Ensuring patients can understand their healthcare statements — and receiving payment in a timely manner — go hand-in-hand. When statements are confusing and the payment system is overly complex, both patients and staff suffer. RCM teams lose time handling questions and fielding calls from frustrated patients while having to follow up on delayed payments.
To address these challenges head on, Piedmont, an Atlanta-based health system, looked to Waystar. Piedmont needed a partner to help streamline operations across its 22 hospitals, 65 urgent care centers, 26 QuickCare locations, and almost 2,000 physician practices. While it was vital to increase collections through improved statements and payment processes, it needed to happen in a way that wouldn’t overtax staff.
“If there was one word I could use to describe Waystar, it would be ‘partnership,’” says Leah McTague, VP of Revenue Cycle at Piedmont. “I feel like we’re a family, Piedmont and Waystar — and we’re trying to do what’s best in the industry for providers.”
Incorporating the Waystar platform into operations at Piedmont led to a 30% point-of-service increase. Achieving success at Piedmont came about through a collaborative process that tackled three essential areas of operation.
healthcare Revenue cycle strategy
1. Improve point-of-service with updated solutions
After a seamless integration of Waystar software with Piedmont’s existing EHR, Epic®, Piedmont saw a transformation. The limited capabilities and overly complex workflows of their system were no longer an issue. The entire revenue cycle became more efficient.
Point-of-service collections and reconciliation improved, allowing staff more time to assist patients in person and on the phone. There was no longer a need to switch between multiple tools or manual workflows, allowing staff to provide more support.
healthcare Revenue cycle strategy
2. Leverage patient-friendly statements to increase collection rate
With new statements that were easier to read and understand, Piedmont had a nearly 400% jump in patient-initiated payment plan adoption within the first two months of integrating Waystar technology. Collection rates improved and staff found it easier to manage payments on all fronts.
This was also a positive step in the direction of patient support since a growing majority want to have digital access to pay for healthcare. Waystar not only provides access to online statements and enables text statements, but they also empower patients to set up their own payment plans.
healthcare Revenue cycle strategy
3. Reduce manual work in claim monitoring processes
In addition to its focus on the patient experience, Piedmont leaders knew they needed to support the staff by decreasing their outsized administrative burdens. They saw an opportunity to start with the claim monitoring process.
With Waystar’s claim monitoring tools, Piedmont significantly reduced manual effort in the claim monitoring process, automating over 90% of their status inquires. The AR follow-up team was thrilled that their manual workload reduced by 77%, allowing them to accelerate their remaining follow-up activities by 11 days.
Creating a collaborative partnership to improve revenue cycle results
As this partnership between Waystar and Piedmont grows, the focus remains the same — reduce manual effort while serving patients better.
“We have reduced so many [manual] touches to the point that physicians are noticing our work queues aren’t as big anymore when we’re reporting out monthly, says McTague. “The teams feel much better, and they love coming to work because they’re not overwhelmed. We’ve been able to do that with Waystar’s technology.”
Looking for more strategies to improve your healthcare revenue cycle?
Read our recent eBook for 7 steps to sharpen your healthcare revenue cycle.
