Healthcare revenue cycle technology companies Waystar and Connance have reached an agreement to combine their operations, with the combined entity eventually operating under the Waystar name.
The terms of the acquisition were not announced.
After absorbing Connance, the new Waystar will provide advanced workflow and predictive analytics solutions to health systems and hospitals.
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As the healthcare landscape has evolved to include the 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 Healthcare providers spend significant resources and time trying to collect payment with outdated, often very manual, processes.
Waystar's technology platform aims to combat these issues by streamlining processes including claims management and patient billing and collection.
Connance offers a solution that addresses 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 includes workflows powered by predictive analytics.
The combined company will have offices located in Louisville, Kentucky; Chicago, Illinois; Atlanta, Georgia; and Boston, Massachusetts.