Zelis announced on November 9 the completion of its acquisition of Payspan, a provider of healthcare electronic payment and reimbursement automation services. Terms of the transaction were not disclosed.
FT Partners served as the exclusive financial and strategic advisor to Payspan for this transaction. Payspan was represented by Goodwin Procter LLP and Zelis was represented by Kirkland & Ellis LLP.
With 18 years of industry presence, Payspan leverages a large healthcare payment network and flexible payment modalities to drive value-based care reimbursement, improve the patient experience and reduce costs. Payspan connects more than 600 health plans, 1.3 million provider payees and more than 100 million consumers to facilitate alternative payment and reimbursement solutions and the exchange of meaningful healthcare information.
Zelis Healthcare, backed by private equity firms Parthenon Capital Partners and Bain Capital, provides end-to-end healthcare claims cost management and payment solutions to providers and consumers in the medical, dental and workers’ compensation markets.
According to the LevinPro HC database, this marks the 299th eHealth acquisition of the year as of November 10, 2022 and the 64th transaction in the revenue cycle management subsector. This is a slight decrease from 2021 when there were 311 eHealth transactions during the same period.
