With consumerization of healthcare on the rise, Waystar offers new and improved solutions to drive patient satisfaction and help providers accelerate collections.
CHICAGO, March 8, 2021 — Waystar, a leading provider of healthcare payments software, today announced the addition of Text Statements to its suite of payment tools. This new solution enables patients to easily view and pay medical bills directly from their smartphone, bringing transparency and convenience to the patient financial experience – a long-standing focus for Waystar.
Patients frequently don’t know what they’ll owe weeks, if not months, after the point of care. If patients don’t have easy ways to submit payment, they may delay or not pay at all. A recent Waystar survey found that almost half of patients have been late paying a medical bill. In the past year as patient payment preferences continue to shift to digital channels, online and mobile payment volume grew three times as fast as in-office payments on the Waystar platform. By offering the ability to access statements and pay via a mobile device, providers can increase patient payments by 10% to 30%.
In addition to launching Text Statements, Waystar also announced it has expanded use of its Price Transparency solution to now nearly 300 health system and hospital care facilities. Before the CMS price transparency mandate went into effect, Waystar built its Price Transparency solution on its highly accurate eligibility platform to help patients make better informed decisions about care. With the mandate in effect since the beginning of this year, Waystar meets the 300 shoppable services requirement and provides consumers a user-friendly shopping experience on the web or from a smart device.
“Patients today expect the same convenient payment experiences they receive from other industries, such as retail, travel or banking. Healthcare organizations have an enormous opportunity to not only meet those expectations but also better support their own financial needs,” said Waystar CEO Matt Hawkins. “Waystar’s technology empowers clients to fundamentally improve how their patients experience medical billing, from sharing cost estimates to offering convenient ways to pay.”
Waystar currently handles over $3 billion in patient payments, with more than 35 million credit cards on file and nearly 125,000 active patient payment plans.
The Text Statements, Price Transparency and Patient Estimation solutions are available for new and existing customers now as part of the end-to-end Waystar platform. Through these solutions, Waystar aims to help healthcare organizations accelerate cash flow while offering the consumer-friendly payment experiences patients expect and deserve.
Waystar provides next-generation, cloud-based technology that simplifies and unifies healthcare payments. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. Waystar products have won Best in KLAS® or Category Leader every year since 2010 and earned multiple #1 rankings from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. Waystar is backed by EQT, Canada Pension Plan Investment Board, and Bain Capital. For more information, visit waystar.com or follow @Waystar on Twitter.