Healthcare Leaders Chose Papaya as Start-Up with Most Innovative Solution for Bending the Cost Curve

Healthcare Leaders Chose Papaya as Start-Up with Most Innovative Solution for Bending the Cost Curve

Papaya was voted the healthcare start-up with the most innovative solution for bending the cost curve by healthcare leaders attending the Healthcare Financial Management Association’s (HFMA’s) Annual Conference in Orlando, which concluded on June 26. Papaya, based in Los Angeles, developed a mobile phone-based healthcare bill paying system. In the company’s first three years, its app has processed payments made to more than 50,000 merchants in healthcare and other sectors.

“Congratulations to Papaya. We wish them continued success in the marketplace,” said HFMA President and CEO, Joseph J. Fifer, FHFMA, CPA. “All the finalists in the Virtual Pitch Contest have developed innovative solutions and we were pleased to share them with the healthcare finance community.”

This is the second consecutive year that HFMA has held the Virtual Pitch Contest, sponsored by CareCredit, a Synchrony solution, in conjunction with its annual conference. CareCredit, which has received the Peer Reviewed by HFMA® designation, is a proven payment solution for patients’ rising-out of-pocket healthcare costs. The competition is designed to offer exposure to start-ups that show promise for reducing the rate of healthcare cost growth. The 2018 winner was Transitional Cardiac Care LLC, an education and monitoring service for patients who have been discharged with a diagnosis of congestive heart failure.

“As a member of the healthcare industry, we have a responsibility to help find solutions for ever-rising healthcare costs,” said Beto Casellas, EVP and CEO, CareCredit. “Sponsoring HFMA’s Virtual Pitch allows us to support innovators who share our belief in making healthcare more affordable and accessible to consumers.”

Healthcare leaders who attended HFMA’s Annual Conference in Orlando, June 23-26, had opportunities to experience pitches from all 10 finalists live from the Innovation Stage at the HFMA Annual Conference. Finalists also staffed booths in the Innovation Hub, where they answered additional questions about their product or service.

As the 2019 winner, with support from CareCredit, Papaya will be featured in an HFMA news item and an article published in hfm magazine, and on HFMA’s website. Representatives will also present a webinar to HFMA members.

Other finalists in the competition included Cara Cook Consulting, LLC, with a customized emergency room staffing tool; cliexa, Inc.’s tool for unleashing the power of patient-reported data; Digitize. AI, with an artificial intelligence-enabled system for improving the health insurance prior authorization process; Droice Labs, with a risk stratification system for use in population health management; Elevate 340B, with a performance-based system for improving drug purchasing processes; Lumme, Inc., with a personalized, app-based smoking cessation program; Next Health Choice, which automates coverage verification and pre-authorization; SimBioSys, with a software platform designed to enable precision medicine in oncology; and StoCastic E-LOS, a hospital electronic length of stay prediction tool. 

About HFMA 
With more than 42,000 members, the Healthcare Financial Management Association (HFMA) is the nation's premier membership organization for healthcare finance leaders. HFMA builds and supports coalitions with other healthcare associations and industry groups to achieve consensus on solutions for the challenges the U.S. healthcare system faces today. Working with a broad cross-section of stakeholders, HFMA identifies gaps throughout the healthcare delivery system and bridges them through the establishment and sharing of knowledge and best practices. We help healthcare stakeholders achieve optimal results by creating and providing education, analysis, and practical tools and solutions. Our mission is to lead the financial management of healthcare.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $140 billion in sales financed and 80.3 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to move our customers and partners forward. More information can be found at synchrony.com and through Twitter: @Synchrony.

About CareCredit
CareCredit, a Synchrony solution, is a leading provider of promotional financing to consumers for health, veterinary and personal care procedures, services and products. For more than 30 years, CareCredit has helped millions of people by offering special financing options with convenient monthly payments. CareCredit is accepted at more than 220,000 locations for a wide variety of health and wellness procedures, treatments, products and services. More information can be found at www.carecredit.com/hfma.