Expands impact of Waystar’s industry-leading technology to more than 2,000 provider locations and millions of new patients
LOUISVILLE, Ky., August 3, 2023 – Waystar, a leading provider of healthcare payments technology, today announced that it has acquired HealthPay24, an EngageSmart solution and a premier enterprise patient payment platform.
In acquiring HealthPay24, Waystar welcomes a complementary and highly regarded patient financial engagement solution to its already award-winning payments platform, augmenting Waystar’s industry leadership in healthcare software, and furthering Waystar’s mission to simplify healthcare payments for providers and patients.
“The patient financial experience should be frictionless, so patients can seek the care they need and providers can get paid for their services. Research shows that 63% of patients will switch providers if their financial experience does not align with their expectations,” said Matt Hawkins, Chief Executive Officer of Waystar. “Waystar and HealthPay24 share an unwavering focus on delivering innovative software that drives value to patients, clarity to payments, and loyalty to providers.”
HealthPay24 is an EngageSmart solution that facilitates the financial transactions of roughly 26 million patients. Grounded in more than two decades of expertise, HealthPay24 simplifies the financial experience for patients, increasing revenue and bringing financial predictability to providers.
“EngageSmart is proud to have developed HealthPay24 to become a premier enterprise patient payment platform that both patients and providers can trust,” said Bob Bennett, CEO at EngageSmart. “We’re confident that Waystar is the right owner to unlock HealthPay24’s full potential moving forward.”
Waystar will begin serving HealthPay24’s 2,000 healthcare provider locations and their patients, adding to Waystar’s existing reach of more than one million providers across care settings, and enabling millions of patients to benefit from modern patient financial experience software. With a patient satisfaction score of 96% and a net promoter score (NPS) of nearly 60, HealthPay24 is also closely aligned with Waystar’s reputation for client centricity and exceptional delivery. The companies’ similarly driven missions will also bolster momentum on new advances like the ones that already make Waystar one of the Best Places to Work for Innovators.
Today’s announcement marks Waystar’s eighth acquisition since 2018, following the strategic additions of organizations like Recondo, eSolutions and Patientco. Waystar’s steady focus and proven track record of successful integrations continues to demonstrate their progress towards simplifying healthcare payments.
Simpson Thacher & Bartlett LLP served as legal counsel to Waystar.
Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over a million distinct providers, including 18 of 22 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 4 billion healthcare payment transactions, including over $900 billion in gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.
HealthPay24, a recognized leader in cloud-based patient payment software, continues to pioneer consumer-driven solutions to the ever-increasing patient pay responsibility. Its SaaS product design ensures the unique, ongoing, ability to adopt emerging & AI technologies for the benefit of its client base. Founded in 2001, the solution equips providers with best in class POS and online payment portals, plus new patient messaging and analytics engines. The solution captures and manages the patient financial responsibility as early as pre-service estimation through post-service, provides flexibility and convenience for online and POS collections, and fuels productivity to financial posting and reconciliation processes.
EngageSmart is a leading provider of vertically tailored customer engagement software and integrated payments solutions. EngageSmart’s mission is to simplify customer and client engagement to allow its customers to focus resources on initiatives that improve their businesses and better serve their communities. EngageSmart offers single instance, multi-tenant, true Software-as-a-Service vertical solutions, including SimplePractice, InvoiceCloud and DonorDrive, that are designed to simplify its customers’ engagement with their clients by driving digital adoption and self-service. As of June 30, 2023, EngageSmart serves 109,700 customers in the SMB Solutions segment and 3,400 customers in the Enterprise Solutions segment across several core verticals: Health & Wellness, Government, Utilities, Financial Services, Healthcare, and Giving. For more information, visit www.engagesmart.com and follow us on LinkedIn.