116 3rd St SE
Cedar Rapids, Iowa 52401
Iowans owe an average of $582 in medical debt and 10.2 percent of the state’s residents are in medical debt collection, according to a national Kaiser Foundation-National Public Radio study released in June.
Citing those statistics, ServiShare, a subsidiary of the Iowa Hospital Association, has signed on with San Francisco-based PayZen, a mission-driven health care financial technology company, to offer zero percent interest loans to patients and more successful collections for health care providers.
Patients of Iowa hospitals that offer PayZen who apply are automatically approved for its no-fee payment plans without a credit check, at zero percent interest, the IHA said in a news release Tuesday.
“Payment options are determined by an (artificial intelligence) algorithm that analyzes more than 30,000 financial data points to present customized monthly installments and terms up to 60 months.”
For providers, the IHA said, PayZen “consistently produces 30 percent increases in patient collections with no recourse, which means accelerated cash flow, reduced days in accounts receivable and improvements to the bottom line.”
Perry Meyer, executive vice president of IHA and its resources management subsidiary, ServiShare, noted the heightened current needs of rural health systems.
"Rural providers are under immense pressure to deliver quality care with limited resources, but with PayZen's unique approach to solving patient affordability, we can provide personalized financial solutions for all Iowans looking to access affordable health care across our member hospitals."
The IHA members include 117 hospitals and 17 health systems statewide.
“By offering flexible payment options, PayZen looks to eliminate medical debt for Iowans and make health care more affordable in the face of a recession, while enabling providers to improve performance and provide the essential care needed for their communities,” the IHA said.