial assistance. Established in 2019, it is led by a team of seasoned professionals from the fintech and healthcare sectors. The company continues to make significant advancements through strategic partnerships and funding to amplify their impact on healthcare affordability.