Waystar, a leading healthcare payments technology provider, has announced the acquisition of HealthPay24, an EngageSmart solution and a premier patient payment platform. This strategic move strengthens Waystar’s position as a leader in healthcare software and supports its mission to simplify healthcare payments for both providers and patients.
By acquiring HealthPay24, Waystar adds a highly regarded patient financial engagement solution to its existing award-winning payments platform. The goal is to create a frictionless patient financial experience, allowing patients to access the care they need while ensuring that providers receive timely payments for their services. Research has shown that a significant percentage of patients may switch providers if their financial experience does not meet their expectations.
HealthPay24, an EngageSmart solution, facilitates financial transactions for approximately 26 million patients. With over two decades of expertise, HealthPay24 streamlines the financial experience for patients, leading to increased revenue and financial predictability for providers.
Matt Hawkins, CEO of Waystar, emphasizes the importance of delivering innovative software that adds value to patients, transparency to payments, and loyalty to providers. The acquisition of HealthPay24 aligns with Waystar’s mission and further solidifies their commitment to improving healthcare payments.
EngageSmart, the parent company of HealthPay24, expressed confidence in Waystar’s ability to unlock the full potential of HealthPay24 moving forward. Waystar will now serve HealthPay24’s 2,000 healthcare provider locations and their patients, expanding its reach to over one million providers across care settings. This integration will enable millions of patients to benefit from modern patient financial experience software.
Waystar’s acquisition of HealthPay24 is their eighth since 2018, reflecting the company’s continuous focus on simplifying healthcare payments. Previous strategic additions, such as Recondo, eSolutions, and Patientco, have contributed to Waystar’s successful track record of integrating new organizations into its platform.
The acquisition was supported by legal counsel from Simpson Thacher & Bartlett LLP. With this latest addition, Waystar is well-positioned to continue driving innovation in the healthcare payments landscape.