Healthcare management technology provider R1 RCM agreed on Tuesday to acquire US-based digital payment software developer VisitPay for $300m, allowing several corporate investors to exit.
Formerly known as iVinci Health, VisitPay provides software that helps patients engage with hospitals’ billing systems and choose from a variety of payment options, utilising analytics from a decade’s worth of healthcare transaction data.
The company raised $5m from healthcare providers Intermountain Healthcare, Inova Health System and St Luke’s Health System in 2014.
Venture capital firm Norwest Venture Partners (NVP) led VisitPay’s $15m series A round in 2017, investing alongside Ascension Ventures, a venture capital firm now backed by 13 care providers.
NVP supplied an additional $3.7m in November 2019, according to deal data provider Crunchbase, and VisitPay also named Flare Capital Partners and The Caprock Group as investors this week.
Centerview Partners was financial adviser on the transaction while Winston & Strawn was legal adviser to R1. Allen & Company was financial adviser for VisitPay while Stoel Rives provided legal advice.
