SAN
FRANCISCO, Aug. 13, 2024 /PRNewswire/ --
Today PayZen, a technology company tackling healthcare
affordability with AI-powered solutions, announced an
oversubscribed Series B, led by NEA, with full participation from
existing investors including 7wireVentures, SignalFire, Viola
Ventures, and others. The round includes $32M Equity and a new $200M credit warehouse from Viola Credit and a syndicate of insurance
companies. This additional credit facility will support its
continued rapid growth and market expansion.
Leveraging proprietary AI/ML models, automation, and seamless
integration into EMR/EHR systems, PayZen simplifies the patient
payment process for health systems while making it easier for
millions of patients to access and afford the care they need.
Specifically, its award-winning, data-driven, personalized payment
plans ease the financial burden for patients while improving
financial results for health systems. PayZen has spearheaded a
culture of innovation and high-quality delivery in the Revenue
Cycle Management market, challenging the status quo that has left
many patients unable to afford care and has exacerbated the
friction and administrative burden on healthcare providers.
Over the last 2 years, PayZen has consistently achieved a
remarkable 6x YoY growth. It also boasts 100% customer retention
and 132% net retention. PayZen aims to continue this momentum into
the second half of 2024, bringing its affordable, customized
healthcare payment options to even more Americans and introducing
new AI-driven solutions that further address the affordability
needs of patients.
"This latest round is the next step in our journey to remove
financial barriers to care for patients," says Itzik Cohen, CEO & Co-Founder at PayZen. "We
are honored to have found partners in both our investors and our
health systems network that share the same vision for the future.
This milestone, marked by a highly competitive and oversubscribed
round, positions us to continue perfecting our platform and bridge
healthcare's financial gap for good."
In conjunction with the financing, Mohamad Makhzoumi, Co-CEO, NEA, will be joining
PayZen's Board of Directors. Makhzoumi has more than two decades of
experience at NEA, partnering with transformative healthcare
startups across all stages of company-building.
"Healthcare affordability is an enormous pain point for patients
and providers in the U.S.," says Makhzoumi. "We believe PayZen's
AI-enabled platform is a category leader, as evidenced by the
company's explosive traction in the past year and ability to
disrupt a market that's been historically difficult to address.
Itzik and the PayZen team are driving positive change in healthcare
payments, and we're thrilled to partner with them on this next
phase of growth and expansion."
About PayZen
PayZen is a mission-driven healthcare
fintech company that is solving 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. To learn more about PayZen, please visit
https://payzen.com.
Contact
Kathy
Osborne
Press@payzen.com
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SOURCE PayZen