US-based healthcare revenue cycle management (RCM) technology providers Waystar and Connance have signed a definitive agreement to merge their operations.
This merged entity will operate under the Waystar name and offer advanced workflow and predictive analytics solutions to hospitals and healthcare systems.
Terms of the deal have not been disclosed.
Providers of healthcare spend significantly on resources and time to gather payment due to outdated, often manual, approaches. Given that patient liability is increasing five times quicker than total reimbursement, providers are not equipped enough to adjust to this trend.
Waystar’s technology platform is intended to address this issue for hospitals by streamlining processes including claims management, patient billing and collection.
Connance provides patient propensity-to-pay and social determinant predictive algorithms, as well as vendor management software.
The merged company will provide cloud-based Waystar technology platform, which will tap user interfaces and workflows powered by predictive analytics.
Waystar CEO Matt Hawkins said: “Waystar’s market-leading platform enables our clients to improve their financial health and revenue cycle operations so that they can focus on caring for their patients.
“We’re eager to welcome Connance’s impressive team, technology solutions and clients to Waystar. The combination enables us to further simplify and unify the healthcare revenue cycle by delivering powerful, end-to-end solutions to our clients and to the market.”
The cloud-based RCM technology firms provide solutions to over 450,000 providers, 22,000 healthcare organisations and 750 health systems and hospitals.
Connance CEO and co-founder Steve Levin said: “We are thrilled to join Waystar in helping transform today’s healthcare revenue cycle. Combining our two technology platforms and teams will enable exciting new solutions for the industry and create a clear leader in end-to-end application of data for operational effectiveness.”
The merged firm will have offices in Chicago, Illinois; Louisville, Kentucky; Boston, Massachusetts; and Atlanta, Georgia.