Leveling the Healthcare Playing Field: A Conversation with PayZen's Itzik Cohen

In this episode, we speak with Itzik Cohen, CEO of PayZen, a fintech company transforming healthcare affordability. Drawing on his experience as a professional basketball player, Cohen shares how teamwork, leadership, and focus are central to both sports and business. PayZen’s mission is to make healthcare more accessible and affordable for patients while solving revenue challenges for healthcare providers.

 

Key Themes:

Shifting Payment Responsibility in Healthcare

Over the last two decades, healthcare costs have increasingly fallen on patients due to rising deductibles and out-of-pocket expenses. Cohen highlights this shift, describing how patient financial responsibility has grown from 5% to over 20% of a provider’s revenue. This consumerization of healthcare places a heavy burden on families, often limiting access to necessary care.

Healthcare Providers and Financial Strain

As patient payments become a larger portion of healthcare revenue, providers face new challenges in collecting payments. Cohen explains how PayZen helps healthcare organizations address this, automating payment plans and easing administrative burdens.

PayZen's Solutions

PayZen leverages fintech to create patient-friendly payment options. The platform uses data to underwrite patients and offer automated, personalized payment plans—sometimes extending up to five years. This has led to significant increase in patients fulfilling their obligations.

Key features include:

Patient Care Card, Financial Assistance Automation, AI Integration

Responsible Growth and Financial Discipline

Cohen emphasizes the importance of careful financial management. PayZen raises funds only when necessary and focuses on financial sustainability. This disciplined approach ensures that PayZen can grow while maintaining operational excellence.

 

Focus and Execution

Cohen believes in doing one thing exceptionally well. For PayZen, that means focusing on healthcare affordability and payment solutions. This principle guides the company’s product development and overall strategy.

 

Notable Quotes:

"Many families with jobs and insurance still can't afford their deductibles. The financial load is just too much."

"We say yes to everyone. No fees, no interest."

"30% of healthcare costs are due to administrative overhead. We're automating that process."

"We only raise money when we need to—not before or after. It’s all about disciplined growth."

Chapter Summary:

(01:00) – Introduction to Itzik Cohen and his background, including his career in professional basketball and his experience with companies like Webex and Prosper Marketplace.

(04:00) – The consumerization of healthcare and PayZen’s solutions for alleviating the financial burden on patients and providers.

(15:00) – Expansion into financial assistance and PayZen's no-interest, no-fee model for extended payment plans.

(22:00) – PayZen's use of AI to optimize payment plans and automate patient interactions.

(29:00) – Cohen discusses PayZen's disciplined approach to growth and financial planning, ensuring sustainability in a challenging market.

(35:00) – Reflections on leadership, team culture, and hiring for curiosity and impact at PayZen.

 

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