February’s cyberattack created multiple waves of uncertainty for healthcare organizations, and many are still feeling its effects.
Individual data breach notifications raise concerns for patients of affected health organizations. In addition, there’s the ever-present worry that, when hackers begin using the stolen data for fraudulent activity, patients could end up with exhausted benefits or surprise bills for care they never received.
What does this mean for providers?
As organizations recover from the fallout, it’s more important than ever for providers to offer compassionate patient financial care and select a healthcare payments partner who shares their values. It’s also critical for organizations that chose stopgap vendors back in February to decide if their current vendor is meeting the mark — or if another partner could better deliver on security, trust, and long-term ROI.
To help healthcare organizations with this process, we’ve collected some of our most-accessed resources on six topics:
- Enhancing security + trust
- Providing patient financial care
- Tracking metrics that matter
- Selecting superior support
- Picking a partner (not just a vendor)
- Leading with the future in mind
1. Scrutinize + strengthen security
Get step-by-step instructions directly from top Waystar security experts for the following processes:
- Assessing vendor ability
- Checking certifications
- Key security questions to ask
- Strengthening existing controls
- Training employees on compliance
EXPERT PANEL: Generative AI + data security in healthcare payments
Tune in to see a panel of healthcare providers and industry experts discuss how organizations are using generative AI to solve payment challenges while keeping data security front and center.
Watch the full panel on demand
SECURITY SPOTLIGHT: A software platform designed for trust
At Waystar, we are steadfast in our commitment to compliance and take strategic steps to ensure the safety and security of our clients’ data. Hear directly from our Chief Technology Officer Chris Schremser about the proactive measures we take to safeguard our software.
2. Commit to compassionate financial care
As far as patients are concerned, healthcare organizations need to simplify the patient financial experience (PFX). As a provider, you need a revenue cycle vendor who’s going to make that easier.
That means finding an RCM partner who’s committed to helping you provide the financial care patients not only deserve but seek from healthcare providers. Look for a vendor who invests in PFX research, technology, and software, and make sure they’re leading the way — not following.
REPORT: What role does PFX play in improving revenue?
Today, 93% of consumers say a bad billing experience impacts whether they’ll return to a provider. This report from The Health Management Academy + Waystar uncovers how leading health systems view PFX and how automation can drive financial sustainability and patient loyalty.
BLOG: Proven tactics to overcome patient payment challenges
For your healthcare organization, helping patients understand their financial responsibility up front — and the options to pay for it — should be a top priority. Here are five proven ways to do it while also improving cost management, labor productivity, and the well-being of your workforce.
3. Ask for evidence
The time to ask for proof that a solution works is before you switch vendors. Request client success stories and customized projections for your organization. Check in on company metrics once you’ve been using the solution for a while to make sure you’re seeing positive ROI.
VALUE CALCULATOR: Is the status quo costing you?
With billions lost each year to administrative waste, organizations can save money and time by using the right platform. At Waystar, we offer a Value Calculator to show how much each client can potentially save.
PERFORMANCE BENCHMARKS
Another key tactic? Poll fellow leaders on the top KPIs they track. That way, you’re armed with information as you ask vendors how their clients perform in those areas.
A few of Waystar’s most requested metrics include:
- First-pass clean claim rate
- Time-savings opportunities
- Remit-to-claim match rate
- Rules + edits updates
- Payments remitted to clients
4. Vet implementation + support
Ask vendors for contacts (or even better: case studies) so you can learn about their implementation process and support experiences for yourself. Look for mentions of things that are important to your team that you’ve had difficulty finding in the past — such as transparency, partnership, or directness.
SCA Health: Seamless solution adoption
Waystar’s implementation experts are laser-focused on making transitions smooth and seamless so our clients get powerful revenue cycle solutions, reach peak financial performance, and improve the patient experience.
SUPPORT METRICS
Some revealing data points to request from a vendor include:
- Customer satisfaction rate
- Average time to reach support
- Percent of clients who trust an organization
- Net Promoter Score
Below are Waystar’s customer experience numbers.
5. Evaluate the partnership
EBOOK: Finding a partner to guide you to peak performance
Choosing the right RCM partner is critical. This eBook outlines exactly:
- How to alleviate disruption while maximizing payments
- What you should expect from a new RCM partner
- How to empower your team to get results across the complete revenue cycle
EXPERT PANEL: Thriving through crisis + embracing change
From cyberattacks to COVID, today’s revenue cycle leaders have lived through extraordinary challenges — and learned invaluable lessons — in recent years. Watch this panel to hear directly from leaders how they navigate crises, leverage automation, and partner strategically.
ON DEMAND: How to (re)evaluate your RCM partner + get results
If you’d rather watch or listen to learn the must-have attributes of an RCM partner, or the functionality you need to maximize workflow efficiency, watch this webinar on demand.
6. Ensure a plan for the future
When you look at a vendor’s website or social channels, do you see a plan for innovation, automation or AI? Unique opportunities for clients to grow? A listen-and-learn culture driving their roadmap?
Look for clear, confident direction that aligns with your organization to ensure you’re selecting a partner that is not only right for you today, but one that can grow with you tomorrow.
At Waystar, you might find us:
- Deploying generative AI to simplify healthcare payments in collaboration with Google Cloud
- Taking top honors as a healthcare payment software platform from Black Book or KLAS
- Partnering with MEDITECH or integrating with Epic
- Planning for our next annual True North user conference
