Paysign Announces 2024 Performance Analysis of Patient Affordability Solutions

Rhea-AI Summary

Paysign (NASDAQ: PAYS) has released its 2024 performance analysis for patient affordability solutions. The company's dynamic business rules feature, introduced in 2022, achieved significant results by saving pharmaceutical program sponsors over $100 million in 2024 through mitigating copay maximizer impacts with 97% accuracy.

Key 2024 achievements include: supporting 66+ retail and specialty pharmaceutical programs, assisting more than 500,000 unique patients (double compared to 2023), and contributing over $600 million toward prescription fulfillment expenses. The company's patient affordability platform offers configurable tools for copay assistance programs and pharmaceutical manufacturers' brand strategies, featuring real-time modifications to program criteria.

Positive

• Saved pharmaceutical program sponsors over $100 million in 2024
• Achieved 97% accuracy in identifying impacted claims on first fill
• Doubled patient assistance to over 500,000 unique patients compared to 2023
• Contributed $600+ million toward prescription fulfillment expenses
• Expanded program support to 66+ retail and specialty pharmaceutical programs

Negative

• None.

Insights

Financial Technology Analyst

The 2024 performance metrics reveal Paysign's strengthening position in the $21 billion copay assistance market. The doubling of unique patients served to 500,000+ indicates substantial market penetration and recurring revenue potential. Their proprietary technology's 97% accuracy in identifying copay maximizer claims represents a significant competitive advantage in an industry where precision directly correlates with cost savings.

The $100 million in sponsor savings demonstrates the platform's value proposition, likely translating to higher client retention rates and potential pricing power. Supporting 66+ pharmaceutical programs across various therapeutic classes suggests strong diversification and reduced dependency risk. The platform's configurable nature and real-time modification capabilities position Paysign favorably for capturing additional market share in the growing specialty pharmaceutical segment.

The successful expansion in healthcare and life sciences marks a strategic pivot from Paysign's traditional prepaid card business. This diversification into higher-margin healthcare technology solutions could drive improved profitability metrics. The company's ability to attract "the world's largest pharmaceutical companies" suggests strong product-market fit and potential for sustained growth through enterprise client acquisition.

Proprietary Feature Demonstrates Advanced Accuracy in Mitigating Copay Maximizers

HENDERSON, Nev.--(BUSINESS WIRE)-- Paysign, Inc. (NASDAQ: PAYS), a leading provider of patient affordability solutions, financial technology products, and integrated payment processing services, today announced its annual performance analysis of pharmaceutical copay programs leveraging their patient affordability solutions. Paysign’s dynamic business rules feature, which the company introduced in 2022 to mitigate the harmful financial impact of copay maximizers on both patients and pharmaceutical program sponsors, saved their clients more than $100 million in 2024 alone. Due to its ability to identify impacted claims on the first fill with 97% accuracy, this technology is an industry first and unique in the marketplace.

Annual product data found the company’s innovative patient affordability solutions achieved these noteworthy successes in 2024:

• Saved over $100 million for pharmaceutical program sponsors by shielding funds from being diverted
• Supported 66+ retail and specialty pharmaceutical programs in diverse therapeutic classes
• Assisted more than 500,000 unique patients – a figure that more than doubled compared to 2023
• Powered programs that contributed more than $600 million toward prescription fulfillment expenses

“2024 was a pivotal year for our patient affordability business,” said Matt Turner, President of Patient Affordability at Paysign. “An increasing number of the world’s largest pharmaceutical companies trusted our technologies to help remove financial hurdles their patients face when starting or continuing therapy. Our team’s dedication and adaptability in addressing copay maximizer risks has proven invaluable, and we are proud to lessen the financial burden on patients.”

As these 2024 results demonstrate, Paysign is steadily broadening its presence across the healthcare ecosystem. The accomplishments in patient and client savings highlight the advanced efficacy of Paysign’s solutions.

“Achieving these milestones is a testament to the true spirit of innovation we put into the patient affordability suite of solutions,” said Mark Newcomer, Chief Executive Officer of Paysign. “I’m thrilled to see Paysign continue its expansion in healthcare and life sciences, and we remain committed to enhancing our capabilities in this space.”

Paysign’s innovative patient affordability platform offers tools that can be configured to the specific needs of each copay assistance program and pharmaceutical manufacturers’ brand strategies. Dynamic business rules – the platform’s standout capability – enables real-time modifications to program criteria to reduce the impact of copay maximizers, ensuring seamless benefit experiences for patients and providers. Visit paysign.com/rx to learn more

Forward-Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. Paysign undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

About Paysign

Paysign, Inc. is a leading provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services, and integrated payment processing designed for businesses, consumers and government institutions. Incorporated in 1995 and headquartered in southern Nevada, the company creates customized, innovative payment solutions for clients across all industries, including pharmaceutical, healthcare, hospitality, and retail. Built on the foundation of a reliable payments platform, Paysign’s end-to-end technologies securely enable digital payout solutions and facilitate the distribution of funds for donor compensation, copay assistance, customer incentives, employee rewards, travel expenses, per diem, reimbursements, rebates, and countless other exchanges of value. Paysign’s solutions lower costs, streamline operations and improve customer, employee and partner loyalty. To learn more, visit paysign.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250204457607/en/

Investor Relations

ir@paysign.com

888.522.4853

paysign.com/investors

Media Relations

Alicia Ches

888.522.4850

pr@paysign.com

Source: Paysign, Inc.

FAQ

How much did Paysign (PAYS) save pharmaceutical sponsors in 2024?

Paysign saved pharmaceutical program sponsors over $100 million in 2024 through its dynamic business rules feature that mitigates copay maximizer impacts.

What was Paysign's (PAYS) accuracy rate for identifying copay maximizer claims in 2024?

Paysign achieved 97% accuracy in identifying impacted claims on the first fill through its dynamic business rules feature.

How many patients did Paysign (PAYS) assist with affordability solutions in 2024?

Paysign assisted more than 500,000 unique patients in 2024, which was more than double compared to 2023.

How much did Paysign (PAYS) contribute to prescription fulfillment expenses in 2024?

Paysign contributed more than $600 million toward prescription fulfillment expenses in 2024.

How many pharmaceutical programs did Paysign (PAYS) support in 2024?

Paysign supported over 66 retail and specialty pharmaceutical programs across diverse therapeutic classes in 2024.