R1 RCM, a provider of technology-driven solutions for healthcare providers, has completed the acquisition of VisitPay, a digital payment solution provider, for $300m in cash.
R1 RCM had signed a definitive agreement to acquire VisitPay in May.
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Set up in 2020, VisitPay’s cloud-based platform is used by the health systems in the US to transform the payment experience and boost patient satisfaction and higher collection yield.
Its enterprise platform enables healthcare providers and patients to gain the tools required to make the healthcare financial experience simple and efficient. This includes consolidated digital statements across multiple visits, care settings and family members.
RI stated that with these added capabilities, it can offer a differentiated technology-driven solution to improve patient experience right from scheduling to payment.
RI CEO and president Joe Flanagan said: “We are pleased to welcome the VisitPay team to the R1 family. We look forward to integrating VisitPay’s capabilities with R1’s functionality to transform the payment experience for patients.”
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By GlobalDataIn May, RI had stated that it planned to fund the deal with a mix of cash from its balance sheet and debt.
At the time of the deal announcement, VisitPay CEO Kent Ivanoff had stated: “R1 and VisitPay share a common vision for improving the patient experience by integrating and streamlining clinical and financial touchpoints. By removing the friction from these interactions, our clients create a better overall experience for their patients. We are excited to become an important part of R1’s broader technology offering to secure a better set of outcomes for providers and patients nationally.”
