BEDMINSTER, N.J.--(BUSINESS WIRE)--Zelis®, a company modernizing the business of healthcare, announced today the completion of its acquisition of Payspan®, a leader in healthcare electronic payment and reimbursement automation services. The U.S. healthcare system is complex, with disjointed and often challenging financial processes. Delivering a better experience hinges on the efficient and seamless delivery of payments among insurers, providers, and consumers. The combination of these two companies, unifying an expansive array of capabilities in the new Zelis Advanced Payment Platform SM will improve the healthcare financial experience for all.
With 18 years of experience and industry presence, Payspan leverages a large healthcare payment network and flexible payment modalities to drive value-based care reimbursement, improve the patient experience, and reduce costs.
“Zelis and Payspan have been key players in healthcare payments, offering innovative solutions to healthcare insurers, providers, and more recently, consumers. These two organizations coming together brings unprecedented visibility across the financial experience that will help us unlock the most abrasive aspects of the payment process,” said Amanda Eisel, CEO of Zelis. “We’re energized to evolve the business of healthcare together.”
The acquisition of Payspan accelerates Zelis’ purpose to modernize the business of healthcare, offering more options to both payers and their clients through a new payments and communications platform. Notably, the acquisition will allow providers to choose their optimal payment modality across the combined payer customer base and further addresses the friction that often pains them in the process of getting paid. Also of note, Payspan brings premium payments to Zelis payer clients while Zelis will offer more customizable and optimized print communications to the Payspan base.
Yusuf Qasim, President of Payments Optimization at Zelis, shared, “The Zelis Advanced Payment Platform is the next generation of healthcare payments, bringing enhanced communications and payment management into a unified platform experience, which will ultimately drive better outcomes for all participants in the healthcare system. I couldn’t be more excited for the future, with Payspan joining Zelis.”
Rob Pinataro, CEO of Payspan noted, “Payspan has been providing financial solutions that empower health plans and providers for 18 years. We’re so closely aligned to the Zelis purpose, that this union makes perfect sense for our two successful companies, our clients, and our employees.”
Specific terms of the transaction were not disclosed. FT Partners served as the exclusive financial and strategic advisor to Payspan for this transaction. Payspan was represented by Goodwin Procter and Zelis was represented by Kirkland & Ellis.
Zelis is modernizing the business of healthcare by building something remarkable: a connected platform that bridges gaps in the financial system and aligns interests across healthcare insurers, providers, and consumers. Our platform is transforming the financial experience for more than 700 payers, including the top-5 national health plans, BCBS insurers, regional health plans, TPAs and self-insured employers, and millions of healthcare providers and consumers. We see across the financial experience to identify, optimize, and solve problems holistically with technology built by healthcare experts — driving real, measurable results for our clients. Learn more at zelis.com and follow us on LinkedIn to get the latest news.
Payspan is a leading provider of healthcare electronic payment and reimbursement automation services, leveraging the largest healthcare payment network to drive value-based care reimbursement, improve the patient experience and reduce costs for health plans and providers. Payspan connects more than 600 health plans, 1.3 million provider payees and 100+ million consumers to facilitate alternative payment and reimbursement solutions and the exchange of meaningful healthcare information.