PORTLAND, Ore.–(BUSINESS WIRE)–In the race to retain employees in a competitive marketplace, medZERO’s innovative app-based healthcare financing 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, Human Resources Director of Bamboo Sushi. “medZERO’s easy-to-use app offering on-demand, interest-free access to funds for personal healthcare expenses is something we believe our employees will use to proactively make taking care of their healthcare needs more affordable.”
medZERO, a healthcare-focused fintech company, offers an employer-sponsored solution to the growing problem of unaffordable healthcare and rising medical debt. American households currently have $195 billion in unpaid medical debt, according to the Kaiser Family Foundation and the Peterson Center on Health.
This is a valuable added benefit, especially in a competitive hiring market. medZERO offers an interest-free, no-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 employees stop worrying about impending or unexpected medical bills, which nearly 60% of public listings consider a major concern, according to the latest research from the Kaiser Family Foundation.
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 making a real impact, Atnip said. Consistently praised for its sustainability and innovation, the partnership with medZERO aligns with their core values.
Other companies recently signed 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, more than half of small businesses say they are concerned about recruiting enough new employees to fill vacancies and 57% are concerned about retaining employees .
“Recent events have led millions of Americans to quit their jobs and seek employment with companies that value them, offering solutions like ours shows employees how important they are to their organizations by prioritizing their mental and physical health and well-being,” said Craig Froude, medZERO Co-Founder and CEO.
“With our iPhone, Android or desktop app, medZERO offers interest-free financing allowing employees to get care now and pay over time, ensuring that all health-related medical costs can be covered, which makes employees happier, healthier and more productive,” Froude said.
“Plus, employees can instantly save up to 30% on out-of-pocket healthcare expenses,” Froude said. Indeed, medZERO is able to route reimbursements through the employee’s health savings account, taking advantage of tax benefits for both employers and employees.
According to a new study by the Society for Human Resource Management, approximately 60% of employers offer HSAs.
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 hired and expanded its customer base.
Earlier this year, LG Electronics selected medZERO as one of its “top 50” startups for its large-scale project. Mission for the future competition targeting new developments in the fields of Connected Health, Energizing Mobility, Smart Living, The Metaverse and Innovate to impact.
Portland, Oregon-based medZERO is an employer-sponsored financial wellness platform that gives employees a smarter way to pay for health care. medZERO is led by an experienced management team and backed by industry-leading investors. Learn more at medzero.com.
About Bamboo Sushi
Bamboo Sushi, based in Portland, Oregon, is a sustainable restaurant group with ten locations in Oregon, Colorado, California and Washington.