Fintech firm QRails has acquired Rete+Pay, a provider of electronic payments solutions for healthcare and insurance providers in the US.
Q-Rails calls the deal a “significant strategic step”, given that healthcare constitutes $3.5 trillion in yearly spend.
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Furthermore, through the payment technology of Rete+Pay, insurance companies, patients and healthcare firms will benefit from quick and cost-effective management of medical claim settlement.
Rete+Pay Plus, an offering of Rete+Pay, leverages advanced claims processing capabilities, claims adjudication and payment technology to lower expenses related to claims processing.
QRails acquisition
Commenting on the acquisition, QRails CEO Naseer Nasim: “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.”
QRails did not reveal how much it paid for the acquisition.
Ex-Rete+Pay owner Asim Ashary terms the two parties to be a “great fit”.
“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,” Ashary noted.
QRails offers third party processing, outsourcing and consultancy services to prepaid, debit and credit card issuers.
The firm has offices in Denver, which serves as its base, as well as London.
