Waystar (NASDAQ:WAY) is a leading provider of healthcare payment software, utilized by large hospital organizations all the way down to single provider practices. The company enables a suite of mission critical functionality such as revenue cycle management, claims processing and patient bill pay options through an easy-to-connect platform that is agnostic to end users’ IT architecture. Waystar’s enterprise grade systems annually process 5 billion health care payment transactions, representing $1.2 trillion in gross claims on behalf of 30k clients – nearly 50% of all U.S. patients. If it sounds like there are a lot of moving parts to this story, there are, but Waystar is best known for their real-world use of artificial intelligence in revenue cycle management to solve denied claims.
Let us explain.
There is a pervasive back office staffing shortage in most provider locations which results in delayed payments to those providers, and by extension, lowers their profitability. It doesn’t have to be this way, but over half of all medical debt write-offs are from patients with insurance.
$350 billion is lost each year in administrative waste, which in no small part is driven by 15% of claims denial due to human error or incorrect information. What’s more, there is the very real threat of cyber-attacks. All of this adds up to an unsustainable administrative burden on the healthcare system.
Enter Waystar’s AltitudeAI end-to-end platform. It’s cloud-native, cyber-secure, and tracks the pre, during, and post-care phases of patient care. AltitudeAI challenges and corrects denied claims autonomously, improves workflows to streamline tasks, and ultimately accelerates payments. For example, on average, providers have reported remarkable improvements in revenue cycle management across the board, such as
- 98% first pass claim acceptance
- 90% collection rate in first two months
- 60% reduction in medical accounts receivable
all of which lead to dramatic productivity gains in the understaffed billing department.
And Waystar’s customers agree, driving revenue up 20% (E) last year with no shortage of market demand.
