Breakthrough enhancements deliver heightened transparency, efficiency and accuracy
LOUISVILLE, Ky., June 8, 2023 – Waystar, a leading provider of healthcare payments software, today announced significant enhancements across the company’s award-winning, cloud-based platform.
At a time of explosive growth in the accessibility and sophistication of technology, improved capabilities in areas such as artificial intelligence are playing a more significant role than ever in revolutionizing healthcare, particularly in administration and operations. Applied to the payments process, Waystar’s advances give patients and providers unparalleled clarity and accuracy, speed time to payment and connect processes and data to drive even higher levels of performance and insight.
“We are at a watershed moment in healthcare, where modern technology can drastically improve results for providers and their patients,” said Matt Hawkins, Chief Executive Officer of Waystar. “By unifying payments under a single cloud-based platform and harnessing the power of our purpose-built automation and analytics, we are removing friction from the system and helping providers focus on delivering care. I am energized by our team’s work to continually innovate and deliver on that mission.”
Spurred by recent leaps in automation and data analytics capabilities, Waystar is integrating groundbreaking new enhancements into its already industry-leading platform, unlocking:
- Transparency: Waystar’s solution is known for improving patient engagement, including enabling a 30% uptick in patient payments and 61% average self-service pay rate, along with a patient Net Promoter Score (NPS) – which indicates a patient’s satisfaction with their payment experience at a provider – of 57 (Bain & Company, which developed the NPS benchmark, considers anything above a 50 ‘excellent’). With the addition of automated pre-claim coverage detection, clearer explanations of benefits (EOBs) and the delivery of estimates directly into the PatientWallet®, Waystar is bringing further clarity to patient obligations, drastically improving the overall financial experience and driving patient loyalty.
- Efficiency: From 340% increases in prior authorization speed to a 62% reduction in Medicare AR Days, Waystar’s solution is recognized for the extreme efficiency it brings to healthcare payments. The company is now further enhancing its machine learning-infused claims follow-ups, which leverage data to better predict and guide follow-up actions for providers based on revenue impact. This advanced appeal prioritization, coupled with predictive analytics for authorization and denials workflows, is simplifying previously complex and time-intensive activities, reducing administrative burdens and empowering staff to focus their efforts on patient care.
- Accuracy: Built on the strength of a platform covering more than half of the U.S. patient population, Waystar is creating a precise process for providers that prevents revenue leakage and gets them paid fully and on time. Specifically, Waystar’s technology has spurred a 50% reduction in denials related to authorization and eligibility, achieved a 95% auditor agreement rate, and driven a 30% reduction in bad-debt write-offs for providers. Now, as the company introduces new claim attachments and next-generation analytic capabilities, providers can expect even less administrative waste in the payments process.
See here for more details on the latest developments across the Waystar platform. Waystar’s latest innovations will also be on full display at True North, the company’s inaugural annual client conference, held September 12-14 at Disney’s Grand Floridian Resort & Spa in Lake Buena Vista, Florida.
Source: Waystar data, 2022-23
About Waystar
Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over a million distinct providers, including 18 of 22 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 4 billion healthcare payment transactions, including over $900 billion in gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.
Contact:
Edelman, waystarpr@edelman.com