Panacea Financial, a Little Rock, Arkansas-based financial platform serving doctors and their practices, has expanded into payments with PlexPay. The new platform brings together merchant processing, point-of-sale and digital payments, patient financing and automated payment posting, and links them to Panacea’s existing banking and lending products. PlexPay is already live with healthcare practices across the United States.
Panacea was founded by doctors and serves physicians, dentists and veterinarians from medical training through practice ownership. It works with thousands of doctors and doctor-owned practices in all 50 states, which together treat more than 3 million patients a year. As of September 30, 2026, the platform supported around $7 billion in annualised transaction volume, more than double the figure a year earlier. The company sees PlexPay as a way to take part in more of the day-to-day financial activity of the practices it serves.
Practices can use PlexPay to take credit card, debit card, ACH and digital payments through physical and virtual terminals, or through secure payment links sent by text or email. The system handles stored payment methods, recurring payments and the collection of patient balances left after insurance. A component called PlexPay Sync connects to more than 120 electronic medical record and practice management systems and posts payments automatically to the right patient account, removing manual data entry.
Patient financing is built into the same checkout flow. Patients can pay straight away by card or ACH or apply for financing through PlexPay’s own platform, which assesses several financing options through a single application and is designed to serve a wide range of credit profiles. Practices do not need to manage relationships with multiple lenders.
“Healthcare practices have increasingly complex financial needs, yet the infrastructure supporting them remains highly fragmented,” said Tyler Stafford, CEO and co-founder of Panacea Financial. He described PlexPay as a step towards a single platform where payments, treasury, deposits and financing work together.
PlexPay is led by Brendon Kensel, who previously founded and ran a dental support organisation and a national patient finance platform. Panacea’s banking services are provided through Panacea Financial, a division of Primis Bank.
