Paytient - 3x3x3 Challenge with Allen Pease
Paytient is the creator of Health Payment Accounts, an interest-free line of credit for healthcare costs. Paytient works with employers, insurers, and providers to help people access and afford care.
Transcription:
What is Paytient?
Paytients find that employees often can't afford the out-of-pocket cost for care, which forces them to delay or skip care, or take on cost they can't afford, such as high interest credit cards or other predatory forms of lending. So, Paytient created the Health Payment Account. We call it the HPA for short. It's an employer sponsored, interest-free line of credit that helps all employees pay for care for themselves and their loved ones on their own terms. Employees use the Paytient card to pay for out-of-pocket costs at the time of care, splitting that cost into a personalized repayment plan that fits their budget. There's no interest or fees to the employee, and there's no credit check when getting started. Most importantly Chris, employers are never responsible for any unpaid balances.
How is Paytient different?
The Paytient card is not a loan or other buy now pay later option. Our Health Payment Accounts work alongside health insurance, HSAs, FSAs, and other point solution benefits that make it easier to pay for care over time, again with no interest or fees and no credit check, which means it really provides a much more equitable access to care. For employers, Paytient is the most cost effective solution to help their employees who are struggling with the high cost of inflation. For example, if an employer wanted to give every employee a $1000 raise, or a $1000 contribution to their HSA, or a $1000 lifestyle spending account, that would cost the employer somewhere between 50 and $90 per employee, per month. On this slide, you can clearly see that Paytient is the most cost effective solution.
Who is a good fit for Paytient?
It turns out that a lot of employers are a good fit for Paytient. We have found that we have more than 400 enterprise partners nationwide, including industries like manufacturing, transportation, retail, healthcare, and even some law firms are signing up. With that, we currently have over 700,000 lives on our platform, and an average NPS is 90. Basically unheard of in the intersection between healthcare and financial services. To give some more details over it all means our members have used their cards more than 400,000 times to pay for healthcare across the country. We feel that we give the employee the power to pay, or what we like to say voice and choice, when they are making those critical decisions about paying for healthcare for them and their families.
Transcription:
What is Paytient?
Paytients find that employees often can't afford the out-of-pocket cost for care, which forces them to delay or skip care, or take on cost they can't afford, such as high interest credit cards or other predatory forms of lending. So, Paytient created the Health Payment Account. We call it the HPA for short. It's an employer sponsored, interest-free line of credit that helps all employees pay for care for themselves and their loved ones on their own terms. Employees use the Paytient card to pay for out-of-pocket costs at the time of care, splitting that cost into a personalized repayment plan that fits their budget. There's no interest or fees to the employee, and there's no credit check when getting started. Most importantly Chris, employers are never responsible for any unpaid balances.
How is Paytient different?
The Paytient card is not a loan or other buy now pay later option. Our Health Payment Accounts work alongside health insurance, HSAs, FSAs, and other point solution benefits that make it easier to pay for care over time, again with no interest or fees and no credit check, which means it really provides a much more equitable access to care. For employers, Paytient is the most cost effective solution to help their employees who are struggling with the high cost of inflation. For example, if an employer wanted to give every employee a $1000 raise, or a $1000 contribution to their HSA, or a $1000 lifestyle spending account, that would cost the employer somewhere between 50 and $90 per employee, per month. On this slide, you can clearly see that Paytient is the most cost effective solution.
Who is a good fit for Paytient?
It turns out that a lot of employers are a good fit for Paytient. We have found that we have more than 400 enterprise partners nationwide, including industries like manufacturing, transportation, retail, healthcare, and even some law firms are signing up. With that, we currently have over 700,000 lives on our platform, and an average NPS is 90. Basically unheard of in the intersection between healthcare and financial services. To give some more details over it all means our members have used their cards more than 400,000 times to pay for healthcare across the country. We feel that we give the employee the power to pay, or what we like to say voice and choice, when they are making those critical decisions about paying for healthcare for them and their families.