16X Best in KLAS award-winning technology announces latest advancements to simplify healthcare payments for providers and patients
LOUISVILLE, KY and ATLANTA and SALT LAKE CITY, June 29, 2022 – Waystar, the leading provider of healthcare payments software, today announces new technologies and capabilities to drive better outcomes for providers and patients. These advancements are critical to addressing the industry’s most pressing challenges in a market saturated with aging technology.
“As providers work tirelessly to overcome staffing shortages, deliver financial clarity for patients and manage unpredictable revenue, leveraging proven technology is essential to succeeding,” said Matt Hawkins, CEO, Waystar. “Waystar continues to deliver on our long-standing commitment to simplify healthcare payments, giving providers the confidence to focus on what matters most, their patients and communities.”
This year alone, Waystar’s healthcare payments platform is on pace to out-deliver the industry with innovations, including the following latest advancements:
- Intelligent Automation: Waystar’s Probability of Payment capability leverages proprietary algorithms to automatically prioritize claim denial recovery. Equipping providers with data-driven insights enable them to focus on appeals with the highest likelihood of being successfully paid. With staffing shortages increasing and 65% of denials never worked, Waystar empowers providers to maximize productivity and financial performance.
- Patient Payment Clarity: Waystar’s patient financial experience solution suite provides unparalleled payment transparency to patients and providers. By leveraging artificial intelligence (AI), robotic process automation (RPA) and advanced analytics, providers can deliver pre-service estimates for all patients, including self-pay and uninsured patients, while allowing easy payment options like text-to-pay and Apple Pay. In light of 51% of patients skipping or delaying necessary care due to cost, Waystar’s platform offers patients the payment clarity they need to seek care.
- Financial Performance: At an unmatched pace in the industry, Waystar’s data scientists architect thousands of personalized charge capture data models to continually yield new revenue opportunities with exceptional accuracy. Additionally, Waystar’s platform automatically detects unknown insurance coverage prior to claim submission to reduce denials and increase reimbursements. With operating margins down 45.6%, Waystar’s platform enables providers to capture revenue and reduce bad debt.
To learn more about the company’s latest comprehensive innovations, visit Waystar’s Innovation Overview.
Waystar delivers innovative technology that simplifies and unifies healthcare payments. The company’s cloud-based platform helps healthcare providers across all care settings streamline workflows, improve financial performance and bring more transparency to the patient financial experience. Waystar solutions have been named Best in KLAS or Category Leader by KLAS Research 16 times (across multiple product categories) and earned multiple #1 rankings from Black Book. The Waystar platform is used by more than half a million providers, 1,000 health systems and hospitals, and 5,000 payers and health plans—and integrates with all major hospital information and practice management systems. On an annual basis, Waystar’s AI-powered solutions process $5B in patient payments, generate $4B in out-of-pocket estimates and process claims representing approximately 40% of the U.S. patient population. For more information, visit www.waystar.com.