Healthcare revenue cycle technology leaders Waystar and Connance announced that the parties have reached a definitive agreement to combine their operations. The combined company, which will eventually operate under the Waystar name, will provide advanced workflow and predictive analytics solutions to health systems and hospitals.

As the healthcare landscape has evolved in the information age, including rapid adoption of electronic medical records, healthcare revenue cycle technology has struggled to keep pace. Healthcare providers spend significant resources and time trying to collect payment with outdated, often very manual, processes. With patient liability increasing five times faster than overall reimbursement, most providers are ill-equipped to adapt as this trend continues.

Waystar’s modern technology platform simplifies and unifies the revenue cycle by streamlining processes including claims management and patient billing and collection. Connance offers an industry-leading solution that addresses the realities of rising patient financial responsibility and more complicated business processes with patient propensity-to-pay and social determinant predictive algorithms, as well as vendor management software.

Together, the combined companies will offer the groundbreaking cloud-based Waystar technology platform, which leverages state-of-the-art user interfaces and workflows powered by predictive analytics. Waystar is committed to making the healthcare revenue cycle smoother for health systems—and across the continuum of care.

“Waystar’s market-leading platform enables our clients to improve their financial health and revenue cycle operations so that they can focus on caring for their patients,” said Matt Hawkins, Waystar’s CEO. “We’re eager to welcome Connance’s impressive team, technology solutions and clients to Waystar. The combination enables us to further simplify and unify the healthcare revenue cycle by delivering powerful, end-to-end solutions to our clients and to the market.”

Both Waystar and Connance are market-leading, cloud-based RCM technology companies with reputations for product innovation and customer success. Together, they provide the highest-rated client experience to more than 450,000 providers, 22,000 healthcare organizations and 750 health systems and hospitals.

“We are thrilled to join Waystar in helping transform today’s healthcare revenue cycle. Combining our two technology platforms and teams will enable exciting new solutions for the industry and create a clear leader in end-to-end application of data for operational effectiveness,” said Steve Levin, Connance’s CEO and co-founder.

The combined company will operate with offices located in Louisville, Kentucky; Chicago, Illinois; Atlanta, Georgia; and Boston, Massachusetts.