HPS/PayMedix Expands Healthcare Payment Solutions with TempoPay Acquisition

In a significant move to address the growing concern of healthcare affordability in the United States, HPS/PayMedix has announced its acquisition of TempoPay, a healthcare financing solution developed by Redesign Health. This strategic merger is set to create a comprehensive healthcare payment system that could potentially alleviate financial stress for millions of Americans struggling with medical expenses.

The acquisition comes at a crucial time when healthcare costs are becoming an increasingly burdensome share of household budgets. According to the PayMedix Healthcare Payments and Financial Disparities Study, one-third of Americans find out-of-pocket costs and deductibles unaffordable. This figure rises to 40% for individuals with lower credit scores, highlighting the pressing need for more accessible healthcare financing options.

Tom Policelli, CEO of HPS/PayMedix, emphasized the importance of this acquisition, stating, "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." The combined capabilities of HPS/PayMedix and TempoPay aim to remove financial barriers that often prevent employees from seeking necessary medical care.

TempoPay's innovative approach offers interest-free financing for health and wellbeing care that complements existing insurance plans. Employees can use TempoPay VISA® cards to pay for a wide range of health-related expenses, including medical care, prescriptions, vision and dental bills, and even veterinary costs. This flexibility allows employees to manage their healthcare expenses without the fear of high-interest bills or the need to postpone essential treatments.

The merger of TempoPay with PayMedix's existing services creates a powerful solution for both employees and employers. While TempoPay focuses on immediate financing for everyday healthcare expenses, PayMedix provides uncapped financing for all in-network allowed charges. This comprehensive approach ensures that all employees, regardless of their credit history, can access the care they need when they need it.

Brian Marsella, President of HPS/PayMedix, highlighted the potential impact of this acquisition, noting, "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 expanded reach could significantly improve health outcomes, particularly for lower-income employees.

For employers, the combined PayMedix and TempoPay solution offers a valuable tool to support their workforce. By improving access to care and reducing financial stress related to medical expenses, employers may see improved health outcomes among their employees and potential cost savings in the long run.

The healthcare industry stands to benefit from this acquisition as well. Providers partnering with PayMedix will receive full payment for services rendered, eliminating the need for complex billing processes and reducing the risk of unpaid medical debts. This streamlined approach could lead to more efficient healthcare delivery and potentially lower administrative costs for medical practices.

As healthcare costs continue to rise and impact household budgets, innovative solutions like those offered by HPS/PayMedix and TempoPay are becoming increasingly crucial. By addressing the issues of health equity, affordability, and payment simplification, this merger has the potential to reshape the landscape of healthcare financing in the United States, making quality care more accessible to a broader range of Americans.