Durham, North Carolina PatientPay announced that it has closed its merger with Tampa, Florida-based ClearGage. The combined company will continue under the PatientPay name, with PatientPay CEO Tom Furr remaining in his role.
ClearGage is a healthcare payment technology company dedicated to making patient responsibility more transparent and affordable for everyone. Founded in 2009 by a team of experts from healthcare, employee benefits and payment processing industries, ClearGage was created to address the growing need for healthcare payment solutions with a consumer-driven experience. ClearGage’s tools provide comprehensive coverage for the entire patient revenue cycle management (RCM) cycle.
PatientPay partners with specialty care medical groups and facilities to drive patient payments at each stage of the patient journey. As patient financial responsibility grows, community hospitals and specialty services such as long-term care, physical therapy, radiology and anesthesiology rely on PatientPay for quick and complete payments.
According to Furr, the two companies first connected at a healthcare conference earlier this year. They operate in similar markets but have different strengths that could be combined to create more value. For example, ClearGage offers an eligibility and estimation solution, which PatientPay lacked but required. ClearGage is also a registered payment facilitator, meaning it can process payments directly — something PatientPay could not previously do on its own.
D.A. Davidson & Co. served as the exclusive financial advisor to ClearGage. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 161st eHealth transaction of 2024, and the 25th in the RCM specialty. There were 55 RCM deals announced during 2023, and 66 announced during 2022.
