PayZen, a prominent name in the healthcare affordability sector, has successfully closed an oversubscribed Series B funding round.
The round culminated at a substantial $232m, led by NEA with contributions from stalwarts like 7wireVentures, SignalFire, Viola Ventures, and more. The funding includes $32m in equity and a noteworthy $200m credit warehouse facilitated by Viola Credit alongside a consortium of insurance firms.
Specialising in AI-driven solutions, PayZen revolutionises how health systems manage and facilitate patient payments. By integrating seamlessly with EMR/EHR systems, the company employs advanced AI/ML models and automation to simplify payment processes and enhance financial outcomes for health systems.
PayZen’s approach not only relieves patients of heavy financial burdens through customised payment plans but also streamlines administrative processes for healthcare providers.
With this new injection of funds, PayZen plans to escalate its market presence and continue its rapid expansion. The focus will remain on broadening the reach of its tailored, affordable healthcare payment solutions across the United States and innovating further to meet the affordability needs of patients comprehensively.
Additional details highlight PayZen’s impressive track record, including a sixfold year-on-year growth over the past two years, alongside a 100% customer retention rate and a 132% net retention figure. These metrics underscore the company’s robust impact and steady ascent in the Revenue Cycle Management arena.
“This latest round is the next step in our journey to remove financial barriers to care for patients,” PayZen CEO & Co-Founder Itzik Cohen said. “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 a strategic move, Mohamad Makhzoumi, Co-CEO of NEA, will join the PayZen Board of Directors, bringing over two decades of healthcare industry expertise and partnership experience with transformative startups.
“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.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
