NEW YORK--(BUSINESS WIRE)--Today, TempoPay – an innovative healthcare payments platform developed by healthcare, fintech and employee benefits experts – launches a new zero interest, flexible payment solution to help people get the care they need when they need it, without the financial stress.
Paying for healthcare in the U.S. today is complicated, confusing, and hard to plan for. According to a 2021 Stanford report, “Americans are saddled with at least $140 billion in outstanding medical debt.” This, against the backdrop of the current volatile and inflationary economy, can cause even financially-secure families to struggle with healthcare costs for a major procedure or ongoing treatment.
Nearly half of insured adults report difficulty affording out-of-pocket costs, and more than one in four report difficulty affording their deductible. In 2022, 43% of adults who were working age were either uninsured or had gaps in insurance over the course of the last year. These financial barriers push people to risk their health by delaying treatment, which more than half of U.S. adults have reported doing even when they have a comprehensive health plan.
“People across the U.S. are under growing financial strain, with healthcare costs becoming the most pressing financial concern for many Americans. It’s the reason why we founded TempoPay,” said Tim Danison, CEO and co-founder of TempoPay. “We’ve reimagined and redesigned payment for healthcare as a simple and practical experience that complements a company’s existing benefit plans, giving employees the resources they need to thrive and live healthier lives.”
Developed at Redesign Health by former executives from WageWorks, Navia, Greenlight, and Accenture, TempoPay applies modern FinTech user experiences and payment tools to real-world healthcare needs, supported by a state-of-the-industry platform that meets today’s demands for security, privacy, and compliance. TempoPay empowers companies and their employees with increased financial flexibility and the confidence to make healthcare decisions based on their individual needs.
TempoPay is announcing the immediate availability of the following features and benefits to companies and their employees:
- Zero-interest, no-fee payment card: An immediate, no-fee, 0% interest financing solution to pay for health and well-being care and services from the unexpected, to paying for deductibles, to other healthcare expenses that occur throughout the year including medical bills, wellness and mental health services, dentist visits, or surgeries.
- Financial engagement & transparent tracking: TempoPay helps individuals easily track their spending so it’s always clear where they are with their health and finances.
- Employee engagement & guidance: TempoPay provides convenient and simple feedback and confirmation to employees as they make payments, helping them to maximize their existing benefits and reduce the overall costs of care.
“TempoPay enables employees to utilize their insurance without fear of out-of-pocket costs – removing financial barriers to getting care and staying healthy,” stated Erika Davison-Aviles, Head of Product and co-founder at TempoPay. “Our solution is designed to democratize the process, by supporting the needs of all employees, regardless of their job-level or income, and to complement existing benefit offerings.”
To learn more about TempoPay, visit: https://www.tempopay.com/
About TempoPay
TempoPay is making healthcare easier to manage by giving people a new way to pay for healthcare, manage costs, and connect with qualified providers. TempoPay partners with employers to help protect people from unexpected medical costs, offer smarter options for service providers and promote healthier living. The zero-interest TempoPay card complements Health Savings Accounts so people can take control of where and how they pay for healthcare. Everyone needs healthcare. TempoPay makes it easier.
About Redesign Health
Redesign Health is a company that powers innovation in healthcare by developing technologies, tools, and insights that lower the barriers to change across the industry. Since 2018, exceptional founders have built over two dozen companies at Redesign Health, impacting more than ten million lives across many aspects of the healthcare ecosystem including cancer care, teleaudiology, COVID-19 testing, metabolic health and more. To learn more, visit redesignhealth.com.
