LOUISVILLE, Ky. & ATLANTA & CHICAGO & BOSTON--(BUSINESS WIRE)--Healthcare revenue cycle technology leaders Waystar and Connance today announced that the parties have reached a definitive agreement to combine their operations. The combined company, which will eventually operate under the Waystar name, will provide advanced workflow and predictive analytics solutions to health systems and hospitals.
As the healthcare landscape has evolved in the information age, including rapid adoption of electronic medical records, healthcare revenue cycle technology has struggled to keep pace. Healthcare providers spend significant resources and time trying to collect payment with outdated, often very manual, processes. With patient liability increasing five times faster than overall reimbursement, most providers are ill-equipped to adapt as this trend continues.
Waystar’s modern technology platform simplifies and unifies the revenue cycle by streamlining processes including claims management and patient billing and collection. Connance offers an industry-leading solution that addresses the realities of rising patient financial responsibility and more complicated business processes with patient propensity-to-pay and social determinant predictive algorithms, as well as vendor management software.
Together, the combined companies will offer the groundbreaking cloud-based Waystar technology platform, which leverages state-of-the-art user interfaces and workflows powered by predictive analytics. Waystar is committed to making the healthcare revenue cycle smoother for health systems—and across the continuum of care.
“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,” said Matt Hawkins, Waystar’s CEO. “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.”
Both Waystar and Connance are market-leading, cloud-based RCM technology companies with reputations for product innovation and customer success. Together, they provide the highest-rated client experience to more than 450,000 providers, 22,000 healthcare organizations and 750 health systems and hospitals.
“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,” said Steve Levin, Connance’s CEO and co-founder.
The combined company will operate with offices located in Louisville, Kentucky; Chicago, Illinois; Atlanta, Georgia; and Boston, Massachusetts.
Waystar is the combination of Navicure and ZirMed, two top-rated providers of revenue cycle technologies. Waystar simplifies and unifies the healthcare revenue cycle with innovative technology that allows clients to collect more with less cost and less stress, so they can focus on their goals, patients and communities. Waystar has scored Best in KLAS® claims clearinghouse every year since 2010, including 2018, and earned multiple #1 rankings in both medical claims processing and patient payment solutions from Black Book™ surveys since 2012. The Waystar platform supports more than 400,000 providers, hospitals, health systems and ambulatory services organizations and partners with the leading EHR and practice management solution providers. For more information, visit waystar.com, or follow @Waystar_RCT, on Twitter.
Connance is the healthcare industry’s leading provider of predictive analytics solutions that personalize the financial and clinical experience for patients. Transforming the revenue cycle and value-based care delivery, Connance leverages data science, integrated to workflow to drive enhanced performance. Connance delivers Patient Pay Optimization, Reimbursement Optimization and Value-Based Risk solutions that combine Connance data, hospital data and consumer data to stratify patients based on social determinants to predict behavior and provide actionable insights to improve net income and patient outcomes. Connance solutions connect more than 500 hospitals, thousands of physician practices and other clinical locations and more than 80 collection agencies nationwide creating the largest research database of its kind. For more information, call (781) 577-5000 or visit our website.