Since VisitPay’s founding in 2010, we’ve been committed to improving the financial experience for as many patients as possible. And now, we’ll be able to expand our reach and impact to a whole new level.
We’re thrilled to announce that VisitPay has reached an agreement to be acquired by R1, marking a strategic and logical next step in our multi-year partnership that has already delivered step-changes in the financial experience for over 800,000 patients across the country. The agreement, subject to regulatory approvals and certain closing conditions, is made with three goals in mind for our health systems clients: boosting patient loyalty, driving payment performance, and improving access to leading, proven technology. More than anything, it opens the door to the next innovative step in value creation for all the providers and patients we serve.
VisitPay’s founders realized that the best way to apply their consumer finance skills to the healthcare patient experience was from within the walls of a health system. Our founding team conducted a year-long human-centered design project while running revenue cycle for a $3B health system as it transitioned to Epic SBO. Today’s 4th generation VisitPay platform has deep roots in that experience. Our goal has never been to digitize legacy approaches to patient payments, but to rethink and rebuild them using data. This philosophy has enabled us to innovate in areas like consolidated, guarantor-based payment arrangements, and in presenting EOB’s alongside visit information.
In the intervening years, VisitPay has grown to become the industry leader for enterprise health systems. It’s now the most widely available EHR-agnostic financial engagement platform in the US, selected by 1 in 10 not-for-profit hospitals. Our momentum has only increased as leading health systems turn to our deep billing system expertise and the outcomes we’ve driven from our unique 10-year revenue cycle data set. We’ve continued to add the nation’s top health systems to our community, and re-signed each of our existing health system partnerships in 2020. Recent market validation from KLAS confirms VisitPay’s role as a leader in establishing a patient-first healthcare billing experience at enterprise scale.
VisitPay and R1 share a commitment to patient-centric and technology-driven revenue cycle transformation. Improving the patient experience will remain fixed as our north star. Together, R1 and VisitPay have the experience to overcome complex technical and operational challenges and have delivered proven results in Net Promoter Score and patient payment lift for integrated healthcare providers.
“Both organizations are deeply committed to relevant technology innovation, and applying technology and human talent to help clients address their top business priorities,” said Kent Ivanoff, VisitPay CEO. “We believe our combined capabilities are uniquely positioned to deliver sustainable improvements for clients.”
R1 is an industry leader that has received coveted accolades from KLAS, HFMA, and others. Some of the largest health systems in the country entrust their entire revenue cycle to R1. This success has resulted in significant growth. The R1 team has expanded from 3,000 employees in 2016 to more than 22,000 in 2021. As R1 deepens its commitment to enterprise technology, it was natural they’d look for a patient experience innovator to elevate current approaches to patient payments.
As Joe Flanagan, CEO and President at R1, put it: “The possibility of what we can do together is quite astounding. Patient payment is a critical component of the revenue cycle process. The technology, tools, and services that VisitPay brings are a true differentiator in our market. This decision is not only about the VisitPay platform and the product. It’s also about the people, the quality of the technologies, and the team that brought this vision to life.
By adding the VisitPay platform to R1’s integrated Patient Experience offering, the combined organization will be able to help health systems see long-term success through both loyal patients and financial health. This allows health systems to focus on what they do best: caring for their communities.
Together, we’ll do great things. The companies will apply their joint resources and combined expertise to expand their network and secure a better set of outcomes for providers and patients nationally. “This is one reason I’m personally excited to partner more deeply with R1,” said Ivanoff. “I support this combination because of the high degree of alignment our firms have in terms of our desired culture, philosophy, focus on substance, and commitment to serve the clients that have entrusted their patients with us.”