29 March 2022

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Finance tech firm to add healthcare to portfolio

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Newcomer, PowerPay, a financial tech company, will add a new vertical to its business with healthcare financing. The company, which launched in 2020, has provided financing to the home improvement sector since that time. 

"We're excited to enter the patient financing vertical because we see an enormous opportunity to disrupt the traditional high merchant fee model currently offered by big banks,” said David Haas, co-founder and chief operating officer at PowerPay. “Offering longer terms with lower rates and no merchant fees eliminates friction in the model and is a win-win for doctors and patients."

Building on their success in the home improvement financing arena after processing $1 billion in loans, the company is branching out to provide backing to healthcare. The healthcare financing division will provide access to cosmetic surgery, dental care, fertility treatments, vision correction surgery, medical spa treatments, and additional elective procedures. 

Medical loans via PowerPay healthcare financing is available for loans as much as $60,000 at 9.99% across 6 months or up to 6 years. The service would be offered through medical facilities, practices, or professionals. Loan origination can be completed through PowerPay’s platform. The platform does not include merchant discounts or fees and delivers full payment to practices, according to the company.

Source: https://www.prnewswire.com/news-releases/powerpay-launches-healthcare-financing-for-medical-professionals-301504439.html