PayMedix - 3x3x3 Challenge with Tom Policelli
PayMedix is solving the problem of high out-of-pocket costs for everyone: Providers, Patients, Employers and TPAs. By guaranteeing payments to providers and credit for all patients, we are changing the way people access, use, & pay for healthcare.
Transcription:
What is PayMedix?
PayMedix is really a consumer engagement platform. And we start off with money because the information regarding money and the paying for healthcare is so confusing for so many consumers out there today. Typical consumers get hit with 125 pieces of mail or email or texts a year, and they can't make sense of it. We make sense of it by guaranteeing payments to providers. They're out of the banking and billing business by an effect guaranteeing credit for the patients and simplifying the entire process.
How is PayMedix different?
At PayMedix, you are going to hear us use the word, ALL, a lot. And the reason why is because the only way you can fix a complicated problem is to go at the entire thing. You can't just nibble away at a corner of it. And so when we step in, we handle all payments to a provider, all allowed charges, all the way up to the allowed amount, doesn't matter if it's owed by the insurance company or the consumer, we pay the provider 100% of it and they're done. For the consumer, we forward all payment to that provider for everything. It doesn't matter if that consumer has a good credit rating or a lousy credit rating, we handle all consumers. And that's what we can tell an employer. We're going to help all of your people and all of their family members simplify healthcare and make sure they can get access to the care they need and pay for it.
Who is a good fit for PayMedix?
Well, as I said on the prior slide, it's pretty much everyone because all the providers need to get out of this banking and billing business they've been forced into. Employers need to and want that higher consumer engagement. The issue we have when we send all this junk that I was mentioning earlier, the 125 plus pieces of mail, is that people just tune out and they're not getting the information they need to help them be healthier, be more productive, save money. They're losing all that. And so that's what we can provide to the employers and to the employees themselves. Lastly, TPAs want to provide solutions, a comprehensive package to their clients and we're here to help.
Transcription:
What is PayMedix?
PayMedix is really a consumer engagement platform. And we start off with money because the information regarding money and the paying for healthcare is so confusing for so many consumers out there today. Typical consumers get hit with 125 pieces of mail or email or texts a year, and they can't make sense of it. We make sense of it by guaranteeing payments to providers. They're out of the banking and billing business by an effect guaranteeing credit for the patients and simplifying the entire process.
How is PayMedix different?
At PayMedix, you are going to hear us use the word, ALL, a lot. And the reason why is because the only way you can fix a complicated problem is to go at the entire thing. You can't just nibble away at a corner of it. And so when we step in, we handle all payments to a provider, all allowed charges, all the way up to the allowed amount, doesn't matter if it's owed by the insurance company or the consumer, we pay the provider 100% of it and they're done. For the consumer, we forward all payment to that provider for everything. It doesn't matter if that consumer has a good credit rating or a lousy credit rating, we handle all consumers. And that's what we can tell an employer. We're going to help all of your people and all of their family members simplify healthcare and make sure they can get access to the care they need and pay for it.
Who is a good fit for PayMedix?
Well, as I said on the prior slide, it's pretty much everyone because all the providers need to get out of this banking and billing business they've been forced into. Employers need to and want that higher consumer engagement. The issue we have when we send all this junk that I was mentioning earlier, the 125 plus pieces of mail, is that people just tune out and they're not getting the information they need to help them be healthier, be more productive, save money. They're losing all that. And so that's what we can provide to the employers and to the employees themselves. Lastly, TPAs want to provide solutions, a comprehensive package to their clients and we're here to help.