Zelis, a health care payment company based in Bedminster, said Sept. 21 it completed its previously announced acquisition of Payer Compass.
Payer Compass provides the health care industry reimbursement and claims pricing, administration and processing solutions. The company is headquartered in Plano, Texas, according to its website.
Financial terms of the deal were not disclosed.
Did you know?
Zelis CEO Amanda Eisel made the NJBIZ 2022 Health Care Power 50 list. Click here to read more about her.
“We’re thrilled to complete the acquisition of Payer Compass and join our organizations,” Zelis CEO Amanda Eisel said in a statement. “Zelis is on a mission to create a better health care financial experience for all, and the powerful combination of our technology and teams advances us in achieving that aim.”
In business for more than 20 years, Payer Compass has provided data and insights to reprice more than $200 billion in claims and generated more than $1.5 billion in annual savings, Zelis said.
Jay Deady, president of claims cost solutions at Zelis, said the deal will allow the companies to “make a greater impact on health care’s complexity and rising costs, supporting payers, providers, and members.”
Greg Everett, CEO of Payer Compass, called it “an opportunity to increase price rationality in health care.”
Spectrum Equity and Health Enterprise Partners were investors in Payer Compass. Triple Tree LLC served as the exclusive financial advisor for the transaction. Payer Compass was represented by Latham & Watkins LLP, and Zelis was represented by Kirkland & Ellis.