PayMedix provides a payments and consumer engagement platform that guarantees full and prompt payment of in‑network allowed charges to participating healthcare providers, serving patients, providers, employers and TPAs. The platform gives all consumers a simplified summary of their healthcare activity and acts as a financial safety net, regardless of patients' credit histories. PayMedix can be implemented with any PPO or HMO network and has processed more than $5 billion in medical payments for hospital systems and physician practices. The company says it has grown 40% over the last 18 months and is enhancing its fintech platform to offer a complete solution for the healthcare payment equation. Future plans in the article include further platform development, increased staffing, and geographic expansion to meet rapidly growing demand from providers and employers. PayMedix began as the financing arm of Wisconsin‑based Health Payment Systems (HPS) more than a decade ago. Health Payment Systems (HPS), founded in 2005 and based in Milwaukee, provides healthcare billing and payment technology and services centered on its patented SuperEOB® and advanced electronic data interchange (EDI). The SuperEOB consolidates and transmits claims and payment information between stakeholders to produce a single monthly statement and payment for consumers. HPS’s platform enables outsourced billing and collections and faster payment for providers, and aims to improve customer service for insurers and employers. The company has processed over $1.6 billion in claims and its provider network encompasses over 96 percent of healthcare providers in Wisconsin; it is a partner to all major health plans and practitioners in the state. HPS says it will use the new capital to accelerate growth of existing products and to expand its product offerings as it pursues expansion beyond Wisconsin.

Total raised

$25M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2023