For everyone in healthcare revenue cycle management, 2024 was a year of facing unprecedented challenges and rising to the occasion.
From navigating an industry cyber event to embracing the rapid evolution of generative AI, revenue cycle teams have delivered care to patients throughout a tumultuous year — while still streamlining the payment process.
“We’ve never had more technology than we do right now to tackle our most difficult payment challenges,” says CEO Matt Hawkins. “If Waystar can help providers find even five more minutes for a patient, we all win.”
Here are some monumental strides Waystar took in 2024 on our journey to simplify healthcare payments.
Waystar’s 6 major milestones of 2024
1. Elevated software with innovations in generative AI
Waystar has been using AI and machine learning (ML) for nearly two decades, building neural networks to achieve deep learning and ultimately create something new.
In 2024, Waystar collaborated with Google Cloud to use gen AI to automate the extraction of prior authorization requirements from complex payer data sets. In a proof-of-concept study, Waystar was able to improve accuracy by 13% and productivity by 500%.
“Google has a large language model (LLM) that’s specific to medical terminology, and Waystar processes over 5 billion insurance transactions every year,” says Hawkins. “Generative AI capabilities tend to benefit from large data sets. So, pairing their LLM with our data, we can unlock power for our clients, reduce errors, and create a more intelligent platform.”
Additionally, Waystar teamed up with Modern Healthcare to launch Examining AI adoption + ROI in healthcare payments, a research study exploring how healthcare leaders are navigating the impacts of AI in RCM — and what they plan to do about it for their own organizations.
2. Welcomed 30K+ providers amid a major cyber event
On February 21, a cybersecurity breach compromised the data of 100 million people. It was an unprecedented, challenging time for everyone in the industry, and one that required an immediate response.
“A few days after the incident, we established ‘Operation Lighthouse’ to help as many providers as possible,” says Hawkins. “We staffed up and added capacity, making our teams available around the clock. We were able to help over 30,000 providers join the Waystar community.”
Through the Accelerated Implementation Program, health systems joining Waystar submitted tens of millions of dollars of claims within two to three days.
“We’re grateful that Waystar was in a position to help,” says Hawkins, “but that work is still going on today, especially when it comes to investing in our platform and being proactive in terms of security.”
3. Enhanced cybersecurity measures to safeguard data
In today’s ever-evolving cyber landscape, Waystar remains committed to proactively safeguarding clients’ data and securing its software platform. Waystar utilizes a robust framework for cybersecurity to monitor, measure, and mitigate risk, and includes:
- Conducting regular HITRUST, PCI, SOC II, and NIST audits
- Enforcing rigorous cybersecurity protocols
- Ensuring system resiliency and 24/7 monitoring
“It’s nothing new to say that, at Waystar, we focus on our clients. We work with over a million providers across all care settings, and we believe the key to serving clients is continued innovation, secure software, and trust,” Hawkins says.
“Whether we’re taking our team through a NIST Cybersecurity Framework (CSF) or implementing suggestions about client care from our advisory board, we feel a tremendous accountability to our clients,” adds Hawkins.
4. Collaborated with the Waystar Advisory Board
The Waystar Advisory Board is a network of leading healthcare executives representing top provider organizations nationwide. The board meets regularly to discuss revenue cycle challenges and advise Waystar on solutions to chart the path forward.
“We’re grateful to have this impressive group contribute their time and wisdom to advocate for Waystar,” says Hawkins, “and we’re grateful to be able to incorporate that thought leadership into our strategy, product roadmap, and client experience.”
5. Hosted the second annual Waystar True North™ client conference
In September, hundreds of providers of healthcare RCM services met for the annual Waystar True North™ Conference.
Over three days, Waystar clients talked about everything from gen AI and preventing denials to safeguarding data. Through dozens of sessions, workshops, and events, attendees walked away with CEU credits as well as new connections and memories.
“We don’t do a lot of ordinary things at Waystar,” says Hawkins. “We try to create special interactions and special connections. Seeing the peer-to-peer idea sharing, innovation, and friendships forming every year at Waystar True North™ is one of my new favorite things.”
6. Launched an IPO on the Nasdaq Stock Exchange
In June, Waystar launched an initial public offering (IPO) on the Nasdaq Stock Exchange.
“The most exciting part of going public for us is getting the chance to tell our story to a bigger audience,” says Hawkins.
“Waystar’s message has always been a disruptive one — we’re not here to kick the can down the road or maintain the status quo. We’re here to ask, ‘What’s possible? How can we create software and stand up for providers?’ That’s what we’ll continue to do.”
Going public also reinforced Waystar’s credibility and impact.
“We were audited by leading financial institutions and technology experts, and we were able to prove that we are well governed by a strong, independent board,” says Hawkins.
With the proceeds from the IPO, the company is able to further invest in advanced innovations and enhance client experiences.
Still feeling shockwaves with your healthcare RCM services?
After everything that happened in 2024, many providers are still rebounding. Access our most-viewed resources on cybersecurity, support, partnership, and more for a one-stop guide to get ready for 2025 (and beyond).
