PayZen Wins Mississippi Hospital Association Endorsed Services Status

"Care Now, Pay Later" leader will be available in over 100 hospitals and clinics across Mississippi

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Feb 24, 2022, 09:00 ET

SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- MHA Solutions, the for-profit subsidiary of the Mississippi Hospital Association (MHA), has announced it has partnered with PayZen, a mission-driven fintech company tackling healthcare affordability by offering AI-powered patient financing solutions for providers and personalized payment options for all patients. MHA Solutions helps its suburban and rural hospitals, medical clinics, acute care facilities, and behavioral health centers find innovative and practical business solutions to streamline the operations of their facilities, and has endorsed PayZen for patient financial services.

MHA Solutions only approves vendors that meet their high standards, and after undergoing a rigorous review process to assess the quality of its solutions, and ensure they tie back to the MHA mission and strategic plan, PayZen achieved endorsed status as approved by the MHA Solutions Board of Directors. This acceptance gives MHA member hospitals access to an industry-leading financing solution validated by their peers.

PayZen offers a superior patient billing experience that is quick to implement and augments existing financing programs, and we are excited to be entering this agreement to offer this solution to our network and patient community," said Perry Egger, Director of Business Development for MHA. "We look forward to working together to make care more affordable for the patients our members serve."

Using PayZen's technology platform, both patients and providers achieve better financial outcomes. 100% of patients are approved for an affordable, always 0% interest, no-fee payment plan. Payment options are determined by PayZen's AI algorithm, which analyzes over 30,000 individual financial data points to present customized options to the patient. For providers, PayZen consistently produces 30-50% increases in patient collections with no clawbacks, which means accelerated cash flow, reduced days in accounts receivable, and improvements to the bottom line.

"Out-of-pocket health care bills can put pressure on any patient's household budget, but PayZen aims to address this issue with technology that personalizes payment plans to meet the patient's budget," said Rich Lopez del Rincon, Chief Revenue Officer of PayZen. "Through this agreement with MHA Solutions, we are pleased to provide their member hospitals with an effective and applicable financial solution to help improve healthcare affordability within their organizations."

PayZen is on a mission to help patients "Care Now, Pay Later" (CNPL) by reducing the friction of medical bill payments for patients and hospitals. Providers that have embraced PayZen's CNPL model allow patients to focus on recovery instead of paying their bills, while enabling hospitals, health systems, and large provider groups to focus on treatment rather than chasing patients with surprise or unpayable bills.

To learn more about PayZen, visit www.payzen.com.

About PayZen:
PayZen is a mission-driven healthcare fintech company that aims to tackle the growing patient payment responsibility problem with superior technology and a modern approach. PayZen is backed by leading equity and credit capital investors and is led by proven technology veterans with a successful track record of helping millions of Americans overcome financial struggles.

About MHA Solutions:
MHA Solutions is the for-profit subsidiary of the Mississippi Hospital Association. MHA Solutions offers member-owned strategic partnerships, cooperative ventures, corporate partnerships, and endorsed relationships to MHA members and customers. For more information, visit www.mhanet.org/mhasolutions.

SOURCE PayZen