Waystar’s and Patientco’s contribution in redefining the healthcare industry will result in price transparency and modern payment options for patients to guide faster and fuller reimbursements for providers.
FREMONT CA: Waystar, a chief supplier of healthcare payments software, agreed to acquire Patientco, a leading provider of omnichannel patient payments, communications and engagement software. The combination multiplies transformation in the healthcare industry and enhances the patient's financial experience. Moreover, this combination will provide patients with consumer-friendly experiences while paying medical bills, while streamlining how providers receive and process payment before and after proper execution.
Waystar is a cloud-based enterprise software-as-a-service provider that simplifies and unifies healthcare payments, handling nearly a trillion dollars in healthcare claims each year. Patientco operates within both acute and ambulatory provider HIT and treasury ecosystems, providing a holistic perspective of the patient's financial journey. Patientco's platform manages more than $2 billion in patient responsibility each year and gives more than 30 million patients with estimates, payment plans, financing choices, financial education and counseling, and consolidated statements. The new combined company will be one of the country's most comprehensive healthcare payment platforms.
Waystar’s motive is to simplify healthcare payments. Whereas Patientco helps to enhance the patient's financial experience while reducing wasteful administrative costs, which are the biggest concern in healthcare, said Matthew Hawkins, Chief Executive Officer of Waystar. Together they make it easier for patients to interact with healthcare providers by providing the transparency, empowerment, and ease of access required to plan and pay for treatment.
Patients will experience full price transparency by combining Patientco's leading patient payments system with Waystar's financial clearing product suite, artificial intelligence, and claims data on 40 percent of the US population. This combination provides patients with accurate payment estimates prior to receiving care, as well as consumer-friendly payment options and payment plans tailored to their specific needs and preferences, therefore increasing patients' likelihood of paying for care and overall satisfaction with their experience.
Waystar has integrated several transformational technologies onto its cloud-based platform. eSolutions, a leading provider of Medicare-specific revenue cycle technology solutions; Recondo, a patient estimation and prior authorization AI and RPA-driven technology; PARO, a presumptive charity scoring solution; Ovation, an AI-powered claims monitoring tool; and Connance, which uses predictive analytics to provide agency manager, advanced propensity to pay (AP2P), and presumptive charity.