SAN MATEO, Calif., April 9, 2020 /PRNewswire/ -- Today, Wellpay announces it has accelerated its public launch to provide relief for the millions of people burdened by medical bills brought on by the COVID-19 crisis. In response to the surge in demand from hundreds of providers and over 12,000 patients, all patients can now access a financial hub to request zero-interest and zero-fees payment plans for new and existing medical bills, and receive free billing advocacy services. Wellpay will also waive all platform fees for healthcare providers, offering immediate administrative and financial relief for providers and their front line staff.
"As the spread of COVID-19 continues, many Americans find themselves experiencing unprecedented financial hardship due to unanticipated employment terminations, layoffs, and changes in health insurance coverage, compounding the already stressful medical billing and payment situations," said Mohammad Gaber, CEO and co-founder, Wellpay. "Likewise, medical providers are working harder than ever to profitably run their practices, and deliver quality care. Our independent healthcare providers are the backbone of our healthcare system. With this pandemic they're struggling to make ends meet while grappling with the complexities and operational burdens of patient billing."
Wellpay's financial technology platform, powered by machine learning, enables patients to securely pay medical bills in seconds, or upload medical bills they wish to pay over time - Wellpay then negotiates, facilitates disputes, or provides a zero-interest, zero-fees plan. All payment plans, bill management, and communication is handled via the Wellpay platform. COVID-19 patients get a dedicated advocate for support via SMS text message. Patients can start by visiting wellpay.com or texting "Zero" to 80578.
For medical providers - including urgent care centers, dentists, primary care physicians, OB-GYN, psychiatrists, chiropractors and more - Wellpay eliminates the burden of patient payment efforts thus freeing up time to use where it truly matters: treating and improving the health of patients.
Wellpay is also announcing that it has raised $3.8 million in financing from lead investors 8vc, Mubadala Capital-Ventures, Montage Ventures, TTCER, and Advisors.fund. With the new funding, Wellpay has been able to open the service earlier than originally planned in order to support hugely increased demand from both patients and providers across America.
"Good health and financial security shouldn't be mutually exclusive," said Alaa Halawa, Co-head of US Ventures, Mubadala Capital-Ventures. "Many Americans struggle with difficult decisions about their medical care, including whether or not to seek diagnoses or treatments in light of their financial situation. Wellpay helps to alleviate this problem by offering socially responsible solutions that improve the results and trust for providers and patients alike."
"We had planned to launch our national rollout later this year to transform the financial experiences of patients and providers alike, but given the financial and medical duress that many are experiencing due to COVID-19, we are opening up our beta to everyone effective immediately," said Mohammad Gaber, CEO and co-founder, Wellpay. "Our country and world are now confronting an unprecedented healthcare and economic crisis. As a mission-driven team, we knew that this moment demanded of us to focus on the urgent needs of our community. Health and economic wellbeing go hand-in-hand."
To learn more about how to sign up as either a patient or provider, visit wellpay.com.
Wellpay is on a mission to remove financial barriers from healthcare. Its intelligent fintech platform offers easy-to-understand bills, payment dispute resolution, and convenient dignified 0% and $0 fees pay over time options to ensure that quality healthcare is available for everyone, worry-free and hassle-free. The platform is available to patients, healthcare providers, and groups.
Andrea Heuer for Wellpay