Health Payment Systems
Health Payment Systems is a Milwaukee-based healthcare technology company that guarantees provider payments and offers credit-blind, interest-free patient financing for self-funded employers, delivered through its PayMedix platform, SuperEOB consolidated billing, and a Wisconsin provider network of 29,200+ providers.
- Company typePrivate
- Founded2005
- HeadquartersMilwaukee, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Health Payment Systems does
Health Payment Systems (HPS) is a privately held Milwaukee-based healthcare technology and services company founded in 2005 that simplifies the billing and payment experience between self-funded employers, healthcare providers, and patients. Its core platform, PayMedix, guarantees upfront payment to providers for 100% of allowed charges — including the patient out-of-pocket portion — while extending interest-free, credit-blind financing to members regardless of their credit history. The proprietary SuperEOB® consolidates all in-network explanation-of-benefits and medical bills into a single monthly statement, eliminating the fragmentation that drives member confusion and provider bad debt.
HPS operates two complementary assets: the HPS Independent Provider Network, which contracts with 100+ hospital facilities and 29,200+ individual providers across two-thirds of Wisconsin counties, and the PayMedix nationwide payment platform that works with any PPO or HMO network. In August 2024, HPS acquired TempoPay to add card-based interest-free financing for everyday health and wellness expenses outside insurance coverage. The company also offers bundled surgical programs that deliver fixed-cost procedures on the SuperEOB. The platform has processed more than $5 billion in medical payments and serves 150+ self-funded employers in Wisconsin with 95% annual renewal and a Net Promoter Score of 75 (versus an industry average of 19).
HPS distributes through a two-tier B2B channel — benefits brokers, third-party administrators (TPAs), and direct employer sales — and generates revenue via transaction-based fees on processed payments and managed-services economics on its provider network. SV Health Investors took a controlling interest in February 2021, and a $25 million growth round in January 2023 funded the nationwide PayMedix expansion now underway. Pricing is not publicly disclosed and is negotiated per employer plan through brokers and TPAs.
Health Payment Systems firmographics
Firmographics- Name
- Health Payment Systems
- Legal name
- Health Payment Systems, Inc.
- Website
- https://hps.md
- Company type
- Private
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Health Payment Systems is a Milwaukee-based healthcare technology company that guarantees provider payments and offers credit-blind, interest-free patient financing for self-funded employers, delivered through its PayMedix platform, SuperEOB consolidated billing, and a Wisconsin provider network of 29,200+ providers.
- Ownership category
- akta.pro rank
Health Payment Systems industry classification
Industry- Product category
- Healthcare Payment Processing
- NAICS
- Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Hospital & Medical Service Plans (6324)
- akta.pro primary industry
- Patient Financial Engagement (Estimates, Billing Presentment, Payments) (HLACAEAI)
- akta.pro secondary industries
- Healthcare Billing & Patient Payments Presentment (FSAMAJAH), Healthcare Payouts (Payers-to-Providers, Patient Refunds) (FSAMAKAK), Bill Pay, Invoicing & Payables Platforms (BPAMAFAF)
Keywords
Where Health Payment Systems is headquartered
LocationHeadquarters
- HQ city
- Milwaukee
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Health Payment Systems business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Healthcare Payment Processing: HPS processes medical payments and assumes responsibility for patient billing and collections. The company pays providers directly for both insurance portions and patient responsibility, then manages payment collection from patients through installment plans.
- Provider Network Access: HPS generates revenue through negotiated rates with providers in its network, offering employers and TPAs access to discounted healthcare services through self-funded and level-funded plans.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | PayMedix - Interest-free financing for all in-network allowed charges |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels8 records
Health Payment Systems product offering
Product offeringCore offering
Health Payment Systems operates the PayMedix payment platform and the HPS Independent Provider Network to consolidate billing and guarantee medical payments. PayMedix pays providers in full for in-network allowed charges including the patient out-of-pocket portion, then collects from patients through interest-free installment plans, while the proprietary SuperEOB delivers a single monthly statement replacing multiple EOBs and provider bills. The platform is sold primarily to self-funded employers, brokers, and TPAs, with members accessing services through the OnlineAccess portal.
Product overview
Health Payment Systems (HPS) offers a unified healthcare payment and billing platform centered on the PayMedix payment platform. The core offering combines PayMedix (which guarantees provider payments and provides patient financing) with the SuperEOB consolidated billing statement, supported by the HPS Independent Provider Network of 100+ hospitals and 29,200+ providers. The company expanded its portfolio through the August 2024 acquisition of TempoPay, adding interest-free card-based financing for everyday healthcare expenses. Additional offerings include bundled surgical programs with fixed-cost pricing.
Differentiator
Problem solved
Functional benefit
Brands
- PayMedix: Innovative healthcare payment platform that guarantees payment to providers, credit to patients, and simplicity for all. Has processed more than $5 billion in medical payments.
- TempoPay
- SuperEOB
Products and services
- PayMedix Proprietary healthcare payment platform that guarantees payment to providers for in-network allowed charges including the patient out-of-pocket portion, and provides interest-free credit to patients regardless of credit history. Processes out-of-pocket medical expenses for self-funded employer plans and has handled more than $5 billion in medical payments since inception.
- SuperEOB Proprietary single consolidated monthly statement that combines all of a patient's in-network EOBs and medical bills into one easy-to-understand document. Eliminates confusion from multiple provider bills and EOBs and presents easy payment options; 91% of members say it significantly reduces billing confusion.
- HPS Independent Provider Network Broad independent provider network covering two-thirds of Wisconsin counties with 100+ hospital facilities and 29,200+ individual providers. HPS negotiates rates, takes responsibility for patient billing and collections, and delivers access to discounted healthcare services for self-funded and level-funded employer plans.
- TempoPay Interest-free financing solution delivered via VISA cards that employees can use to pay for medical care, prescriptions, vision, dental, veterinary bills, and other approved health and wellness costs not covered by insurance plans. Acquired from Redesign Health and integrated with PayMedix to create a comprehensive end-to-end healthcare payments solution.
- Bundled Surgical Programs Fixed-cost surgical program offerings that bundle physician, surgery center, anesthesia, and other services into a single bill presented on the SuperEOB. Includes partnerships for bundled GI procedures, hand surgery, and low-cost hospital services through providers such as GI Associates, Ovation Hand, and Door County Medical Center.
Quantifiable outcome
- 91% of members feel SuperEOB significantly reduces billing confusion
- +7 more outcomes
Companies that use Health Payment Systems
Customer profileNamed customers3 records
Segments6 records
Ideal customer profiles5 records
Health Payment Systems technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Health Payment Systems partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- TempoPaycoreHPS/PayMedix acquired TempoPay in August 2024 to expand healthcare financing capabilities. TempoPay offers interest-free financing via VISA cards for health and wellbeing costs including medical, dental, pharmacy, vision, and vet care. The acquisition creates a comprehensive end-to-end payments solution for employees, with TempoPay handling everyday expenses and PayMedix covering all in-network allowed charges.
- Independent Physician's NetworkcoreMike Repka, CEO of Independent Physician's Network, serves as an advocate for HPS. The IPN is a key provider network partner with HPS working together to benefit patients and employers.
- FABOH AdvantageminorFABOH (Fond du Lac Area Business on Health) Advantage partnership delivers HPS network benefits to employers in the Fond du Lac area, maintaining good benefits while better controlling costs.
- Holista bundled program partnersminorBundled surgical program partnerships offering fixed-cost procedures including physician, surgery center, anesthesia, and other services in a single bill presented on the SuperEOB.
- GI AssociatesminorBundled GI procedures program partnership offering fixed-cost gastrointestinal services.
- Ovation HandminorBundled hand surgery program partnership offering specialized orthopedic procedures at fixed costs.
- Door County Medical Center HospitalminorLow-cost hospital bundled program partnership offering fixed-cost hospital services.
Scale indicators15 records
Recent moves6 records
Expansion highlights6 records
Health Payment Systems competitors and assessment
Company assessmentDirect peers
- Cedar: Cedar is a direct competitor to HPS/PayMedix in patient financial engagement — it provides personalized billing, payment plans, and digital-first patient billing for healthcare providers and payers. Both companies compete to consolidate and simplify the post-visit patient payment experience.
- PayZen: PayZen offers 'care now, pay later' patient financing solutions for healthcare providers, directly competing with PayMedix's interest-free patient financing model. Both target providers seeking to reduce bad debt and improve collections.
- VisitPay (now part of Cedar): VisitPay was a direct competitor to HPS in patient billing and payment plans, acquired by Cedar in 2022. Its consolidated billing statement and patient financing model closely mirror HPS's SuperEOB and PayMedix offering.
Broad incumbents
- Zelis: Zelis is a healthcare payments optimization platform serving payers, providers, and members with claims cost management, network solutions, and integrated payments. It overlaps with HPS's provider payment guarantee and network management capabilities at much larger scale.
- Waystar: Waystar provides healthcare payment clearinghouse and revenue cycle software used by hospitals and physician practices. Its patient payment, estimation, and consolidated-statement features overlap with HPS's SuperEOB and PayMedix offerings for providers.
- CareCredit (Synchrony): CareCredit is a Synchrony Financial product offering healthcare-focused credit cards for medical, dental, vision, and veterinary expenses. It is the most established patient-financing incumbent that PayMedix and TempoPay compete against for out-of-pocket healthcare spend.
- Optum (UnitedHealth Group) / Change Healthcare: Optum owns Change Healthcare's payments network and operates one of the largest healthcare payments and clearinghouse infrastructures. It competes across HPS's entire stack — claims, provider payments, and patient billing — at national scale.
Emerging players
- Collectly: Collectly is a patient billing and payments platform that modernizes medical bill collection for healthcare organizations with automated outreach, digital statements, and payment plans — a narrower but adjacent competitor to HPS's billing consolidation.
- Alegeus: Alegeus provides consumer-directed healthcare (CDH), HSA/HRA/FSA administration, and benefit payment technology. It overlaps with TempoPay's card-based benefits wallet and PayMedix's employer benefit administration offerings.
Regional players
- HealthEquity: HealthEquity administers HSAs, HRAs, and consumer-directed benefit accounts. While not a direct billing competitor, it sits in the same patient-pay healthcare wallet ecosystem and competes for employer benefit dollars.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Health Payment Systems social profiles
Digital presenceHealth Payment Systems compliance and trust
Trust signalCompliance2 records
Health Payment Systems financial estimates
Financial estimateRevenue estimate
Valuation estimate
Health Payment Systems leadership team
Management profileNumber of profiles
Profiles16 records
Health Payment Systems subsidiaries and ownership
Company hierarchySubsidiaries2 records
Health Payment Systems funding detail
Funding detailFunding overview
Funding rounds4 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Health Payment Systems M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Health Payment Systems
What does Health Payment Systems do?
Health Payment Systems operates the PayMedix payment platform and the HPS Independent Provider Network to consolidate billing and guarantee medical payments. PayMedix pays providers in full for in-network allowed charges including the patient out-of-pocket portion, then collects from patients through interest-free installment plans, while the proprietary SuperEOB delivers a single monthly statement replacing multiple EOBs and provider bills. The platform is sold primarily to self-funded employers, brokers, and TPAs, with members accessing services through the OnlineAccess portal.
Is Health Payment Systems a public or private company?
Health Payment Systems is a private company. It is classified as private equity controlled and is currently operating.
When was Health Payment Systems founded?
Health Payment Systems was founded in 2005. It employs 11 to 50 people.
Where is Health Payment Systems based?
Health Payment Systems is headquartered in Milwaukee, United States, in the North America region.
How does Health Payment Systems make money?
Two revenue lines are on record. Healthcare Payment Processing is the primary driver. The others are provider Network Access.
Who are Health Payment Systems's main competitors?
Direct peers on record are Cedar, PayZen and VisitPay (now part of Cedar). Broad incumbents are Zelis, Waystar, CareCredit (Synchrony) and Optum (UnitedHealth Group) / Change Healthcare. Emerging players are Collectly and Alegeus. HealthEquity is listed as a regional player.
Does Health Payment Systems have an API?
No public API is recorded for Health Payment Systems.
What industry is Health Payment Systems in?
Health Payment Systems's product category is Healthcare Payment Processing. Its primary akta.pro industry code is HLACAEAI, Patient Financial Engagement (Estimates, Billing Presentment, Payments), with a secondary code of FSAMAJAH, Healthcare Billing & Patient Payments Presentment. Its NAICS code is 524292 and its SIC code is 6324.