PORTLAND, Ore.–(BUSINESS WIRE)–#healthcare–In the race to retain employees in a competitive market, medZERO’s innovative app-based healthcare funding solution is an increasingly attractive add-on benefit for employers.
“In this competitive job market, we want to do everything we can to attract and retain the best employees,” said Candace Atnip, Chief People Officer for Bamboo Sushi. “medZERO’s easy-to-use app offering on demand, interest free access to funds for out of pocket healthcare expenses is something we think our employees will use to proactively make taking care of their health needs more affordable.”
medZERO, a healthcare focused fintech company, is offering an employer sponsored solution to the growing problem of unaffordable health care and increasing medical debt. U.S. households currently have $195 billion in outstanding medical debt, according to the Kaiser Family Foundation and Peterson Center on Health.
It’s a valuable add-on benefit, especially in a competitive hiring market. medZERO offers a zero interest, zero fee loan that is automatically repaid over 12 months via payroll deduction that employees can use like a credit card for instant payment at the doctor, dentist, pharmacy or even for existing bills. This helps take the worry about looming or unexpected medical bills off the minds of employees, something nearly 60 percent of the public lists as a top concern, according to the Kaiser Family Foundation’s newest research.
Portland-based Bamboo Sushi operates ten locations in Portland, Seattle, the Bay Area and Denver and is built around the idea of doing things differently and having real impact, said Atnip. Consistently lauded for their sustainability and innovation, the partnership with medZERO fits into their core values.
Other companies recently signed on include Neuterra Capital, a venture capital firm and Solera National Bank, as well as several other regional and national healthcare companies.
According to new data from the U.S. Chamber of Commerce, over half of small businesses say they are concerned about recruiting enough new employees to fill open positions and 57 percent are concerned about employee retention.
“Recent events led millions of Americans to quit their jobs and seek employment with companies that value them, offering solutions such as ours shows employees how important they are to their organizations by prioritizing their mental and physical health and wellness,” said Craig Froude, medZERO Co-Founder and CEO.
“With our iPhone, Android or desktop app, medZERO offers interest free financing enabling employees to get care now and pay over time ensuring any medically related out of pocket costs can be covered leading to happier, healthier and more productive employees,” Froude said.
“Additionally, employees can instantly save up to 30 percent on out-of-pocket healthcare expenses,” Froude said. This is because medZERO is able to route repayments through the employee’s Health Savings Account, capitalizing on tax advantages for both employers and employees.
About 60 percent of employers offer HSA’s according to a new study by the Society for Human Resource Management.
Since securing $5.7 million in seed funding last year from Silicon Valley powerhouses True Ventures, Village Global and other angel investors, the company launched its app in November 2021 and has been hiring and expanding its customer base.
Earlier this year LG Electronics selected medZERO as one of its “First 50” startups for its large-scale Mission for the Future competition targeting new developments within the areas of Connected Health, Energizing Mobility, Smart Lifestyle, The Metaverse and Innovation for Impact.
medZERO, based in Portland, Ore., is an employer-sponsored financial wellness platform that provides employees a smarter solution to pay for healthcare. medZERO is led by an experienced executive team and backed by industry leading investors. Learn more at medzero.com.
About Bamboo Sushi
Bamboo Sushi, based in Portland, Ore. is a Sustainable Restaurant Group with ten locations in Oregon, Colorado, California and Washington.