With the support of three financial backers, Waystar has been steadily expanding over the past few years. The company specializes in revenue cycle management services and partners with more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. To bolster its services and network, it added eSolutions in 2020 from Francisco Partners, which has 6,000 payer connections in the healthcare and post-acute market and maintains a powerful and growing data set of billions of transactions.
And last week, Waystar added Patientco, a portfolio company of Accel-KKR and The Blue Venture Fund. Patientco provides omnichannel patient payments, communications and engagement software. Patientco’s platform facilitates more than $2 billion in patient responsibility annually and provides estimates, payment plans, financing options, financial education and counseling, and consolidated statements to more than 30 million patients.
The new combined company will offer one of the most comprehensive healthcare payment platforms in the country. Waystar and Patientco will offer patients consumer-friendly experiences when paying medical bills, while simplifying how providers receive and process payments both before and after care delivery.
Waystar is a portfolio company EQT, a leading European investment firm, and Canada Pension Plan Investment Board (CPPIB), a professional investment management organization. EQT and CPPIB purchased an ownership stake in Waystar from Bain Capital, valuing the company at $2.7 billion. Bain Capital has maintained a minority stake in Waystar.
