HPS/PayMedix Acquires TempoPay to Revolutionize Healthcare Financing

The recent acquisition of TempoPay by HPS/PayMedix marks a pivotal development in the healthcare financing sector, offering a beacon of hope for Americans burdened by the escalating costs of medical care. This strategic merger combines TempoPay's interest-free financing for everyday health expenses with PayMedix's uncapped financing for in-network charges, creating a holistic solution that transcends credit barriers.

According to the PayMedix Healthcare Payments and Financial Disparities Study, a significant portion of the American population faces affordability issues with out-of-pocket costs and deductibles, a situation exacerbated for those with lower credit scores. The study underscores the profound impact of medical bill stress on individuals' physical and mental health, highlighting the urgent need for innovative payment solutions.

Tom Policelli, CEO of HPS/PayMedix, articulated the merger's significance, pointing to the growing strain of healthcare costs on family budgets. The integration of TempoPay's services enables employees to access necessary care without the immediate financial burden, utilizing TempoPay VISA® cards for a wide array of health-related expenses. Employers benefit from the flexibility to customize payment options, while employees enjoy the convenience of repayment through payroll deductions or bank withdrawals.

Brian Marsella, President of HPS/PayMedix, emphasized the acquisition's potential to extend financial support to those traditionally excluded due to poor credit history. This initiative not only promises to improve health outcomes for lower-income employees but also offers cost-saving opportunities for employers, marking a significant stride towards equitable healthcare access.

The merger of HPS/PayMedix and TempoPay represents a forward-thinking approach to tackling the complexities of healthcare payments. By providing a credit-blind financing solution, the combined entity aims to simplify the payment process for all parties involved, from patients to providers, thereby reducing the financial stress associated with healthcare expenses. As the industry continues to grapple with rising costs, such innovations are critical in ensuring that healthcare remains accessible to all, regardless of financial standing.