Paytient is a financial technology company on a mission to help people better access and afford healthcare. Pulse 2.0 interviewed Paytient founder and CEO Brian Whorley to learn more.
Brian Whorley’s Background
Whorley is at his best when he is building. And Whorley said:
“Whether it’s building a process, a department, a team, a culture, or a business— I love looking back and seeing a meaningful change, a clear before and after.”
“I worked in healthcare, serving my community for over a decade in various leadership roles at a community-owned hospital. I continued service to mid-Missouri as a board member and later chairman of the Columbia Airport Board, an appointed member of the Employee Health Trust of Boone County.”
Formation Of Paytient
How did the idea for Paytient come together? Whorley shared:
“What you see today is the culmination of lessons learned over 15+ years in healthcare and the foundation of our aspirations for how we see healthcare changing over the next two or three decades. That’s the timeline we’re building and thinking on.”
“I don’t see every deductible for every person in the US going to zero any time soon, and the present state has far too many employers, providers, insurers, and, most importantly, patients living with too much pain.”
“There are some inefficient, inadequate, and frankly harmful practices and products out there— ensnaring providers and patients alike— and it just bothered me. Our country needs hospitals and physicians who can expect reliable, adequate (not egregious) reimbursement for delivering life-saving and life-enhancing care. And that shouldn’t introduce financial harm to patients or providers.”
“It is clear in my mind’s eye what healthcare will look, feel, and function like in 2040, and what you see Paytient doing today is, in part, laying the rails so the world is ready for when that different future comes to fruition.”
Favorite Memory
What has been your favorite memory working for Paytient so far? Whorley reflected:
“There’s a spiritual concept of grace that is defined as ‘undeserved forgiveness.’ I don’t know what the business version of that is for the extension of undeserved trust, but I think that concept is the common thread in Paytient’s most meaningful moments so far.”
“Moments like when a large consortium of school districts believed we could help their teachers live better, but at the time, they were like 3x all of our other clients combined— they trusted us, and we delivered. Or when an Associate Partner from McKinsey, an Actuarial Executive from Anthem, or the former President of a large benefit brokerage left really, really great roles, taking leaps of faith to join our team. Or when people simply use Paytient for the first time, trusting that we’ll make that uncertain moment a little better. I live for those moments.”
Challenges Faced
What challenges have you faced in building Paytient? Whorley acknowledged:
“Functionally, what we do is help people pay for care, but the way we do it is novel, so we’re creating this category within the broader set of benefits employers offer. When you’re truly a category creator or visionary, before you reach a certain threshold, the CEO role is more like a Chief Evangelical Officer… You’re out in the wilderness trying to build a band of believers among skeptics. It’s trying work, but it’s the crucible that one must endure to be the first.”
“The macroeconomic factors are what they are; you’re mindful of them and can’t blame them for anything. You have to be a good steward of the resources you’ve been entrusted with; that’s just par in my mind— a threshold for us as a management team. I’ve seen some inexperienced founders struggle with that… far more companies die by negligence than murder.”
Core Products
What are Paytient’s core products and features? Whorley explained:
“Paytient is an employer-sponsored benefit that removes financial barriers to care while boosting retention, health equity, and financial wellbeing.
Here’s how it works:
Employers determine the credit allowance, max repayment terms, and approved spending categories, typically $500 to $5,000 for medical, dental, vision, pharmacy, mental health, and vet care. Max repayment terms range from 12-36 months.
Employees activate their card with NO CREDIT CHECK. Once approved, they have access to their virtual Visa card (a physical card followed by mail).
After each transaction, employees set a repayment plan that works for them. Payments are deducted via payroll or a linked bank account with NO INTEREST OR FEES — EVER. If past due, cards are frozen. Employers are NOT RESPONSIBLE for unpaid balances, and there is no impact to employees’ credit scores.
Paytient pairs easily with any health plan can be introduced off-cycle, and compliments HSAs/FSAs and other financial wellness benefits.”
Evolution Of Paytient’s Technology
How has Paytient’s technology evolved since launching? Whorley noted:
“Our mission since day one has been word for word: help people better access and afford care. How we do that certainly has become increasingly sophisticated as we lean into that challenge with some of the country’s largest employers, insurers, and health systems. Fundamentally, people will always seek experiences where they’re more in control and have more say in how they live their lives. I can’t see the inverse. As Paytient’s product grows, you’ll see us availing and enabling more and more certainty, choice and dignity in American healthcare.”
Significant Milestones
What have been some of Paytient’s most significant milestones? Whorley cited:
“Most founders will point to some moment-in-time pops like capital raised or something. I focus on the timeless. What matters most is the durability of our business, as evidenced by customer satisfaction, retention, and growth. Many clever people can tell a good story to get a sale, but few are as focused as we are on the second, third, and tenth sale from the same customer. After five years now, our customer retention and expansion is the most significant thing.”
Customer Success Stories
After asking Whorley about customer success stories, he replied:
“Amy‘s, Alexis, and Johnathon’s stories are ones we’re really proud of. We are also proud to share the story of Fitzgibbon Hospital’s employees gaining access to care through Paytient. Overall, we see the following feedback and utilization from members:
- Of users who swipe their card once, 85%+ will swipe again.
- Thanks to positive member feedback, Paytient has 4.9 stars on Trustpilot and an NPS of 91+.
- Paytient has a clinical impact around improved medication adherence: 52% of swipes are pharmacy, and 67% of cardholders say they would not have gotten a prescription or care without Paytient.
- More consistent chronic condition treatment: 42% of adults have two or more chronic conditions, and with 67% of users telling us that if they did not have Paytient, they would have skipped or delayed the care they received that means out of everyone hundred people in your employee population, 28 are likely delaying necessary care or prescriptions for chronic conditions. Paytient has solved this problem, ensuring that one in four employees chooses to receive care rather than delay it.
- Earlier diagnosis and treatment of disease (e.g. melanoma). Earlier care is less expensive care that promotes wellness and productivity.
- Employees with chronic conditions see cost reductions of up to 10%, mostly through quicker engagement with their PCP. Removing financial barriers to care promotes earlier diagnosis and better medication adherence, which results in fewer costly medical interventions down the road.”
Funding
Upon asking Whorley about funding, he replied:
“Paytient is well-resourced for what’s ahead. We have placed $55.5 million of company equity with high-conviction, long-term investors, including Inspired Capital, Mercato Partners, Bertelsmann Investments, Lightbank, Felicis Ventures, Box Group, and Lachy Groom.”
Total Addressable Market
What total addressable market (TAM) size Paytient is pursuing? Whorley assessed:
“It’s interesting—by making it easier for people to pay for care, we’re shifting the demand curve to the right and creating incremental demand for care— we are enlarging the market by virtue of what we do. There is an ocean of opportunity to help employers and patients buy better care at a lower price. The challenge is encouraging partners to leave the crowded beach that is owned by the status quo.”
Differentiation From The Competition
What differentiates Paytient from its competition?
“From the patient’s point of view, when they’re standing in a surgery center, a vet’s office, or a pharmacy and they have to pay, Paytient wins that decision. No application, no awkward conversation, no interest, no fees, no credit check, no cumbersome procedures or delay.”
“Simply swipe your Paytient card or tap the app to pay and confidently walk out the door and pick a payment plan that works best for you and your family’s budget.”
Future Company Goals
What are some of Paytient’s future company goals?
“Fundamentally, people will always seek experiences where they’re more in control and have more say in how they live their lives. I can’t see the inverse. As Paytient’s product grows, you’ll see us availing & enabling more and more certainty, choice & dignity in American healthcare.”
