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Top RCM Mergers and Acquisitions for Q3 2023

With the changing economy and new regulations, an increasing share of RCM companies are exploring potential mergers and acquisitions in 2023.

The below ranking of “Top RCM Acquisition” is based on an analysis of various factors including the following: importance of the acquisition from a larger industry perspective; anticipated combined revenue; and materiality of the acquisition from the perspective of the buyer.  And at least one party to the transaction must be based in the U.S. and the majority of the seller’s revenues must be generated from U.S.-based health care systems or practices.  

Using this criteria, we’ve identified the four top RCM company acquisitions that closed during Q3 2023. Below is a list of some of the important M&A activity during the quarter. A blog post on the healthcare acquisitions covered for the first half of 2023 is available here.

Top RCM Acquisition - August 2023:

Waystar, founded in 1999 and a leader in the healthcare payments industry, has leaned into its acquisition strategy as this marks its eighth closing since 2018.  WellSky completed the acquisition of HealthPay24, adding a "highly regarded patient financial engagement solution to its award-winning payments platform. This helps in augmenting Waystar’s industry leadership in healthcare software. Moreover, it strengthens Waystar’s mission to simplify healthcare payments for providers and patients.” Additionally, the merger will aid Waystar in its mission to simplify medical billing by integrating HealthPay 24, a complementary patient financial engagement solution. This transaction, announced on August 3, 2023, marks an important milestone for Waystar.

Top RCM Acquisition - August 2023 (runner-up):

WellSky, the Kansas-based leader in coordinated care, acquired Experience Care. This company offers a suite of software solutions for post-acute and long-term care providers. Experience Care actively serves 150 long-term care clients with 850 facilities through its Electronic Health Record (EHR) known as NetSolutions. The transaction was announced on August 24, 2023.

Top RCM Acquisition - September 2023:

Since its founding in 1946, Wakefield and Associates has been focused on understanding the needs of its healthcare clients. Focused on designing customized solutions tailored to their workflows, Wakefield has strategically acquired Collect Rx, a pioneering Maryland-based company in the out-of-network (OON) industry. Renowned for assisting hundreds of healthcare providers in boosting their cash flow and effectively managing their account receivables, Collect Rx brings valuable expertise to Wakefield's portfolio. The healthcare acquisition, announced on September 6, 2023, marks a significant move for Wakefield, enhancing its service offerings and strengthening its full suite of Revenue Cycle Management (RCM) solutions for healthcare providers.

Top RCM Acquisition - October 2023:

Finally, as we wrap up the top mergers and acquisitions of Q3 2023, let's take a look at one of the most noteworthy and recent healthcare transactions.

WellSky achieved a significant milestone with the acquisition of Corridor in October 2023. Founded in 1989, Corridor stands as a leading provider of tech-enabled coding, clinical documentation review, revenue cycle management, compliance, technology, and education services for home-based healthcare partners. Notably, on October 12, 2023, WellSky proudly announced this strategic addition to its portfolio, thereby expanding its comprehensive services to include medical coding, clinical documentation review, healthcare billing, and collections services. This pivotal acquisition solidifies WellSky's position as a key player in the healthcare sector. Moreover, it underscores the company's unwavering commitment to meeting the evolving needs of clients in home-based care through the seamless integration of expertise and resources.