Having health insurance is not interchangeable with the ability to afford healthcare. Despite employers' best intentions with their benefit offerings, the financial stress of medical expenses on today's employees can be devastating to their well-being and work productivity.
A recent Bankrate report said that 57% of Americans do not have the savings to cover an unexpected $1,000 expense. This means that over half the population can face a difficult choice when it comes to needing
Paytient gives users access to a health payment account through a Visa card that allows them to pay their out-of-pocket medical expenses upfront. Then, employees can pay off the card through a personalized, interest-free payment plan through the Paytient app. Employers, health systems or insurers can offer access to the Paytient platform, which can be used to cover medical, dental, vision, pharmacy, and even vet costs.
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CEO and co-founder Brian Whorley spent years working in hospital administration, and was inspired to create a way for patients to pay for their medical treatment without the fear of going into debt. He and co-founder Daniel Lynn started Paytient in 2018.
"I was proud to work in a hospital where our mission was improving the health of the people we served," says Whorley. "But we couldn't take care of them if they didn't walk in the door. Putting this card alongside whatever insurance card is in people's pockets is essentially a way of creating buying power specifically for healthcare. It enhances their ability to walk in the door of any provider and get care, and just focus on what is most important at that time, which is getting better."
Medical debt is estimated at $195 billion and is the leading cause of bankruptcy in the U.S., according to the Kaiser Family Foundation. Multiple factors — especially in today's turbulent economic climate — can lead to employees' inability to pay for medical bills, no matter how good their insurance plan may be.
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Employers can create peace of mind among their workforce by giving them access to
"Paytient is pre-equipping folks — courtesy of thoughtful partners who care about what that experience is like for their employees — to walk in the door saying, 'No matter what, I'm going to be able to swipe the card and make a payment plan that works best for me and my family's budget,'" he says. "People share that if it weren't for Paytient, [they] would not have gotten care for themselves or family members."
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With recent Series B funding bringing Paytient's current funding total to $63 million, investors are acknowledging that they see the value in what the company is offering as well. It's a simple, easy-to-use benefit that has a big impact, and fits with a health plan that employers already have, Whorley says. He adds that the positive impact on employers comes in the forms of health plan savings, decreased presenteeism, better
"This creates a better experience for employees, but for an employer, creating a healthier health plan creates savings that can be reinvested in their workforce or elsewhere in their business," says Whorley.
From an employer perspective, Whorley notes that affordability is top of mind when it comes to designing benefits plans for his team, and leadership should be mindful of what the healthcare experience is like for employees.
"Everybody experiences healthcare at some point in their life," he says. "If we're going to provide an insurance card, then we should also provide an assurance card. It's important to us that each person be able to take care of themselves and their family members, and get care more easily and effortlessly, and we're looking for like-minded, thoughtful people who share conviction in our mission."