Waystar patientco 450m davisbloomberg: The Waystar platform streamlines and standardizes healthcare payments throughout the entire revenue cycle. Via services, Waystar helps healthcare providers streamline manual processes, improve operational visibility, and increase income.
Waystar, a healthcare revenue cycle management software provider, has agreed to acquire Patientco, which will increase the company’s healthcare price transparency and give more convenient payment methods for patients and doctors. According to Bloomberg, the total value of the transaction is around $450 million.
EQT and the Canada Pension Plan Investment Board are backing Waystar. This company makes software that helps healthcare providers like hospitals and doctors get paid by insurance companies and the government for their care. In addition to processing claims for nearly 40% of the US population yearly, the company’s software supports over 500,000 clinicians, 1,000 hospitals and health systems, and 5,000 payers and health plans.
Waystar patientco 450m davisbloomberg- Patientco is an up-front cost transparency platform that uses payment technologies to assist people in better managing their healthcare expenses.
Patientco claims its technology is responsible for processing over $2 billion in patient payments annually. More than 30 million patients benefit from the company’s provision of cost estimates, payment plans, financing choices, financial education and counseling, and consolidated statements.
In 2019, EQT and CPPIB acquired Waystar from Bain Capital, with Bain Capital maintaining a minority stake.
Accel-KKR and Blue Venture Fund have invested in Patientco’s communication and payment services, which 30 million patients use. According to data from 2018, it was valued at $82.5 million in a fundraising round.
The mission of Waystar is to streamline medical billing and payment processes. Waystar’s CEO and board member Matthew Hawkins explains that Patientco is an excellent fit for the company because “it allows us to revolutionize the patient financial experience and greatly reduce needless administrative costs,” two of the most significant problems in the healthcare industry.
Consumers now shoulder a more significant financial burden for their healthcare and demand more consumer-focused services from their doctors and insurance. Together, we can make it easier for patients to communicate with their healthcare professionals and give them more control over their healthcare decisions and budgets. Fuller reimbursement and happier patients are good news for providers.
Waystar was represented legally by Simpson Thacher & Bartlett, while Patientco was represented by Nelson Mullins Riley & Scarborough.
In the first six months of 2021, 136 digital health startups were purchased, up from 83 in the first six months of 2020.
A definitive deal to buy Patientco, a market leader in omnichannel patient payments, communications, and engagement software, was announced today by Waystar, a prominent provider of healthcare payments software. This hastens healthcare’s transition and vastly enhances the financial experience for patients. The combination of Waystar and Patientco will make it easier for healthcare practitioners to accept payments before, during, and after patient care is rendered. Completion of the merger is contingent on satisfying regulatory requirements and other standard closing conditions.
Waystar processes roughly a trillion dollars’ worth of healthcare claims yearly using their enterprise-grade, cloud-based software-as-a-service. Patientco operates within acute and ambulatory providers’ healthcare information technology (HIT) and treasury ecosystems, providing a comprehensive perspective of the patient’s financial journey. More than 30 million patients use Patientco’s platform each year to access their consolidated statements, personalised cost estimates, payment plans, financing choices, financial education and counselling, and more. With this merger, the companies can provide one of the most robust healthcare payment platforms.
The mission of Waystar is to streamline medical billing and payment processes. Waystar’s CEO and board member Matthew Hawkins praised Patientco as “the appropriate partner for Waystar” due to the company’s ability to “change the patient financial experience” and “substantially reduce needless administrative expenditures,” two of the most significant headaches in the healthcare industry.
Consumers now shoulder a more significant financial burden for their healthcare and demand more consumer-focused services from their doctors and insurance. We will work together to make it easier for patients to communicate with their healthcare providers and gain the information, resources, and confidence they need to make informed decisions about their healthcare planning and financing. Fuller reimbursement and happier patients are good news for providers.
Patientco’s co-founder and CEO, Bird Blitch, is excited about how the partnership with Waystar will improve their technology by providing more precise patient estimates, quicker billing, and a higher payment likelihood. By combining our tools and expertise, we can revolutionise healthcare payments and improve the financial experience for both patients and healthcare providers.
Waystar’s system won the best claims and clearinghouse platform award from KLAS in 2021. According to Black Book Research, Waystar has the best patient payment technology. Best in KLAS for Patient Financial Engagement Systems was awarded to Patientco in 2021.
Lack of transparency, erroneous cost projections, and unclear invoices have all contributed to patients losing trust in the healthcare system, reducing the likelihood that providers will be paid for their services. Hence, clinicians typically wait 90 days for reimbursement and collect 30-50% of patient balances. More than half of patients in a recent Waystar study indicated they had received an unexpected medical bill, and 81% said that knowing the exact out-of-pocket cost would encourage them to seek care. Providers can better cultivate patient loyalty and collect complete reimbursements when patients have clear expectations about their financial responsibility for the care and have access to simple, cutting-edge, and versatile payment choices.
For the first time, Waystar will deliver cutting-edge technology for both patient access and provider reimbursement. By integrating Waystar’s financial clearing product suite with Patientco’s industry-leading patient payments technology, AI, and claims data for 40 per cent of the U.S. population, patients will finally have access to accurate pricing information. This combination improves patients’ likelihood of paying for care and overall happiness by providing realistic payment estimates before receiving care, consumer-friendly payment options, and payment plans designed to meet their requirements and preferences best. Simultaneously, providers will receive faster, more complete, and cheaper reimbursements.
“Waystar’s management team is solid, and the company has demonstrated expertise in integrating acquisitions. Our investor group has tremendous financial resources, which enables us to support the Waystar team in pursuing strategic purchases of this sort,” stated Eric Liu, Partner and Global Co-Head of Healthcare at EQT. “We couldn’t be happier with this merger, as it furthers Waystar’s goal of streamlining healthcare payments.” EQT, CPPIB, and Bain Capital are behind Waystar, while Accel-KKR and The Blue Venture Fund are behind Patientco.
Waystar, a company formed in 2017 through merging revenue cycle market leaders Navicure and ZirMed, has incorporated multiple game-changing technologies into its cloud-based platform. In addition to eSolutions, an industry leader in Medicare-specific revenue cycle technology solutions, the company has recently purchased Recondo, an artificial intelligence (AI) and robotic process automation (RPA)-driven technology for patient estimation and prior authorization; PARO, a presumptive charity scoring solution; Ovation, an AI-powered claims monitoring tool; and Connance, a predictive analytics platform that provides agency manager, the advanced propensity to pay (AP2P), and presumptive charity.
Legal representation for Waystar was provided by Simpson Thacher & Bartlett LLP, while Patientco was represented by Nelson Mullins Riley & Scarborough LLP.
Healthcare payments are made more accessible and streamlined with Waystar’s cutting-edge cloud technology. The Waystar platform makes it easier for providers to get paid, which speeds up their workflow and boosts their bottom line in any healthcare setting. Since 2010, Waystar products have won Best in KLAS® or Category Leader awards annually, and since 2012, they have consistently ranked #1 in various Black BookTM surveys. Over 40% of the U.S. population’s claims are processed yearly on the Waystar platform, used by over 500,000 clinicians, 1,000 health systems and hospitals, and 5,000 payers and health plans. Bain Capital, EQT, and the Canada Pension Plan Investment Board are among the investors in Waystar.
In Brief: Patientco and Waystar patientco 450m davisbloomberg
Waystar patientco 450m davisbloomberg- Patientco is a payment technology firm established to reimagine the patient payment process in the healthcare industry. The company was recently voted Best in KLAS for Patient Financial Engagement Platforms. Thanks to our improved connection, sophisticated analytics, and other features, health systems may rely on us as their only patient payments partner and technology platform. Because of the all-encompassing nature of our platform, Patientco enhances financial care through the patient journey, from pre-service to post-service, all while increasing payments and revenue for the best healthcare organisations in the world. The Healthcare Financial Management Association has recognised our product as “Peer Review” worthy. With each transaction, Patientco improves healthcare delivery.
How much Patientco went for?
Patientco, a healthcare cost transparency platform, was sold to Waystar, Inc. for nearly $450 million, and Nelson Mullins Riley & Scarborough LLP was the legal counsel for both parties.
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