This fall, hundreds of healthcare finance leaders and Waystar clients met for the annual Waystar True North™ Conference.
Over three days, attendees discussed important issues such as leveraging AI, safeguarding data, and managing rising transaction volume. They uncovered key software advancements that are simplifying healthcare payments through dozens of sessions, workshops, and events.
Additionally, attendees gained insight from other leaders in the industry while making critical connections (and having a little bit of fun).
Here are just a few takeaways from our Waystar True North™ Conference 2024.
TIP #1 FOR HEALTHCARE REVENUE CYCLE LEADERS
Invest in AI + generative AI strategically to see high ROI
Many industries are excited about the possibilities of artificial intelligence (AI) and generative AI (gen AI), and healthcare payments are no exception.
At Waystar True North™, Waystar’s Chief Technology Officer, Chris Schremser, unveiled new research from Waystar and Modern Healthcare showing the ROI of AI in healthcare payments. In this study of 60-plus senior executives and finance leaders, a fact became clear: AI is a major driver for financial growth — now and in the future.
The research reveals:
- 75% of respondents report that AI has already delivered a positive ROI
- 90% plan to invest in AI in the near future, most within the next year
- 66% foresee investing in generative AI over the next 12-18 months
As he delved into the details, Schremser put the numbers in context.
“Data doesn’t mean anything if you can’t surface the right information at the right time,” he said. “And if you train a model on bad data, you get bad results. That’s why not all AI is equal.
“When we talk about use cases, we have to focus on deploying the right AI and machine learning to solve the problem at hand in a cost-effective way. Using AI or gen AI to solve small problems doesn’t make sense. But using it to generate claim rules, track payer behavior, or evaluate medical necessity? That shows ROI.”
TIP #2 FOR HEALTHCARE REVENUE CYCLE LEADERS
An end-to-end software platform yields positive results — for providers and patients
Another common theme at Waystar True North™ 2024 was the value of adopting an end-to-end platform strategy to maximize performance.
Healthcare payments are complex enough without having to manage multiple vendors or train staff on disparate systems. Plus, consolidating vendors provides a better experience for staff and patients.
A recent study by Waystar and The Health Management Academy shows:
- 70% year-over-year increase in the adoption of end-to-end RCM platforms versus singular, specific products; and
- 100% of the health systems that have adopted an end-to-end platform approach are experiencing a positive ROI or expect to within 1-2 years.
The focus on operational efficiency was a top consideration for leading health systems surveyed. Many find that fewer partners can eliminate redundancies and foster improved care delivery for patients, providers, and staff.
Read report
TIP #3 FOR HEALTHCARE REVENUE CYCLE LEADERS
Partnership is essential to overcoming RCM challenges
Revenue cycle management is complex. To solve complicated problems, organizations must leverage the right RCM software.
This year, however, many leaders pointed out it’s just as important to invest in a trusted partner as it is in software, especially when the unexpected happens.
At the conference, Waystar’s Chief Executive Officer, Matt Hawkins, shared thoughts on the importance of building smart software alongside a strong community — especially amid challenges such as the February 2024 cyberattack.
“We’ve done some remarkable things to our software. We’ve added direct connectivity to dozens of new payers, bolstered our network, and helped well over 30,000 providers join us at Waystar,” says Hawkins. “So, we’re adding to our community, and we believe that’s very important.”
“We’re grateful that Waystar is in a position to be helpful. That work is ongoing, it continues now. And, if you happen to be a provider or represent an organization that joined us through that effort, we thank you for trusting us in a very vulnerable period of time that was very challenging,” shares Hawkins.
Earlier this year, Waystar had the opportunity to host a panel of healthcare experts who echoed this sentiment.
“It’s usually not so much the event, but it’s how you react to the event,” says Steve Burr, Senior Vice President of Revenue Cycle at CHRISTUS Health. “It’s the people who are there for you, advancing the mission, even through those challenges.”
Watch panel
But how, exactly, do you find those trusted people?
In-person events like Waystar True North™ are a great place to start. You can also find key checkpoints in this eBook: Empowering your team to get RCM results with the right partner.
Interested in joining the next Waystar True North™ experience?
Registration for Waystar True North Conference™ 2025 is now open.
Join us September 15-17, 2025, in Nashville, TN, at the Gaylord Opryland Resort & Convention Center. We’ll discuss top revenue cycle challenges, unlock the latest breakthroughs in healthcare payments, and strengthen industry connections.
