The U.S. healthcare system loses $350 billion to administrative waste annually, as denial rates continue to rise in number and complexity. In fact, estimates show that hospitals and health systems spend $20 billion annually trying to overturn denied claims.
But providers are elevating productivity and precision with Waystar AltitudeAI™ to ascend toward their goals, while combating ongoing turbulent topics like rising denials, high costs, and surging transaction volumes.
That way, revenue cycle teams bring in fuller, faster payments for their organizations — and better care for their communities.
AI ADVANCEMENTS IN REVENUE CYCLE MANAGEMENT
Exploring the value + ROI of AI-powered software
Research has shown that AI has proven benefits in managing revenue cycle processes, from increasing accuracy and efficiency to bolstering the bottom line. In fact, 100% of healthcare finance leaders report that they see the benefits of AI in revenue cycle management.
Today, what may have once been considered beyond reach for revenue cycle teams is quickly becoming possible. Providers using AltitudeAI™ are empowered with new ways to prevent and combat denials, drive efficiency with AI assistance, and forecast trends for the future.
Despite the hype and attention AI is receiving, the technology itself is not new.
For more than two decades, Waystar has been continuously deploying and perfecting AI in our software platform. As leading experts in AI, software development, and the complex intricacies of the revenue cycle, Waystar is constantly inventing new ways to solve the challenges providers face every day in the U.S. healthcare industry.
Therefore, with each AI innovation — such as generative AI (GenAI) — Waystar has advanced beyond the curve, strategically and practically applying these enhancements in meaningful ways within our software.
On demand: Explore the foundation and future of AI + GenAI in healthcare payments >
AI ADVANCEMENTS IN REVENUE CYCLE MANAGEMENT
Practical applications of AI in denial management, appeals + more
Waystar AltitudeAI™ is available now to hundreds of thousands of Waystar providers and will expand to a million providers in the coming months.*
Although more than 50% of the 450 million yearly denied claims eventually get paid, the investment of time and resources to overturn these often causes critical delays in helping healthcare organizations get paid. Waystar is focused on simplifying labor-intensive processes and advancing applications for AI through:
- AltitudeCreate™ — Accelerate denial recovery and generate content effortlessly with AI-driven capabilities derived from a powerful data network. Tailored insights boost productivity with autonomous content and unprecedented accuracy to save both time and effort.
- AltitudeAssist™ — Drive efficiency by collaborating with an AI-powered assistant to streamline tasks. This empowers RCM teams to increase output, focus on high-value activities, and drive efficiency with intelligent automation for greater outcomes.
- AltitudePredict ™ — Remove uncertainties and make informed, proactive decisions by anticipating outcomes and forecasting trends. Navigate with precision through predictive analytics to achieve better clarity, combat denials, and accelerate payments.
With these AI and GenAI innovations, healthcare organizations can turn obstacles into opportunities in revenue cycle management to thrive in today’s operational landscape.
AI ADVANCEMENTS IN REVENUE CYCLE MANAGEMENT
Securely leveraging AI across the revenue cycle
Not all AI is created equal. The efficacy of the technology is only as good as the data it learns and gathers information from, making your choice of an RCM partner a critical decision.
The omnipresence of AltitudeAI™ across Waystar’s solution suites yields transformative capabilities derived from a powerful data network, enhancing data integrity and powerful results across the end-to-end spectrum.
In addition to maintaining the rapid pace of innovation, Waystar is equally focused on safeguarding data every step of the way.
That’s because, while nearly two-thirds of health leaders site data security concerns as a potential barrier for AI adoption, 89% also report that recent breaches haven’t changed their willingness to use AI in RCM.
Maintaining a strong security framework is critical to helping protect sensitive information while minimizing the risk of financial loss, data leaks, and security breaches.
Watch now: Learn about Waystar’s robust security framework >
Reach new heights in healthcare with Waystar AltitudeAI™
Curious to learn more? Talk to a Waystar expert to discover how to harness these groundbreaking innovations for your healthcare organization today.
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*Unlimited early access: Waystar AltitudeCreate™ innovations are available to applicable, existing, and newly implemented Denial + Appeal Management clients. Contact your client success manager or sales representative if you have any questions. Reach out to an expert.
