Waystar Benefits For Healthcare Organizations

Waystar provides a suite of solutions that help healthcare organizations give patients transparent and convenient interactions. These tools speed up payments, provide estimates of patient responsibility, automate prior authorizations and more.

It also enables organizations to capture revenue they are due and locate missing change. Its revenue integrity solution uses predictive analytics to expedite payment processing and collections.

Simple and unified revenue cycle

Using purpose-built automation to verify insurance coverage, offer up-front cost estimates and automate prior authorizations, Waystar makes it easier for healthcare organizations to collect what they are owed and eliminate errors. Unlike many revenue cycle management (RCM) solutions, Waystar’s platform also provides powerful clinical and financial insights to help clients make better business decisions.

Having worked with healthcare organizations across the country, Waystar has developed a powerful process for verifying coverage, managing prior authorizations and making patient payments. The result is a faster reimbursement cycle, less manual work and lower bad debt write-offs.

In addition, Waystar’s technology offers a number of tools to enhance the patient experience, including credit card-on-file solutions and electronic statements that provide patients with transparency in their billing and payment information. This helps to speed up patient payments and decreases frustration. The Waystar solution also helps providers to better understand their patient’s ability and willingness to pay, resulting in higher payment collection rates.

Improved financials

Waystar benefits offer healthcare professionals improved financials and unified revenue cycle management (RCM). This software is used to improve claims and insurance management, reduce reimbursement denials and accelerate payments and collections. It also helps identify medical coding errors and ensures that patients pay their share of the bill.

The software’s claim management feature identifies when claims should be processed based on the payer’s payment patterns. It also detects missing deposits and ERAs. Its denial management features allow providers to track, appeal and prevent denied claims and prioritize them based on their revenue impact.

The company also offers contract management features that help healthcare professionals organize their payer contracts, evaluate the true value of these agreements and discover how to make better use of these contracts. It also enables them to perform contract modeling so they can create different what-if reimbursement scenarios and uncover the effects of payer contractual terms on their bottom line. Waystar’s liquidity is also backed by robust client growth prospects, low switching costs and strong sales efforts.

Clinical and financial insights

The financial component of healthcare is just as important as the medical treatment itself. Patients want a transparent, convenient and personalized payment experience. The waystar suite of solutions empowers organizations to provide that by offering up front estimates and automating prior authorizations. This results in higher revenue and allows staff to spend more time with their communities and patients.

It is used by over 25,000 hospitals and health facilities of all sizes and specialties to monitor patient revenue from the initial visit until the outstanding balance has been paid. This system helps reduce the cost and effort spent managing payments and raises the amount of money that is actually collected, freeing up resources for clinical priorities.

The software features a robust agency management solution to evaluate the effectiveness of outsourced agencies, as well as an automated claim monitoring tool that provides real-time status details on all insurance A/R inventory in a single, standardized format. This enables users to identify claim denial trends and to make informed decisions about submitting claims.

Easy to use

Waystar offers an all-in-one RCM solution that simplifies patient payments and revenue management for physicians or clinics. Its software can provide up-front estimates of patient responsibility and automate prior authorization. The company also operates a clearinghouse that delivers claims faster and more accurately. Its solution combines payment processing with advanced analytics for powerful results across the revenue cycle.

Its clearinghouse functions are powered by Hubble, a proprietary AI and robotic process automation tool that combs payer data for benefits information. This eliminates the manual verification process and helps reduce errors. The software can even detect hidden coverage, a common problem that can lead to higher collection costs and bad debt write-offs.

Other features include Claim Management, which curates the best status response and streamlines attachments. It can also predict the right time to status a claim and automate follow-up. It can also automatically detect and correct rejected or denied claims to improve performance. The platform also includes a claim dashboard that tracks critical metrics and KPIs.