Hello everyone and it's official - the slowest days of summer are officially here! Here's what's in this issue to make it easier to skim on the porch with your morning coffee:
Deals: Rectangle Health/ Clover, Elliott Management/ Global Payments, Waystar/ Iodine, Deluxe/ JP Morgan, and Sunbit
Payments and RCM implications as healthcare providers expand globally
The first insurer to share member-level information in Epic's MyChart
Takeaways from the new GENIUS Act and stablecoin winners and losers
KPMG's take on creating value in healthcare with AI
CEO Chat with Boston-based private equity investor BayPine
For those on the east coast, here's hoping Tropical Storm Erin stays out to sea!
DEAL NEWS
Rectangle Health inks partnerships with Clover and ECHO
Valhalla, NY-based Rectangle Health, a leading provider of patient and provider payment solutions, recently announced partnerships with Fiserv's Clover business and ECHO Health. Clover's new PracticePay offering focuses on patients, and will be powered by Rectangle Health's Practice Management Bridge. It will help Clover expand into healthcare, beyond its core verticals of restaurant, retail, and personal services. Rectangle Health's PayerSync solution will integrate with ECHO's payer payments solution to simplify and streamline insurance payments to providers. The deal with ECHO appears similar to one Rectangle Health struck with Zelis two years ago.
Activist investor takes position in Global Payments
Activist hedge fund Elliott Management has acquired shares in Atlanta-based Global Payments, after the payment processor's stock price fell to a ten year low following the announcement of its purchase of fellow processor Worldpay in April 2025. Details including the size of Elliott's position have not been disclosed.
Waystar announces $1.25 billion acquisition of Iodine
Waystar (NASDAQ: WAY), a provider of healthcare payment software, announced that it is acquiring Austin, TX-based Iodine Software for $1.25 billion. Iodine's lead shareholder is private equity firm Advent International. Other shareholders include Bain Capital Ventures and Silversmith Capital. Iodine offers clinical intelligence used by 1,000+ hospitals and health systems to improve revenue and reduce administrative burden across the "mid-revenue cycle": connecting clinical documentation, utilization management, and prebill workflows.
Deluxe acquires check digitization service from JP Morgan
Minneapolis-based Deluxe announced that it is extending its digital lockbox capability with the acquisition of CheckMatch from Kinexys by J.P. Morgan. CheckMatch digitizes the delivery of paper checks, and will be folded into the Deluxe Payment Network (DPN) which digitally connects physical lockboxes. According to the press release, "Once integration of CheckMatch is completed—the combined platform is expected to include five of the top 10 U.S.-based lockbox providers and multiple leading disbursement partners, including financial institutions, AP automation platforms, and a major medical payments provider."
Sunbit raises additional $200 million via debt financing
Los Angeles-based Sunbit, which offers auto repair, dental, healthcare, and veterinary financing, announced that it has raised $200 million through an asset-backed securitization. Citi led the deal, accompanied by J.P. Morgan and ATLAS SP Partners. This new securitization capacity brings Sunbit's total annual funding capacity to over $1.5 billion, and expands the company's investor base with over 25 blue-chip institutional investors joining the transaction.
U.S. Healthcare Goes Global: Implications for Payments and RCM Vendors
Market saturation and margin contractions in the U.S. have left many major health systems crowding limited real estate. In western Pennsylvania for example, UPMC commands more than 45% of the local medical-surgical market, limiting options for volume-driven expansion. Now, UPMC has established operations in Italy, Ireland and Croatia. Rising international demand for specialized advanced care options, the ability to leverage virtual care, and the desire to foster research partnerships and build reputation outside the U.S. are further pushing U.S. healthcare providers to stretch their strategic maps well beyond American borders.
Regions such as Dubai (United Arab Emirates) and Hainan (China) create fertile expansion opportunities. Intent on keeping local healthcare spending within their borders and attracting regional patients, these governments are pouring resources into developing medical tourism hubs. U.S. giants like Mayo Clinic are capitalizing on this trend, forging alliances with flagships like American Hospital Dubai. A partial list of others operating outside the U.S. includes UCLA, UCSF, Houston Methodist, Mass General Brigham, Johns Hopkins, and Cleveland Clinic.
These moves have shifted the paradigm: instead of traveling halfway around the world for Mayo-level care, patients can access this in their own region. This forces U.S. providers to reimagine how dollars—or rather, dirhams and yuan—change hands and places new demands on payment and revenue cycle partners.
Merchant Acquiring and Payment Processing
As U.S. hospital groups enter markets from Dubai to Bogotá, they now need to wrestle with cross-border, multi-currency receivables that must clear quickly, comply locally, and protect PHI.
The emergence of global healthcare payments has contributed to the success of companies like Flywire, which processed $8.4 billion in payments across more than 240 countries during Q1 2025. Healthcare is one of its fastest-growing verticals, illustrating the value of platforms that move money quickly and deftly manage foreign exchange, fraud prevention, and local regulatory environments.
Adyen, the Dutch acquirer and processor, is another payment company that is well-positioned to serve the needs of U.S. healthcare providers operating new global outposts. Known for its scalable, integrated payments platform, Adyen operates directly in more than 50 markets with support for over 250 payment methods and currencies. Its unified commerce infrastructure is perfectly suited for U.S. health systems with cross-border ambitions, seamlessly accommodating in-person, digital, and recurring payment scenarios. Adyen’s expertise with compliance, fraud detection, and local-market adaptation can support U.S. hospitals as they export both their care models and operational complexities.
Revenue Cycle Technology and Services
As U.S. healthcare providers stitch together delivery networks that run from Pennsylvania to Palermo and Abu Dhabi, their revenue cycle partners seeincreased TAM, but also the need to rewire their operating models.
The move into international markets is about more than exporting clinical expertise. U.S. hospitals are setting up branded facilities, partnering with local providers, and entering joint ventures to deliver U.S.–grade medicine for affluent patients in those local markets. Every new clinic, specialty hospital, or telemedicine platform abroad requires robust revenue cycle workflows, adapted to the realities of each market. For RCM vendors, this represents a significant opportunity to offer value—streamlining patient intake, billing, insurance processing, and regulatory reporting in entirely new ways.
For example, migrating DRG and CPT logic into markets that bill under ICD-10 regional variants or bundled tariffs requires dual code sets and AI models trained on multinational claims. R1’s cloud platform already ingests data from more than 500 million annual patient encounters across the U.S., India, and the Philippines—an analytics depth that can be repurposed to tune country-specific edits. An RCM vendor’s ability to ensure data integrity, compliance, and reliable collections will be pivotal for U.S. providers’ success overseas.
In a world where every new affiliate clinic or virtual visit layer adds another knot to the financial web, having nimble, global payment platforms and revenue cycle services partners may prove to be just what the doctor ordered for U.S. hospitals and health systems.
PRODUCT NEWS
Humana to share member-level info with patient's MyChart
Humana announced the first of its kind integration of health plan information directly into Epic MyChart accounts that patients are already using with their providers. According to Humana, over 3 million of its members already have a MyChart account. While staying within the provider's MyChart instance, patients will be able to see their own coverage totals and benefit details, remaining deductible balances, and out-of-pocket costs. They will have single sign-on to MyHumana.com and information on claims and authorization status without leaving MyChart.
How U.S. Crypto Bills Shape Web3’s Future In Healthcare. Recent U.S. legislative efforts are redefining the regulatory environment for Web3 technologies, with significant implications for blockchain-powered healthcare innovation. (Forbes)
Stablecoin Winner and Losers. While the crypto world buzzes with talk of revolution, the author see a more nuanced picture – one where the real impact is less about wholesale displacement and more about targeted evolution. (Noyes Payments Blog)
AI IN HEALTHCARE
KPMG study: Intelligent Healthcare
KPMG recently published a study looking at the potential of AI in healthcare, as part of a multi-industry research project. The study concludes that "Artificial intelligence holds tremendous promise for the healthcare sector, offering powerful solutions to some of its most pressing challenges, from rising patient demand and persistent workforce shortages to growing clinical and administrative backlogs." The full study can be accessed here.
The HISTalk blog does a nice job of summarizing the study's main conclusions - for example, "Early use cases are ambient documentation, image analysis, virtual health assistants that help manage patient communication, early warning systems for patient deterioration, and claims and billing processing." Click here for this summary.
WEX Taps AI for Faster FSA Reimbursements
In late July, WEX (NYSE: WEX) announced an AI tool to automate steps in FSA reimbursement such as checking receipts, pre-filling claim forms and approving eligible claims.
Click here to read our latest CEO Chat with Tom O'Rourke, Partner and Founding Member of BayPine. BayPine is a Boston-based private equity investor with $3.8 billion of assets under management with a focus on businesses with $30-150M of EBITDA – including healthcare tech and services, and payments companies
Passing the Torch, Holding the Mission. Reflections on lessons about leadership, teamwork, and people learned through my 45 years at Henry Schein. (Stan Bergman on LinkedIn). Note: this holds extra meaning for us given our work with Henry Schein while leading the Channels team at athenahealth.
5 Thoughts on AI Heading into UGM. Summer’s here, August’s Users Group Meeting is coming into view, and with UGM comes our biggest AI news yet. Here are five ideas on my mind as we prepare. (Seth Hain, SVP R&D at Epic)
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.
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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.
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