Company: Paymedix

Headquarters: Milwaukee, WI

Year Founded: HPS - 2005, PAYMEDIX - 2021

1. What problem was PAYMEDIX founded to solve?

We simplify healthcare, making it more understandable and accessible for all . We ensure that everyone can access healthcare when they need it, not when they think they can afford it.

Too many people experience high out-of-pocket costs and wonder, “How can I pay for this?” Meanwhile, providers wonder if they’ll get paid.

PayMedix addresses both by partnering with employers and providers to simplify healthcare payments. We consolidate and validate medical information, coordinate consumer financial resources, and pay providers in full for all patient balances up to their out-of-pocket max, resulting in better health outcomes and reduced costs for everyone.

2. How do you describe PAYMEDIX's right to win in your market?

We are delivering results, and that’s why we are winning:

• Our employer retention rate is 95%
• We reduce employer medical inflation by 2-4% per year, every year
• A consumer NPS of 75
• A medical provider retention rate of 99%+
• We are growing 50%+/year

We have been able to deliver these results because we take a holistic approach to the systemic problems created by high patient balances. We do this by:

• Consolidating and validating 100% of medical claims
• Providing 100% financing for all in-network medical care
• Automatically covering 100% of the employees at every employer
• Not charging consumers interest or fees

3. What are your key goals and definition of success in the next 12 months?

Success means reaching more people, simplifying their healthcare experience, and removing financial barriers to care. For instance, one in four PayMedix members are unable to access financing anywhere else based on their current credit scores. This is a problem nationally, so we aim to rapidly expand our PayMedix financial network into new markets through partnerships with network builders, providers, TPAs, insurers, healthcare administrators, and employers.

In addition, through our recent acquisition of TempoPay, we provide interest-free financial support for prescriptions, vision, dental, and veterinary care. By engaging consumers, we can save everyone money while producing better health outcomes.