Waystar, a revenue cycle technology company, today announced its acquisition of Connance, a provider of healthcare predictive analytics. As Waystar became one of the nation’s largest healthcare financial data sources through the merger of Navicure and ZirMed last year, this new acquisition will enable the company to bolster existing end-to-end revenue cycle technology offerings and predictive analytics capabilities to more than 450,000 providers, 22,000 healthcare organizations and 750 health systems and hospitals.
Additionally, the company will annually process trillions of dollars via billions of transactions for health organizations, enabling providers to use predictive analytics to better identify and address patients at risk of deferring payment, further helping to manage patient payments at the start of the revenue cycle to capture more payments and increase value. The combined company will operate with offices located in Louisville, Kentucky; Chicago, Illinois; Atlanta, Georgia; and Boston, Massachusetts.
Together, the combined companies will offer the 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.
As the healthcare landscape has evolved in the information age, including the rapid adoption of electronic medical records, healthcare revenue cycle technology has struggled to keep pace. Healthcare providers spend significant resources and time to try to collect payment with outdated, often very manual, processes.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 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.
“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 the end-to-end application of data for operational effectiveness,” said Steve Levin, Connance’s CEO, and co-founder.
Financial details of the acquisition were not disclosed.
