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Brian Whorley, founder of Paytient, explained how the company's health payment accounts provide interest-free credit lines for out-of-pocket healthcare expenses, aiming to bridge the gap between existing healthcare savings accounts (HSAs), flexible spending accounts (FSAs), and the financial burden of healthcare costs. Whorley stated, "Credit is what we use in our lives to turn large, unexpected, or infrequent expenses into affordable things."
Paytient's health payment accounts, unlike HSAs and FSAs, do not require employer or employee funding and do not perform credit checks on the account holders. Whorley emphasized that there's "no interest to the actual members" and "no credit check to the actual members." The goal is to enable more people to access healthcare and reduce financial stress around medical expenses.
Whorley said Paytient can be used with existing HSAs and FSAs to create more equitable access to healthcare, particularly for lower-income employees who may struggle with high-deductible health plans. Whorley explained that Paytient is a flexible product that can be tailored to the needs of different employers and their workforce demographics. This allows employers to ensure that their health plans are more accessible and equitable for all employees, regardless of their income level or job position.
Whorley also talked about how Paytient can help address deferred healthcare, which has been more prevalent since the onset of the COVID-19 pandemic. By providing individuals with a way to afford healthcare without incurring additional financial burden, Paytient aims to encourage more people to seek medical care when they need it, rather than delaying or avoiding treatment due to financial concerns.
Whorley acknowledged the need to address the root cause of high healthcare costs, but emphasized that Paytient offers a practical solution for individuals and employers in the meantime. He said, "As long as you have your phone, you have a way to pay for care," demonstrating how Paytient can help make healthcare more accessible and affordable for everyone.
Key Take-aways:
- Paytient provides interest-free credit lines to help people afford healthcare expenses.
- Paytient can sit alongside HSAs and FSAs, making all benefits more effective.
- Deferred care is a pervasive issue that can be addressed by providing more affordable healthcare options.
- Paytient can be deployed at any time throughout the year for employers.
- Paytient recently closed a $40 million Series B funding round to support its growth plans.
Catch the full conversation.
- Connect with Brian Whorley on LinkedIn
- Visit Paytient’s website
- Connect with our co-hosts Jennifer Jones and Mike Pattengale
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