Healthcare payment company Zelis has entered into a definitive agreement to acquire Payer Compass, a provider of reimbursement and pricing, administration and claims processing solutions.
Financial terms of the agreement announced on August 1 were not disclosed. Zelis is based in Bedminster.
Payer Compass has helped organizations control the cost of care over the past two decades by providing data and insights to rerate over $200 billion in claims, generating over $1.5 billion in annual savings and serving more than 10 million people, according to a press release. on the acquisition.
“We are committed to fulfilling our mission to make care more affordable and transparent for everyone. Combining Payer Compass’ innovative platform with our existing network solutions and payment integrity offerings will achieve this goal,” said Amanda Eisel, CEO of Zelis. “With our combined assets, we will have the people, technology and shared energy to drive more savings for our customers and continue to have a positive impact on the rising costs and complexity of healthcare.”
The transaction is expected to close in the third quarter. Growth capital firm Spectrum Equity and investment firm Health Enterprise Partners have been investors in Payer Compass since 2019.
Triple Tree LLC served as the exclusive financial advisor for this transaction. Payer Compass was represented by Latham & Watkins LLP and Zelis was represented by Kirkland & Ellis.