TempoPay, a subsidiary of industry-leading healthcare financing and payments solutions provider PayMedix, today announced the availability of TempoPay Rx, a financing solution designed to address the growing trend in prescription drug non-adherence across the country.
“We are excited to bring TempoPay Rx to the market and help create simpler and more affordable access to prescription medications for our clients,” said Tom Policelli, CEO, PayMedix. “We have seen how decreasing financial barriers to medical care has improved health outcomes for members and financial results for our employer clients. Expanding this to include pharmacy costs is the next logical step to help consumers get the care they need when they need it.”
With prescription drug prices rising at more than twice the rate of inflation, access and affordability for the nearly two-thirds (61%) of Americans who take prescription medications has become a serious concern. More than half (55%) of Americans report being worried about affording their prescription drug costs and nearly one-third (31%) have avoided taking medications as prescribed due to cost.
TempoPay Rx is a card-based financing solution that provides enrolled employees with access to interest-free financing for prescription medications for themselves and their dependents. Employees of participating employers can receive the benefit with no credit checks or income requirements. The program offers interest and fee-free financing on a revolving basis, with flexible repayment terms made either via bank account or payroll deductions. TempoPay Rx members can access their benefit via the TempoPay app and can use either their mobile wallet or a TempoPay VISA® card to pay.
PayMedix has been providing interest-free financing for in-network medical care for over 15 years. It recently completed a comprehensive study of the long-term benefits of its innovative payments solution on 45,000 active members in Wisconsin and found that not only was in-patient hospital care of PayMedix members lower than national averages by 8%, but employer medical trend increases were nearly 40% lower than the national average.
“Making prescription medications more accessible by lowering the financing barriers ultimately brings the cost of healthcare down,” said Brian Marsella, President, PayMedix. “It’s a fact that medication non-adherence leads to worsening health, increased emergency room visits and hospital admissions, driving costs higher. Our clients have experienced enormous value from our medical care financing and have asked for expanded support for prescription medications. We’re proud to extend TempoPay Rx to all of our HPS employer groups this summer. Employers can further enhance this benefit with additional coverage for more funding or types of needs, ensuring comprehensive support for their employees.”
TempoPay Rx will be available for all PayMedix employer groups in the HPS medical network at no additional cost beginning August 2025, with $500 in revolving funds to help subscribers afford prescription medications for themselves and their dependents. In addition to TempoPay Rx, interest-free financing for medical, dental and vision care is available through the TempoPay platform for any employer nationwide. More information can be found at www.tempopay.com.
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