Cutting Back the Burden of Your Healthcare Payments

Human beings are known for a myriad of different things, but most importantly, they are known for getting better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown increasingly evident over the recent past, and assuming one new fintech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Waystar, a leading provider of healthcare payments software, has officially confirmed the release of some updates for its award-winning cloud platform. According to certain reports, the stated updates are conceived as a vehicle to provide users with greater transparency, accuracy, and payment speed, while simultaneously connecting processes and data to instigate significantly higher levels of performance and insight. But what does this mean on a more granular level? For instance, to achieve the promised transparency, Waystar will deliver at our disposal a set of tools that are going to include automated pre-claim coverage detection, clearer explanations of benefits (EOBs) and the delivery of estimates directly into the PatientWallet®. Mind you, the company’s platform as it is has generated a 30% uptick in patient payments and 80% self-service pay rate, but owing to these new tools, more users should be able to trust it from now onwards. Talk about speed, Waystar’s proprietary solution has notably masterminded a 340% increase in prior authorization speed and a 62% reduction in Medicare AR days. However, it is set to double down on that effort by enhancing its machine learning-infused claims follow-ups functionality, a feature that bets on data to better predict and guide follow-up actions for providers based on revenue impact. Such a move is geared towards simplifying complex and time-intensive activities, reducing administrative burdens, and helping staff to direct more of their efforts towards patient care.

“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.”

Hold on, we aren’t done yet. When it comes down to accuracy, Waystar’s platform has realized a 50% reduction in denials related to authorization and eligibility, a 30% reduction in bad-debt write-offs for providers, alongside a 95% auditor agreement rate. Under the new development, though, this knack of being laser-sharp can only be expected to get stronger, as Waystar introduces fresh claim attachments and next-generation analytics capabilities.

Founded in 2000, Waystar’s rise to prominence is actually a result of nothing but its sheer excellence in streamlining healthcare payments and delivering powerful results throughout the revenue cycle. The company’s credentials are further validated by the fact that it is, at the moment, serving more than 1 million providers, over a thousand hospitals and health systems, as well as an estimated 5 thousand commercial and Medicaid/Medicare payers. Given the huge clientele in toe, Waystar’s annual operation consists of processing $6B+ patient payments, $4B+ out-of-pocket estimates, and claims for over 50% of U.S. patients.