Revenue cycle management company R1 RCM on Thursday announced it had closed on its purchase of VisitPay, a private company that sells patient billing tools.
Here are five things to know about the deal:
- R1 was expected to pay roughly $300 million in cash for Boise, Idaho-based VisitPay.
- The deal provides R1 a $40-million tax benefit.
- Chicago-based R1 thinks integrating VisitPay's consumer payments platform into its patient access technology will differentiate it from competitors.
- VisitPay, which sells cloud-based payment tools to healthcare organizations, serves major providers like Intermountain Healthcare, Geisinger Health and Carilion Clinic.
- In May, R1 signed an end-to-end agreement with medical group Medinax, a move analysts said marked the company's first end-to-end win of fiscal 2021.