Health Payment Systems

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.

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

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

• Healthcare payment processing
• Medical billing consolidation
• Self-funded health plans
• Provider network management
• Patient financing services

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core 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

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• TempoPaycoreStrategic or Co-development Partner · 6 August 2024HPS/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 NetworkcoreStrategic or Co-development PartnerMike 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 AdvantageminorStrategic or Co-development PartnerFABOH (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 partnersminorStrategic or Co-development PartnerBundled surgical program partnerships offering fixed-cost procedures including physician, surgery center, anesthesia, and other services in a single bill presented on the SuperEOB.
• GI AssociatesminorStrategic or Co-development PartnerBundled GI procedures program partnership offering fixed-cost gastrointestinal services.
• Ovation HandminorStrategic or Co-development PartnerBundled hand surgery program partnership offering specialized orthopedic procedures at fixed costs.
• Door County Medical Center HospitalminorStrategic or Co-development PartnerLow-cost hospital bundled program partnership offering fixed-cost hospital services.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct 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

• Xtwitter.com/HPSOneBill
• YouTubeyoutube.com/@HealthPaymentSystems
• LinkedInlinkedin.com/company/18376963

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Health Payment Systems