HPS/PayMedix has announced the acquisition of TempoPay, a payments solution developed at Redesign Health, designed to assist employees with medical, dental, pharmacy, and other expenses not covered by insurance. The combined capabilities of HPS/PayMedix and TempoPay aim to offer a comprehensive healthcare financing and payments solution, addressing issues of health equity, affordability, and simplifying the healthcare payments experience.
According to the PayMedix Healthcare Payments and Financial Disparities Study, 33% of Americans find out-of-pocket costs unaffordable, with 31% citing deductibles as a financial burden. This financial strain is more pronounced among individuals with a credit score of 669 or less, with 40% of this group finding healthcare costs unmanageable. Additionally, over half of insured Americans (52%) report that medical bills have caused them stress, impacting their physical and mental health.
Tom Policelli, CEO of HPS/PayMedix, highlighted the growing financial burden of healthcare costs on American households. “Healthcare costs are increasingly becoming a disproportionate share of the American household wallet, and we need better solutions to manage the stress this puts on family budgets,” said Policelli. He emphasized that the acquisition of TempoPay aligns with their mission to simplify healthcare and promote health equity by removing financial barriers to care.
TempoPay provides interest-free financing for health and wellbeing expenses, which employees can access using TempoPay VISA® cards. These cards cover a broad range of expenses, including medical care, prescriptions, dental bills, and even veterinary bills. Employers determine the dollar amount and types of charges that can be processed, and employees can repay their bills interest-free through payroll or bank account deductions.
Erika Davison-Aviles, CEO and Co-founder of TempoPay, expressed enthusiasm about joining HPS/PayMedix. “TempoPay is the lifeline employees need today so they can access care and maintain their health without fearing high interest bills or avoiding needed care,” she said. The goal is to alleviate financial pressure on consumers while maximizing the value of employers' benefits plans and well-being programs.
The integration of TempoPay and PayMedix ensures that all employees can access interest-free financing for their healthcare needs. While TempoPay addresses everyday healthcare expenses, PayMedix offers complete, uncapped financing for in-network allowed charges. Employees receive a consolidated statement each month, simplifying the payment process, and providers receive full payment automatically, eliminating the need for bill collection.
Importantly, both PayMedix and TempoPay operate on a ‘credit-blind’ basis, allowing all employees, regardless of credit history, to manage their healthcare expenses. Brian Marsella, President of HPS/PayMedix, noted, “It’s a fact that 1 in 4 PayMedix members would be unable to get financing for their healthcare based on their credit scores. With TempoPay, we can reach even more members to help them get and stay healthy.” This combined solution not only supports workforce health but also generates cost savings for employers by improving access to care and driving better health outcomes, especially for lower-income employees.
