RedCard, a leading organization in the healthcare industry which focuses on providing services that are based on payments and communications optimization, recently released an announcement on its merger with Zelis Healthcare, another leading organization in the healthcare industry. Using RedCard’s gateway technology, effective communication can occur between healthcare payers, providers and clients.Reports as regards this new merger are as follows;
Healthcare payments technology leaders Zelis Healthcare (“Zelis”) and RedCard Systems (“RedCard”) today announced the successful completion of their previously announced merger. The combined company provides market-leading technology and solutions to over 700 payers and 600,000+ providers to price claims, pay claims and explain claims, all at enterprise scale on a claim-by-claim basis.
The merger was supported by Parthenon Capital, a growth-oriented private equity firm and an existing investor in both Zelis and RedCard, and by Bain Capital Private Equity and Bain Capital Ventures. Financial terms of the private transaction were not disclosed.
Goldman Sachs served as financial advisor to Zelis and RedCard. Deutsche Bank served as financial advisor to Bain Capital. Kirkland & Ellis served as transaction counsel to Zelis and RedCard. Ropes & Gray served as legal counsel to Bain Capital.
With an emphasis on healthcare payment optimization, this merger will help to offer market-leading technology to price, pay and explain healthcare claims, thereby enhancing these services on an enterprise scale.
Zelis Healthcare is one of the leading healthcare and financial technology growth company. The company services such as integrated healthcare costs management and payment solutions to its clients, some of the solutions provided include; network analytics, network access, network cost management, payment integrity and electronic payments, serving payers, healthcare providers and consumers in the medical, dental and workers’ compensation markets nationwide.