2020 was a year unlike any other. It was full of both challenges and adaptation, loss and resilience. The global COVID-19 pandemic shaped many of our experiences, both professionally and personally. It was more important than ever that the administrative and financial processes within healthcare work as seamlessly and efficiently as possible, and we focused all of our efforts on empowering our clients to deliver their best care.
We at Waystar are approaching 2021 with hope as we look toward recovery. We are so grateful to be able to support healthcare professionals and administrative staff working to keep our communities healthy.
In the spirit of gratitude, I wanted to share some milestones we celebrated on behalf of our clients last year.
- Our growth in clients continues. We now serve more than 24K of the finest organizations in the United States.
- In the fall, we acquired longtime revenue cycle management leader eSolutions. Together, we’re bringing commercial, government and patient payments onto a single market-leading platform, eliminating the need for providers to use disparate vendors for different types of claims.
- With the announcement of our acquisition of eSolutions in August 2020, we now process more than 750M claims, representing nearly $200 billion of remitted payments to providers.
- On behalf of our clients, we processed more than 2.5B healthcare administrative transactions.
- Revenue integrity clients are experiencing a 4:1 ROI.
- Waystar processes $3B+ in patient payments annually.
- Our network now supports more than 475,000 providers and 6,000 health plans.
- We are integrated to 500+ practice management and EHR solutions.
- Waystar clients have an industry-leading first-pass claim acceptance rate that exceeds 98% across our entire network. This exceptional rate reduces claims that are denied and require follow up work to appeal the denial.
- Our service levels continue to be world-class. When a client calls us, the average wait time is less than 30 seconds for all calls, with a 75%+ first-day support case closure rate.
- We implemented more than 3,600 new client projects and we continue to grow the Waystar network of providers.
- Our cloud-software service levels are also industry leading, with >99.9% average uptime across our entire network.
- 2020 industry honors:
- Best in KLAS: Category Leader – Claims & Clearinghouse
- Black Book: Category Leader
- Top 50 Healthcare CEOs: Matt Hawkins was selected as #9 out of Top 50
- Becker’s Hospital Review: Revenue Cycle Company to Know
- Best in Biz Awards: Best New Product of the Year – Healthcare and Medical
Navigating a new healthcare landscape
COVID-19 has tested the healthcare industry at large. But it has also spurred needed innovation and record-setting levels of investment. It has forced provider organizations, healthcare decision makers, policy shapers and others to find new ways to solve some of healthcare’s most pressing challenges—many of which existed long before the pandemic.
CMS and patients alike have called for more consumer-friendly practices and transparency around pricing, and hospitals worked hard in 2020 to answer the call. Telehealth quickly became a widely-used care method—a lifeline when patients needed it. Last year, we surveyed providers and patients about both of these major developments in healthcare—and looked at our own data within the Waystar platform. Here are a few notable figures that emerged:
- At end of the year, approximately 7% of Waystar’s total claims volume was tied to telemedicine—a growth rate of 103x over 2019.
- 95% of providers increased their telehealth offerings with the onset of COVID-19.
- 66% of providers think patients are more likely to pay when they know care costs up front.
- 40% of patients would like to see simpler medical bills that only include essential info.
- 81% of patients would more actively pursue care if they knew out-of-pocket costs.
Moving forward in 2021
To our clients across the country fighting COVID-19 on the front lines, we recognize that we aren’t out of the woods yet. You can count on our full commitment to support you in 2021 and beyond. That means continued delivery of new and better solutions, continuing education opportunities, a new support and training portal and much more. We are honored to partner with you!
Thank you for all you do. We wish you the best in the year ahead,
Matt Hawkins, CEO