DANVILLE, Pa., Aug. 19, 2021 /PRNewswire/ -- Furthering its mission to make better health easier for the communities it serves, Geisinger is introducing a new AI-backed, customizable approach to medical billing where patients have the power to select zero-interest payment plans that can be paid over a timeline of their choosing.
Partnering with fintech startup PayZen, Geisinger is the first major health system in the United States to implement this AI-backed financing solution to create customized billing solutions that will help patients more easily afford out-of-pocket medical expenses within their personal budgets. With this partnership, patients receiving Geisinger bills for out-of-pocket expenses will be invited to pay the bill in one lump sum, or over many months, on a timeline that works for their personal financial situation. If they elect to pay their balance over time, they can choose from several customized payment plans, all without fees or interest. The payment plans will be made available to all Geisinger patients with out-of-pocket balances over $250 after insurance payments.
"Everything we do at Geisinger is done in an effort to make better health easier for our patients, members and communities. This includes making it simpler to afford and pay medical bills with no-interest plans on friendly, customizable terms," said Robert Dewar, Chief Revenue Officer at Geisinger. "We understand that everyone's financial situations are different and it's our obligation to make sure our patients don't avoid or put off necessary care for financial reasons."
This new approach has proven popular. During the initial rollout, 82% of patients enrolled after receiving their customized monthly payment plan, with an average monthly payment of $52. Geisinger and PayZen are enrolling hundreds of patients in the program each month.
"Out of pocket medical bills can put a strain on any patient's household budget. PayZen seeks to address that strain with technology that allows us to customize payment plans that meet whatever a patient's budget requires," said Itzik Cohen, PayZen CEO and co-founder. "Geisinger is an early adopter of this technology that has the potential to revolutionize health care payments to better meet the needs of patients."
Geisinger is committed to making better health easier for the more than 1 million people it serves. Founded more than 100 years ago by Abigail Geisinger, the system now includes nine hospital campuses, a health plan with more than 540,000 members, two research centers and the Geisinger Commonwealth School of Medicine. With nearly 24,000 employees and more than 1,600 employed physicians, Geisinger boosts its hometown economies in Pennsylvania by billions of dollars annually. Learn more at geisinger.org or connect with us on Facebook, Instagram, LinkedIn and Twitter.