HPS/PayMedix has announced the acquisition of payments solution TempoPay developed by Redesign Health in a significant move to enhance healthcare payment solutions.
This strategic acquisition aims to address health equity and affordability, simplifying the healthcare payments experience for employees.
TempoPay provides a new approach to healthcare financing, providing interest-free options for employees to cover various out-of-pocket expenses.
With the integration of TempoPay, HPS/PayMedix presents a more comprehensive suite of healthcare financing and payment options.
The TempoPay VISA card enables employees to manage their medical, dental, pharmacy, and other health-related costs not covered by insurance.
Employers have control over the financing limits and the types of charges allowed, facilitating a seamless repayment process for their workforce through payroll deductions or bank transfers, all without interest.
The merger of TempoPay with PayMedix's offerings ensures that all employees have access to interest-free financing for their healthcare needs.
PayMedix complements TempoPay by providing uncapped financing for all in-network allowed charges, further easing the financial burden on employees.
This system not only benefits employees but also providers, who receive full payment without the need to pursue outstanding balances, thanks to the SuperEOB—a consolidated monthly statement provided to employees.
The collaboration represents a significant step towards a more equitable and user-friendly healthcare payment ecosystem, where the financial strain on employees is reduced and providers receive timely compensation.
HPS/PayMedix CEO Tom Policelli said: “Healthcare costs are increasingly becoming a disproportionate share of the American household wallet, and we need better solutions to manage the stress this puts on family budgets.
“The acquisition of TempoPay underscores our mission to simplify healthcare and create greater health equity by removing the financial barriers that stand in the way of employees getting access to the care they need when they need it; not just when they feel that they can afford it.”
