PaySpan

In the mid-1980s, long before FinTech was a common term, a company called PaySpan was founded to tackle a complex and paper-intensive problem: healthcare payments. The vision was to create a digital backbone for the intricate financial transactions between healthcare insurers and medical providers. The company focused on building solutions for electronic payment and reimbursement automation, aiming to replace checks and paper explanations of benefits with something faster and more efficient. The core of the business became its network. Over the years, PaySpan methodically built a vast network connecting hundreds of health plans with over 1.3 million provider payees. This network wasn't just about moving money; it was about exchanging meaningful healthcare information and simplifying the entire reimbursement process for payers, providers, and eventually, their patients. The journey reached a significant milestone on November 9, 2022, when Zelis, a company focused on modernizing the business of healthcare, announced it was acquiring PaySpan. The move was driven by a shared goal to address the disconnected and often challenging financial processes within the U.S. healthcare system. By integrating PaySpan's extensive network into its own offerings, Zelis created the 'Zelis Advanced Payment Platform,' aiming to provide a more unified and seamless financial experience for everyone involved. The acquisition marked the next chapter for the capabilities built over decades, integrating them into a larger mission to transform healthcare's financial landscape.