Misys Healthcare Systems, one of the largest companies specializing in health care IT, recently announced that it would acquire Payerpath, a private company that provides Web-based solutions for processing health insurance claims.
Misys Healthcare Systems is one of a group of companies comprising Misys plc., a software company focused on both the banking and health care industries.
Payerpath handles about 50 million online health insurance claims transactions a year; a figure it claims is more than any other single company in the United States. Misys itself currently processes more than 420 million electronic transactions a year. The acquisition is intended to combine the capabilities of these electronic processing providers, thereby expanding the product line and enabling further innovation.
"We both want to enable healthcare professionals to realize faster and more complete insurance reimbursements at a cost-effective price," Tom Skelton, CEO of Misys Healthcare Systems, said in a statement.
"Payerpaths solutions focus on each step of the reimbursement cycle—providing physician practices, hospitals and payers with a high level of user functionality, revenue cycle management features and adaptability," he said.
The acquisition of the company was for $49 million in cash. The business will operate as Payerpath, a Misys Company, and will be based in Richmond, Va.
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