While doctors may receive a co-pay at the time of visit, the full amount owed by the patient is not known until the insurance company processes the claim several weeks later.
This gap makes the chances exceptionally small that physicians will ever receive full payment for their services once the patient has left the office.
Zing is an internet based lending platform that gives real-time cost-of-care estimates and 0% interest payment options to the patient, ensuring that doctors receive payment for their services.
Over $400 billion dollars were spent last year on medical insurance costs including premiums, deductibles, and co-insurance. Medical insurance costs are ever expanding resulting in patients getting stuck with the bills.
This shift in the industry often leaves medical offices in a lurch and patients with limited financing options for their deductibles.
Collecting a co-pay at the time of the visit only covers a fraction of the cost. For physicians to know the full amount due, they must wait an average of six weeks for the claim to be processed by the insurance company.
Once so much time has passed, the chance of patients paying their remaining amount due is minimal. In fact, the collection rate for unpaid medical expenses is only 20%. Patients spend weeks waiting to see the final outcome of their financial burden and are left with limited options, leaving 80% of medical expenses uncollected.
Doctors often find themselves never getting paid for their services rendered and patients are on the brink of financial meltdown since financing options are limited.
Zing offers patients a 0% payment option right at the time of the visit. By providing doctors a cost-of-care insurance estimator and easy payment options for the patient, payment can be secured right away, with no wait for the doctor or patient.
The days of doctors letting patients leave the office without knowing if they’ll ever receive payment for their services is over. Zing secures payment immediately, no wait required.
Patient Portal –
Physician’s App –
Zing is the first and only lender of its kind available to traditional doctors offices. Our system provides doctors with an immediate estimate of what the patients’ out-of-pocket cost will be once the insurance claim has been processed.
Zing makes it easy for doctors and patients alike by providing three easy payment options:
Pay in full using a stored credit card (done directly with the doctors merchant services)
Finance in 6 equal installment payments using the patient’s existing Visa or MasterCard (No interest charged)
Finance the amount due through Zing at 0% APR interest.
Once a customer has set up their payment plan with Zing, Zing funds the the doctor’s’ office the full amount of the transaction minus 15% of the total transaction value, Zing’s fee. Considering that the success rate for receiving payment once a patient’s bill has gone into collections is a mere 20%, the fee is minimal to the physician.
By using Zing, doctors go from potentially receiving zero money from the patient (uncollected expenses) to securing their payment before the patient has even left the office. This is a huge win for doctors and patients abound.
Zing has created a great deal of excitement in several medical offices and has substantial validation for the product and momentum behind the business.
Upon successful competition of our beta, we will expand Zing statewide and then further across the country.
Want to learn more about Zing Health and what they have planned for the future? Make sure to request access to the Business Plan tab of the profile to find out how you can get involved!
A former COO at SDS (10 million annual gross), Weiss brings his financial expertise and more than 15 years of consumer financing experience at positions with top companies JP Morgan, CitiGroup.
The current CEO of Restorative Foot and Ankle Center, Silverstone lends Zing important healthcare background and experience in private practice.
Bensinger is a partner at McGrail & Bensinger LLP, and lends his legal background and expertise to the Zing team.