Waystar to acquire Connance, expanding revenue cycle and predictive analytics technology
Healthcare revenue cycle technology companies Waystar and Connance 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 Healthcare providers spend significant resources and time trying to collect payment with outdated, often very manual, processes.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 technology platform unifies the revenue cycle by streamlining processes including claims management and patient billing and collection. Connance offers a 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 cloud-based Waystar technology platform, which leverages 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.
The combined company will operate with offices located in Louisville, KY; Chicago, IL; Atlanta, GA; and Boston, MA.
