With over 30 years in healthcare technology, the vertically integrated SaaS company is expanding its legacy through acquisitions and strategic partnerships.
Rectangle Health is in growth mode, focused on expanding its product portfolio. The technology company, primarily known for processing patient payments, has evolved as a vertically integrated software-as-a-service (SaaS) player that can simplify the entire business side of healthcare for providers.
Following multiple, strategic acquisitions and partnerships and with more in the pipeline, Rectangle Health plans to continue its growth through 2024 and beyond and has tapped its preferred provider, TSG, to assist in these efforts (contact TSG to learn more).
“Rectangle Health has been innovating the healthcare technology space for over 30 years,” noted Sid Singh, CEO of Rectangle Health. “We started out by helping practices collect patient payments quickly, back when such things would often take months. We’ve always had our eye on what’s next, and what healthcare providers need the most. That vision has enabled Rectangle Health’s continued growth and evolution into a leading SaaS powerhouse in the healthcare industry.”
Ongoing Growth
Rectangle Health’s expansion into the SaaS space has largely been fueled by strategic acquisitions. In 2022 and 2023 the company acquired three different SaaS companies. By procuring RavePoint and ReminderCall, Rectangle Health was able to add tools like patient scheduling, waitlist management and patient reminders to its repertoire. And through the acquisition of PCIHIPAA, the company was able to gain leading HIPAA, OSHA, and PCI compliance solutions.
“We expect M&A to be a significant contributor of growth across SaaS and payments for our company,” noted Damien Warner, Head of Corporate Development at Rectangle Health. “We have a strong track record of acquiring companies and integrating them into our product stack to deliver value for customers. You can expect that any M&A activity in the future will have that same client value focus.”
Rectangle Health is hoping to find the right targets by enlisting TSG as an M&A advisor. Having completed dozens of acquisition and investment transactions and over 250 valuations on payments companies, leveraging TSG’s expertise and network to assist with the company’s growth initiatives is a natural fit. “Rectangle Health is an impressive organization when you evaluate both their people and platforms,” said Sam Wares, who manages M&A activity for TSG. “The opportunity to be a part of their expanding success should be an exciting proposition to many. We urge those with interest to contact TSG as soon as possible.”
Strategic partnerships have also been fuel for Rectangle Health’s development. In 2021, KeyBank partnered with Rectangle Health to offer the proprietary, healthcare technology solution, Practice Management Bridge, to their new and existing clients.
The momentum continued throughout 2023; in July, Rectangle Health announced a partnership with healthcare technology provider Zelis to provide straight-through processing for healthcare and dental payments. The first-of-its-kind, end-to-end solution accelerates the insurance payment process using virtual credit cards and automation.
“Our partnership with Zelis is a game changer in that it takes the friction out of the virtual card process for healthcare providers,” noted Mike Peluso, Chief Product and Strategy Officer for Rectangle Health. “With 2024 on the horizon, we have many more exciting announcements to come, from new product launches to more partnerships and acquisitions. It’s an exciting time to be at Rectangle Health. Watch this company.”
30 Years of Healthcare Innovation
Based in Valhalla, N.Y., about an hour north of Manhattan, Rectangle Health began serving the healthcare community in 1993. Originally known as Retriever Medical/Dental Payments, the company aimed to improve the patient payment collection process, primarily for dental and some medical practices. At the time, providers primarily billed patients through the mail, after appointments took place. Rectangle Health sought to change that by being one of the first companies to offer payment terminals to dental and medical practices. With the capability to collect credit card payments at the time of service, providers were able to vastly improve revenue cycle management.
Rectangle Health wasn’t content to stop with in-office payments. The tech company acknowledged the need for practices to expand their ability to accept payments, while also incorporating other functions like patient engagement and compliance. Additionally, Rectangle Health expanded beyond dentistry and general medical, into new practice areas, including chiropractic medicine, vision, reproductive health, physical therapy, and more.
Practice Management Bridge®, Rectangle Health’s signature software, interfaces with practice management systems, reducing administrative burden while streamlining daily workflows and the overall revenue cycle. Rectangle Health has incorporated functions like Text to Pay, Mobile Payments, Card on File and Patient Financing to allow patients more options when it comes to paying their providers. The platform also enhances the patient experience through a vast array of engagement tools and helps practices maintain regulatory compliance.
Rectangle Health has grown to be one of the leading companies offering healthcare technology. The organization works with more than 50,000 healthcare providers in the United States, processing almost $10 billion in healthcare volume annually. In 2021, Rectangle Health was named to the Inc. 5000 list, the most prestigious ranking of the nation’s fastest growing companies.
Provider and Patient-Focused
While the technology that Rectangle Health has developed and amassed is impressive, the company maintains its focus on the needs of its clients—healthcare providers. Rectangle Health’s aim has always been to support practitioners in all aspects of their administrative cycle, providing them with user-friendly technology so that they can focus on their patients. “It’s an honor to help an industry whose primary goal is to help all of us,” Singh said. “Providers entered the medical field to help those in need, not worry about payment collections, compliance, and administrative tasks. Our mission at Rectangle Health is to take on those responsibilities so that healthcare providers, across verticals, don’t have anything barring them from providing their patients with exceptional care.”