Health Payment Systems, Inc.

What Health Payment Systems, Inc. does

Health Payment Systems (HPS), founded in 2005 and headquartered in Milwaukee, Wisconsin, operates a healthcare payment platform and an independent provider network that consolidates and simplifies medical billing for self-funded employers and their plan members. The company's core technology centers on PayMedix, a payment platform that guarantees upfront payment to providers while extending credit to patients regardless of credit history, paired with SuperEOB, a proprietary consolidated monthly statement that merges all in-network explanation-of-benefits documents and medical bills into a single invoice. HPS also acquired TempoPay in August 2024, extending interest-free financing to broader health, wellness, dental, pharmacy, vision, and pet care expenses via a VISA card product. The platform is network-agnostic and designed to interoperate with any PPO or HMO network, although HPS's owned provider network — comprising over 100 hospitals and 29,200+ individual providers covering roughly two-thirds of Wisconsin counties — remains its strongest regional asset.

HPS serves five distinct customer segments: brokers and employee benefits consultants, self-funded employers, third-party administrators (TPAs), healthcare providers, and individual members. The go-to-market is primarily B2B, executed via channel partnerships with TPAs and insurance brokers supplemented by direct employer sales, with pricing negotiated at the employer benefit plan level rather than disclosed publicly. Revenue mechanics combine transaction-based fees on processed healthcare payments, subscription or per-employee-per-month recurring revenue from employer groups accessing the HPS provider network, and managed-services economics tied to interest-free patient financing. The company reports cumulative processing of over $5 billion in medical payments and over $7 billion in charges, and serves roughly 400+ employer groups covering 19,000+ employees and 41,500+ members, with stated customer retention metrics of 95% annual renewal and 39% of employer clients retained for 10+ years.

Capital structure and ownership shifted meaningfully in February 2021 when SV Health Investors (approximately $2.2 billion AUM) acquired a controlling interest, followed by a $25 million capital raise in January 2023 earmarked for nationwide scaling of the PayMedix platform. Brian Marsella joined as President in 2022 to lead that expansion. The company is positioned as a niche but proven player in healthcare payment innovation, with a regional moat in Wisconsin and stated intent to expand nationally.

Name

Health Payment Systems, Inc.

Legal name

Health Payment Systems, Inc.

Website

https://hps.md

Company type

Private

Founded year

2005

Operating status

Operating

Short description

Health Payment Systems (HPS) operates a healthcare payment platform combining PayMedix credit/financing, the proprietary SuperEOB consolidated billing statement, and an independent Wisconsin provider network, serving self-funded employers, brokers, TPAs, providers, and members.

Ownership category

akta.pro rank

Product category

Healthcare Payments and Billing

NAICS

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)

SIC

Hospital & Medical Service Plans (6324)

akta.pro primary industry

Direct Contracting / Narrow Network PPOs (HLAEANAK)

akta.pro secondary industries

Healthcare Payouts (Payers-to-Providers, Patient Refunds) (FSAMAKAK), Healthcare Billing & Patient Payments Presentment (FSAMAJAH)

Keywords

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

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 generates revenue by processing healthcare payments between providers, employers, and patients. The company pays providers directly for both insurance portions and patient out-of-pocket costs, then handles patient billing and collections. PayMedix has processed more than $5 billion in medical payments for hospitals and physician practices.
2. Interest-Free Patient Financing: Provides interest-free financing for patient out-of-pocket costs up to their out-of-pocket maximums. While marketed as interest-free for patients, the company generates revenue through employer partnerships and assumed patient debt management.
3. Provider Network Access: Revenue generated from employer groups accessing the HPS provider network. The network includes 100+ hospital facilities and 29,200+ individual providers across Wisconsin.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Health Payment Systems (HPS) operates a healthcare payment platform that guarantees payments to providers, extends credit to patients, and consolidates medical billing through the proprietary SuperEOB single statement. The company combines an independent Wisconsin provider network (100+ hospitals, 29,200+ providers) with the PayMedix payment platform and the acquired TempoPay interest-free financing card to simplify healthcare payments for self-funded employers, brokers, TPAs, providers, and patients.

Product overview

Health Payment Systems (HPS) offers a unified healthcare payment ecosystem centered on its PayMedix platform, which combines guaranteed provider payments with patient financing and simplified billing. The core portfolio includes the PayMedix payment platform, the SuperEOB® consolidated billing statement, the HPS independent provider network (100+ hospitals, 29,200+ providers), and the acquired TempoPay interest-free financing card. Bundled Surgical Programs round out the offering with fixed-price surgical packages. The platform is network-agnostic and works with any PPO or HMO network nationwide.

Differentiator

Problem solved

Functional benefit

Brands

• PayMedix: Innovative healthcare payment platform that guarantees payments to providers, provides credit to patients, and simplifies billing through the SuperEOB consolidated statement. Has processed more than $5 billion in medical payments.
• SuperEOB
• TempoPay

Products and services

• PayMedix Innovative payment platform that guarantees payments to healthcare providers, provides credit for patients regardless of credit history, and delivers simplified consolidated billing. PayMedix has processed more than $5 billion in medical payments for hospitals and physician practices.
• SuperEOB Proprietary consolidated monthly statement that combines all in-network explanations of benefits and medical bills for an entire month into one easy-to-understand single statement, showing patients exactly what they owe and offering easy payment options.
• HPS Independent Provider Network Independent provider network in Wisconsin covering two-thirds of Wisconsin counties with 100+ hospital facilities and 29,200+ individual providers. The network negotiates better rates and offers cost-saving solutions including telemedicine and bundled payments for common procedures.
• TempoPay Interest-free financing solution for health and wellbeing care that overlays current insurance plans. TempoPay VISA cards allow employees to pay for medical, dental, pharmacy, vision, and veterinary expenses, with repayment over time interest-free via payroll or bank account.
• Bundled Surgical Programs Package pricing program where services including physician fees, surgery center costs, anesthesia, and other related services are presented as a single fixed cost on the PayMedix SuperEOB. Partner programs include Holista, GI Associates, Ovation Hand, and Door County Medical Hospital.

Quantifiable outcome

• Cash yield increase for healthcare organizations: up to 9.5%
• +5 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• TempoPaycoreStrategic or Co-development Partner · 6 August 2024HPS/PayMedix acquired TempoPay, an innovative payments solution created at Redesign Health that helps employees access medical, dental, pharmacy, and other expenses not paid by insurance. Together they offer comprehensive healthcare financing and payments solution addressing health equity and affordability.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• AccessOne: AccessOne is a patient financing platform that offers interest-free and long-term healthcare payment plans to providers and health systems — closely aligned with PayMedix's credit-blind financing value proposition.
• MedPut: MedPut offers employer-sponsored, interest-free healthcare financing cards for out-of-pocket medical expenses — directly comparable to PayMedix's credit-blind patient credit solution.
• Paytient: Paytient provides interest-free healthcare financing through employer-sponsored payment cards, directly mirroring PayMedix's patient-credit model for out-of-pocket medical costs.
• Cedar: Cedar is a healthcare billing and patient payment platform that consolidates statements and modernizes provider revenue cycle — directly comparable to HPS's SuperEOB consolidated billing and PayMedix payment capabilities.

Broad incumbents

• Zelis: Zelis is a healthcare payments optimization company that handles provider network management, claims editing, and payment integrity — overlapping with HPS's provider network contracting and payment processing functions at a national scale.
• HealthEdge: HealthEdge provides core administrative processing systems for health plans, including payment and claims platforms — a broader incumbent whose payer-side payment infrastructure competes for the same TPAs and self-funded plans HPS targets.
• CareCredit (Synchrony): CareCredit, owned by Synchrony Financial, is the largest dedicated healthcare patient financing platform in the US — overlapping with PayMedix's patient financing and provider payment guarantee offerings, though CareCredit is credit-scored rather than credit-blind.
• MultiPlan: MultiPlan operates one of the largest independent provider networks and cost-management platforms in the US — directly analogous to HPS's independent network of 100+ hospitals and 29,200+ providers in Wisconsin, but at national scale.

Emerging players

• Collectly: Collectly provides AI-driven patient billing, payments, and propensity-to-pay workflows for healthcare providers — an emerging competitor addressing the same patient billing confusion problem HPS targets with SuperEOB.
• PayGround: PayGround is a healthcare payment platform that consolidates bills from multiple providers into a single statement and supports flexible payment plans — overlapping with HPS's SuperEOB and PayMedix value propositions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@HealthPaymentSystems
• LinkedInlinkedin.com/company/health-payment-systems-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Health Payment Systems, Inc.