Zelis, a Bedminster-based healthcare payment company, said Sept. 21 that it had completed its previously announced acquisition of Payer Compass.
Payer Compass provides the healthcare industry with reimbursement and underwriting, administration and claims processing solutions. The company is headquartered in Plano, Texas, according to its website.
Financial terms of the deal were not disclosed.
“We are excited to complete the acquisition of Payer Compass and join our organizations,” Zelis CEO Amanda Eisel said in a statement. “Zelis is on a mission to create a better healthcare financial experience for everyone, and the powerful combination of our technology and our people moves us forward in achieving that goal.”
In business for more than 20 years, Payer Compass has provided data and insights to reassess more than $200 billion in claims and generated more than $1.5 billion in annual savings, Zelis said.
Jay Deady, president of claims cost solutions at Zelis, said the agreement will enable companies “to have a greater impact on the complexity and rising costs of healthcare, supporting payers, providers and members”.
Greg Everett, CEO of Payer Compass, called it “an opportunity to increase pricing rationality in healthcare.”
Spectrum Equity and Health Enterprise Partners were investors in Payer Compass. Triple Tree LLC served as exclusive financial advisor for the transaction. Payer Compass was represented by Latham & Watkins LLP, and Zelis was represented by Kirkland & Ellis.