BEDMINSTER, N.J.--(BUSINESS WIRE)--Zelis, a leading healthcare payments and pricing company, announced today the completion of its previously announced acquisition of Payer Compass, one of the healthcare industry’s leading providers of reimbursement and claims pricing, administration, and processing solutions.
For more than 20 years, Payer Compass has provided data and insights to reprice more than $200 billion in claims, generate more than $1.5 billion in annual savings and serve more than 10 million lives. The acquisition will enable Zelis to evolve and expand our best-in-class solutions for out-of-network healthcare services for clients.
“We’re thrilled to complete the acquisition of Payer Compass and join our organizations," said Amanda Eisel, CEO of Zelis. “Zelis is on a mission to create a better healthcare financial experience for all, and the powerful combination of our technology and teams advances us in achieving that aim.”
Jay Deady, President of Claims Cost Solutions at Zelis, remarked, “Together, as one company, we will deliver advanced claims management solutions and make a greater impact on healthcare’s complexity and rising costs, supporting payers, providers, and members.”
Greg Everett, CEO of Payer Compass added, “We’re excited to join Zelis and expand our reach and service to healthcare payers and their members. This is an opportunity to increase price rationality in healthcare.”
Spectrum Equity, a leading growth equity firm, and Health Enterprise Partners, a healthcare-focused investment firm, were investors in Payer Compass. Triple Tree, LLC served as the exclusive financial advisor for this transaction. Payer Compass was represented by Latham & Watkins, LLP and Zelis was represented by Kirkland & Ellis.
As a leading payments company in healthcare, we price, explain, and pay for care on behalf of insurers and their members. We’re committed in our pursuit to align the interests of payers, providers, and consumers to deliver a better financial experience and more affordable, transparent care for all. We partner with more than 700 payers, including the top-5 national health plans, BCBS insurers, regional health plans, TPAs and self-insured employers and millions of providers and members, enabling the healthcare industry to pay for care, with care. Zelis brings adaptive technology, a deeply ingrained service culture, and a comprehensive navigation through adjudication and payment platform to manage the complete payment process. Learn more at zelis.com and follow us on LinkedIn to get the latest news.
About Payer Compass
Payer Compass is dedicated to restoring rationality to the cost of care. We focus squarely on tackling the most elusive problems in today’s healthcare landscape: spiraling costs and associated lack of price transparency. For health plans, we are minimizing overall spend on claims pricing, administration, and processing. And for self-insured organizations, our innovations and services are driving down the costs of healthcare claims reimbursement. Our multi-faceted, SaaS platform, VisiumTM, yields 99.9% pricing accuracy on more than $200 Billion in repriced claims and is the cornerstone of our comprehensive suite of solutions that address the need for cost control while bridging the gap between payer and provider. Payer Compass does this with reference-based pricing, patient advocacy, balance billing, and appeals services, value-based payments, care management, predictive modeling and analytics, and tools for provider search and price transparency. Combining our next-gen technology with an emphasis on client success, Payer Compass is dramatically reducing overall healthcare spending.