Survey of healthcare IT decisionmakers identifies Waystar as an industry leader in 17 categories and underscores the importance of client experience on a single, end-to-end healthcare payments platform
LOUISVILLE, Ky., June 20, 2023 – Waystar, a leading provider of healthcare payments software, today announced that it has been recognized for excellence across seventeen industry verticals and functional KPIs as the top revenue cycle management (RCM) partner by Black BookTM, a healthcare market research firm.
Specifically, Waystar was named the leading RCM software technology for Large Hospitals and Academic Medical Centers, Health Systems, Chains and IDNs, as well as the top provider of patient payment technology and inpatient claims management solutions. Waystar also scored highest in twelve specific KPIs, including, among others:
- Marginal Value Add
- Breadth of Offerings
- Support and Customer Care
- Deployment and Implementation
- Strategic Alignment of Client Goals
- Trust, Transparency and Accountability
- Best of Breed Technology and Process Improvement
“We are humbled to be ranked so highly by our clients and will continue to relentlessly innovate to simplify healthcare payments for providers and patients,” said Matt Hawkins, Chief Executive Officer of Waystar. “Black Book’s survey makes clear the market demand for a solution like Waystar that harnesses modern technology, such as artificial intelligence, to automate manual, time-consuming tasks and to prioritize high-impact work, empowering providers to focus on delivering care and ultimately bring more humanity to healthcare.”
The awards were announced in tandem with a broader survey conducted by Black BookTM, which polled nearly 5,000 healthcare executives and asked them to identify the largest gaps and urgencies in financial technology administration.
The survey underscores the continued financial strain providers face, and the impact that is having on their ability to operate profitably. Among other insights, the research revealed that total healthcare system expenses increased more than 13% in Q2 2023 alone, driving cost-cutting measures that result in a patchwork approach to payments processes and technologies.
Encouragingly, however, three-fourths of respondents said that in Q2 they identified gaps or redundancies in their processes to be addressed, and virtually all (96%) stated that digital transformation efforts remain at the forefront of their strategies.
“The capabilities bar keeps rising for healthcare financial and RCM technology, and dodging the end-to-end digital revolution is creating organizational havoc for providers that postponed their financial transformation journeys during the pandemic,” said Doug Brown, President of Black Book. “But a major shift from purchasing multiple bolt-on and modular applications to selecting a single, comprehensive vendor with end-to-end capabilities is surging in 2023, according to the survey results.”
These accolades are the latest recognition of Waystar’s leading payments technology for providers and patients, and come on the heels of receiving the 2023 MedTech Breakthrough Award for Healthcare Payments Innovation.
Waystar’s latest innovations will also be on full display at True North, the company’s inaugural annual client conference, held September 12-14 at Disney’s Grand Floridian Resort & Spa in Lake Buena Vista, Florida.
Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over a million distinct providers, including 18 of 22 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 4 billion healthcare payment transactions, including over $900 billion in gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.
About Black Book Market Research
Black Book Market Research LLC, provides healthcare IT users, media, investors, analysts, quality minded vendors, prospective software system buyers, and pharmaceutical manufacturers with client experience competitive analysis and purchasing trends.