QRails, Inc., a financial technology company offering a sophisticated payments platform with integrated processing and program management services, today announced that it has completed the purchase of Rete+Pay, a provider of integrated electronic healthcare and insurance payments solutions.
Rete+Pay has an innovative payments solution which enables, faster, more efficient and cost-effective management of settlement of medical claims between insurance companies, patients and healthcare providers and offers a secure, HIPAA and ACA compliant environment.
The acquisition is a significant strategic step forward for Q-Rails - healthcare accounts for $3.5 trillion annual spend, of which an estimated $1.2 trillion is accounted for by administration costs. Rete+Pay has been providing insurance companies and healthcare providers innovative ways of reducing or eliminating inefficient billing and payments processes. Rete+Pay’s latest product, Rete+Pay Plus, combines advanced claims processing capabilities with claims adjudication and payment technology to create a single source solution that reduces claims processing costs while improving medical providers’ cash flow using API driven, cloud-enabled, mobile responsive and web-based support tools.
Naseer Nasim, CEO of QRails commented: “The healthcare industry is a significant area of potential growth for us. Rete+Pay gives us a leading edge technology platform specifically adapted to the needs of that industry. We are greatly excited by the potential that this acquisition opens to us.”.
“Rete+Pay has a long-standing commitment to the healthcare community to deliver innovations that save claims and administrative cost for patients, payers and medical providers alike,” said Asim Ashary, former owner of Rete+Pay. “We’ve found a great fit for Rete+Pay with QRails .”