After starting the year slow, and with some uncertainty (maybe?) starting to lift as the "Trump tariffs" show signs of turning into agreements (UK, China?), healthcare payments deals are heating up a bit. More on that below, including a view of the Global/ Worldpay tie up through a healthcare lens.
KLAS is also out with the latest acute care EHR market share, and we highlight some good reading (and listening) covering Epic's history, the most profitable company per employee in the world (hint: it's a payments company with 150 employees), Europe's latest attempt to build a Visa/ MC competitor, and an interview with Sphere/ TrustCommerce's CEO.
Thanks for reading and send along your tips and news here!
DEAL NEWS
Worldpay, hello and goodbye!
Cincinnati and London-based Worldpay, a global payments technology company processing 52 billion transactions across 146 countries and 135 currencies, agreed to be acquired by competitor Global Payments (NYSE: GPN) for $24.25 billion (including over $1.5 billion in tax assets). The deal is expected to close in the first half of 2026.
At the same time, Global Payments will sell its issuing business to FIS for $13.5 billion. FIS is on both sides of the transaction, as it is selling its 45% stake in Worldpay. Chicago-based GTCR is selling its 55% stake in Worldpay. Worldpay just became an independent company in early 2024, after FIS spun out a a majority stake to GTCR.
According to the press release from Atlanta-based Global Payments, the combined Global and Worldpay will serve more than 6 million customers and enable 94 billion transactions and $3.7 trillion in volume across 175+ countries.
In its Q1 earnings call, FIS CEO Stephanie Ferris said the deal “complements our existing banking solutions product suite with best-in-class credit capabilities at scale and enhances our value proposition to large banks and corporates, unlocking greater cross-sell potential across existing clients".
According to PYMNTS, "all eyes are on embedded payments, in a nod to the new ways in which transactions are being woven into the fabric of eCommerce and enterprise business models".
Capital One - Discover deal getting final approvals
Capital One CEO Says Discover Acquisition Will Build ‘Something Special’. Richard Fairbanks, Capital One CEO says that “Discover brings us a growth platform both on the network side and with respect to their card franchise that allows us to preserve the best of what they do and leverage a lot of Capital One’s capabilities.” (PYMNTS)
Weave Snaps Up TrueLark to Put AI Muscle Behind Patient Calls. Weave, a customer experience and payments software platform, announced its acquisition of TrueLark, a conversational AI company specializing in automating front-office interactions. (PYMNTS)
Infinx expands RCM business by adding i3 Verticals
Why the Worldpay Deal Matters for Healthcare Providers
The recent $24 billion sale of Worldpay from FIS and GTCR to Global Payments is a major shakeup for the healthcare payments industry, proving that disruption remains the norm in fintech. This three-way transaction will reshape the competitive landscape for healthcare providers and the software companies that serve them -much like an unpredictable EHR update on a Friday afternoon.
Expect integration risks, shifting priorities, and new competition from next generation fintechs. Loyalty will be tested, and the healthcare payments landscape could look very different once the dust settles.
What's actually happening?
Global Payments is acquiring Worldpay from FIS (45% ownership) and GTCR (55% ownership), aiming to become a pure-play merchant acquirer with global reach and a focus on “cost synergies.”
FIS is buying Global Payments’ Issuer Solutions business for $13.5 billion, doubling down on issuer processing and banking infrastructure.
GTCR exits its initial Worldpay investment with a nice return and a 15% stake in the new Global Payments entity.
This isn’t just a Wall Street shuffle - it’s a shift in who controls the rails for patient payments and embedded finance in healthcare.
Why should healthcare providers care?
Source: FinMed Partners analysis
Worldpay has long supported major EMR and patient management vendors. But under FIS, it lost ground to modern fintechs such as Stripe and Adyen which offer more flexible, user-friendly solutions. (FinMed Partners estimates based on publicly disclosed platform integrations that the combined Global Payments + Worldpay will have 37% market share of healthcare, wellness and veterinary payment volume - see chart.)
Now, as Worldpay is absorbed by Global Payments, healthcare providers face classic integration risks: Will support falter? Will innovation slow? Will our vendor suddenly be “on hold” indefinitely?
Global Payments plans to extract $600 million in cost savings, with a third coming from streamlining technology, another third from consolidating support and processing, and the rest from cutting administrative functions. For clients, this likely means layoffs and new faces - or silence - on the support line.
The software vendor perspective
For software companies - EMRs, practice management, and patient engagement platforms - this deal is both a headache and an opportunity:
Embedded Finance Ambitions: Many vendors want to monetize their software by embedding payments, lending, and other financial services. Stripe, Adyen, and Block (Square) have made this easy with developer-friendly APIs and rapid onboarding - features that Worldpay, under FIS, struggled to match.
Uncertain Roadmap: With Global Payments focused on merchant acquiring, it’s unclear if they’ll keep pace with fintechs on innovation. Meanwhile, FIS is building a more comprehensive suite, possibly attracting software companies seeking embedded finance.
Competitive Pressure: As Global Payments and Worldpay focus on integration, nimble fintechs and specialized PayFacs have a rare window to court healthcare software vendors and their clients. Large Worldpay clients such as RevSpring and Waystar - and even a smaller PayFac like PatientPay - may now consider alternatives.
Will providers and vendors jump ship?
Healthcare is slow to change, but payments modernization is now a necessity. Hospitals want to streamline banking and payments, favoring large banks that offer multiple services (see US Bank, JPM Chase) over standalone processors like Worldpay. With uncertainty around Worldpay’s future roadmap and support, vendors may accelerate partnerships with fintechs delivering not just payments, but also embedded lending, virtual cards, and other revenue-generating services.
Conclusion: A precarious prognosis
This deal is a strategic “back to basics” move for payments giants, but for healthcare providers and their software partners, it’s a period of heightened risk and opportunity. As the big players focus on digesting acquisitions (and trimming the fat), agile fintechs and innovative software companies have a rare opening.
If you’re a Worldpay healthcare client, now is a good time to review your options -because in payments, “stable” often means “about to be disrupted.”
INDUSTRY NEWS
Epic adds another 176 hospitals in 2024
KLAS has released its annual acute care EHR market share data, and not surprisingly, Epic continues to dominate the hospital market. In 2024, according to HISTalk's review of the KLAS data, the Madison, WI-based health IT company added 176 hospitals and 29,000 beds. It apparently won 70% of the competitive bids it participated in. Market share totals:
By hospital count: Epic 48%, Oracle Health 27%, MEDITECH 15%
By bed count: Epic 55%, Oracle Health 22%, MEDITECH 13%
Note: as some of you may have seen, the Acquired podcast just did an episode covering Epic (the link is to the full transcript as well). Thanks to the HISTalk blog which generated an AI summary of the four hours of audio.
Bank owners of Paze eye Apple and Google digital wallets
Paze aims to pump up the volume with Fiserv. The digital wallet owned by seven banks has loaded 150 million customer cards onto the system. Now, it’s working with its processor ally to add more banks. (Payments Dive)
CEO CHAT
Jay Omar, Adyen
Click here to read our latest CEO Chat with Jay Omar, head of Adyen's North America Go to Market for Platforms. Jay leads a team responsible for bringing Adyen's embedded finance solution to ISVs across North America, including the hundreds of platforms serving medical and dental providers, veterinary clinics, and wellness locations.
The Most Profitable Business Per Employee in the World. 150 employees generated $14 billion in profit — $93 million per employee — in 2024, leading some to conclude tether is running the most efficient business on earth. how does the stablecoin firm do it? (Pirate Wires)
Conference List. Rolling twelve month look ahead at conferences and other events covering healthcare payments, revenue cycle, fintech and related areas. Updated through September 2025.
FMP Blog. Thoughts from healthcare payments CEOs and investors on their right to win and plans for the next 12 months, as well as data and perspectives on healthcare payments.
Newsletter Archive. News, trends, and insights from the healthcare payments industry compiled in our bi-weekly newsletter. Last six months of newsletters.
Epic MyChart. Excel sheet with full listing of all Epic MyChart instances as of May 2024, categorized by state, provider type and specialty.
All of these resources can also be accessed at the FinMed Partners Insights page.
Thank you for reading! If you enjoyed this newsletter, please forward to a friend or colleague.
FinMed Partners is a management consulting and advisory business focusing at the intersection of payments/ fintech and healthcare. Our founders have developed deep expertise from decades of experience with health IT companies, healthcare providers and many players within the payments ecosystem. Investors, boards and executive teams work with us to maximize business value through strategic input and tactical execution.
FinMed Partners LLC, 34 Long Avenue, Belmont, MA 02478, United States
