Transaction Processing

ENVOY Corporation

The Company

Envoy is the leading provider of electronic transaction processing services for the healthcare industry. The company's payer connectivity includes links to a total of around 650 (roughly 60%) of the major commercial , Blue Cross/Blue Shield, and governement health care entities. The next largest competitor has links to only 10, with most of the other processors using Envoy as a means of connecting to the vast majority of players. Provider connectivity includes about 29,500 pharmacy customers (54% of the market), 26% of physicians, 44% of hospitals, and 21% of dentists. It would be extremely difficult for such an installed base to be undermined. The primary growth driver going forward is the fact that health claims processing is still largely paper-based (about 70%), in a very similar fashion to the merchant credit card business 6-8 years ago.

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