In today's installment of The Bright Founders Talk, we have the pleasure of introducing Itzik Cohen, the Co-Founder and CEO of PayZen, a company at the forefront of healthcare affordability solutions in the United States. As we navigate through a comprehensive dialogue with Itzik, his insights shine a light on the complexities and challenges within the American healthcare payment landscape.
PayZen emerges as a beacon of hope, tackling the daunting out-of-pocket expenses that plague the average American family. Itzik's expertise, gained from his previous ventures in FinTech, fuels PayZen's mission to offer interest-free payment options to patients, while also providing healthcare providers with tools to improve payment adherence.
This interview promises to unveil the story behind PayZen's inception, rooted in data-driven realizations about the rising tide of medical debt. Join us as we explore the innovative pathways PayZen is carving out to make healthcare expenses more manageable, and delve into the potential massive social impact this FinTech approach could have in the broader economic spectrum.
The Birth of PayZen: Tackling America's Mounting Medical Debt with Fintech Innovation
Itzik Cohen, the driving force behind PayZen, paints a picture of a United States where healthcare is an economic burden rather than a fundamental right. With the average family shelling out about $4,000 a year on medical expenses not covered by insurance, Itzik recognized the growing chasm between healthcare costs and affordability. His revelation? This wasn’t just a medical issue; it was a financial one ripe for a Fintech solution. “We don’t make healthcare more expensive,” Itzik asserts, highlighting PayZen’s commitment to affordability without additional fees — a refreshing stance in an era where hidden charges are all too common.
We don’t make healthcare more expensive
Sifting through layers of financial data, Itzik and his co-founders spotted an alarming trend: medical debt was on the rise, outpacing credit card and loan debt at an unprecedented rate. This wasn’t just a line on a graph; it was a storyline of struggling families and overwhelmed providers. It's a scenario that Itzik and his team couldn’t ignore, propelling them to create a platform that offers sustainable payment solutions. "The fastest growing type of debt was medical,” Itzik Cohen reflects, stressing the urgency and the human stories behind the statistics.
Cohen doesn’t shy away from the enormity of the problem PayZen is tackling — a staggering $430 billion in medical bills annually with only a fraction settled in full. It's a Goliath-sized challenge for PayZen, but with Itzik Cohen's blend of big-picture thinking and fintech acumen, the company has become a David with a cause. PayZen’s trajectory speaks to a market desperate for change and a healthcare system in dire need of a financial defibrillator. “There's just a tremendous need in the industry for this,” Cohen acknowledges, casting a vision of a future where medical bills don't equate to financial ruin.
Redefining Healthcare Economics: PayZen's Mission to Tackle Medical Debt with Itzik Cohen at the Helm
In the heat of a conversation that could easily sway towards the technical, Itzik Cohen brings a human touch to fintech. Under his leadership, PayZen is not merely a company; it’s a beacon of hope for Americans grappling with healthcare affordability. Itzik’s journey with PayZen began not with a bang, but with the steady drum of perseverance through the tumultuous times of a global pandemic. The challenge wasn't just introducing a new concept to a market knee-deep in a crisis, but also ensuring it resonated with the core issues of its customers. As he candidly reveals, “It did not go as smooth… it’s never a straight line,” which speaks volumes about the rocky inception phase that laid the groundwork for PayZen's current success.
Itzik Cohen’s recount of the early days paints a picture of a company navigating through an industry clogged with antiquated methods and desperately needing innovation. With an economic crunch tightening its grip and a global health crisis on their doorstep, PayZen's strategic patience paid off. It’s a testament to their adaptability and foresight, where early adopters of their platform were not just clients but collaborators. This synergy between PayZen and pioneering customers carved a path for a fintech solution perfectly tailored to address the intricate labyrinth of healthcare payments. Itzik's narrative is a mix of realism and optimism, with a focus on methodical growth and learning from the ground up, especially when he notes, “Without those two early customers... we could not have built a product so well.”
Without those two early customers… we could not have built a product so well
The spirit of resilience resonates through Itzik’s reflections on his team's journey, where challenges are but stepping stones. With the market’s volatility as a backdrop—ranging from tech bubbles to wars—the team’s unwavering focus on sustainability and sensible unit economics has been the driving force behind their success. Cohen sums it up with an insight that cuts to the core of any entrepreneurial venture: “The what makes big companies is the ability to survive and react very quickly, but also starting from just being focused on first principles.” PayZen’s story, as narrated by Itzik, is not just about survival, but about thriving through foresight, innovation, and a relentless drive to make healthcare economically accessible for all.
Innovating with Heart: Itzik on Entrepreneurship, Team Dynamics, and Making a Difference
From the basketball courts to the boardroom, Itzik's competitive drive has been the engine of his entrepreneurial spirit. It's not just about the hustle or the grind; it's the nuanced understanding of team dynamics and leadership that has shaped Itzik's path to success. Reflecting on his pivot from professional sports to tech visionary, he quips, "I never wanted to be CEO, but I ended up personality-wise just kind of getting into it." Itzik acknowledges his past as a professional basketball player as a crucial ingredient to his CEO acumen, emphasizing the value of being a part of a team and understanding the essence of leadership. This was no overnight metamorphosis; it's been an evolution of Itzik's skills and a testament to his adaptability—recognizing that every pivot, every play, is part of the greater game of business.
I never wanted to be CEO, but I ended up personality-wise just kind of getting into it
When Itzik talks about forming his dream team, he's not looking for just a résumé that ticks all the boxes; he's searching for souls that echo the company's mission. "We have a very strict no jerk policy," Itzik reveals, underscoring the significance of team harmony and shared values. The focus isn't solely on technical prowess but on the candidates' alignment with the company's North Star. For Itzik, the collective obsession to solve a problem and the dedication to the mission are the cornerstone of his hiring process. "We only hire people that this is a very important topic for them in their lives," he says, highlighting the emotional connection his team has with their work—aiming to make healthcare more accessible and affordable, never forgetting the human element at the core of their tech-driven endeavors.
At the heart of Itzik's leadership lies a steadfast commitment to the company's mission and values. He's not just running a business; he's spearheading a crusade to reduce the financial burden of healthcare. "We say yes to everyone," Itzik asserts, showcasing a revolutionary approach in a field where 'no' is too often the default. This bold stance requires a deep well of innovative thought and the courage to reimagine what's possible. As Itzik's venture grows and applications pour in by the hundreds, it's clear that his message resonates widely. It's a clarion call to those who not only seek success in their careers but also yearn to contribute to a cause greater than themselves—a call to make their mark in a way that will echo through the lives they touch.
The Maverick of Healthcare: Itzik's Bold Mission to Transform Patient Affordability
Hearing Itzik recount his journey, it’s clear that competitive sports were more than just a game for him; they were a prelude to his business saga. "I never wanted to be CEO," he muses, revealing a humility that's as refreshing as it is rare. But life has a way of leveraging our strengths in ways we least expect. His years at WebEx were more than a job; they were an apprenticeship under the wings of a CEO, culminating in an inadvertent yet inevitable rise to leadership. Itzik’s take on success and failure is disarmingly simple: “It’s an evolution.” From basketball courts to boardrooms, his drive is a testament to his growth-oriented mindset. His secret? Embrace the game, whether with a ball or a business plan.
Just as a basketball team is nothing without its players, Itzik believes a company is only as strong as its team. For him, the quest for co-founders and colleagues is akin to drafting an all-star team - skills are essential, but the spirit is non-negotiable. "We made a decision; we're going to hire only the best people," Itzik asserts, enforcing a "no jerk policy" that's as straightforward as it is essential. He's not just building a company; he's cultivating a culture—a family that shares a "Northstar," a collective ambition to make healthcare more accessible. It’s not the profit that excites him the most, but the prospect of making a profound impact. Itzik encapsulates his ethos best: "You need to come to work motivated not only by doing well... But this should be a mission."
We made a decision; we're going to hire only the best people
Itzik isn't just playing the long game; he's redefining it. His vision of PayZen as an enduring entity is bold and unwavering, promising a revolution in the daunting maze of healthcare finance. With plans to automate and simplify the monolithic task of patient billing, he's not merely addressing a gap; he's bridging it with innovation. His goal? To expand PayZen's reach and make a tangible difference in millions of lives. "We're really the first ones addressing [healthcare affordability] holistically," he explains with a passion that could ignite even the most cynical of hearts. With an "operating system for healthcare affordability," Itzik is not just foreseeing the future; he's architecting it, one solution at a time.
