Waystar Celebrates Over a Decade of Best in KLAS Honors for Patient Access

Waystar's Ongoing Legacy of Excellence in Healthcare Payments

In a recent announcement, Waystar (Nasdaq: WAY), a prominent provider of healthcare payment solutions, proudly disclosed that it has once again been honored as Best in KLAS for Patient Access. This esteemed recognition is not just a one-off achievement; it marks an impressive streak of over a decade of continual accolades in this category. The commendation is primarily based on independent feedback from healthcare professionals, highlighting Waystar's pivotal role in mitigating the industry’s most pressing financial challenges.

Healthcare organizations today are grappling with significant fiscal hurdles, which are exacerbated by the complexities involved in payer authorization processes. It’s staggering to note that hospitals alone are spending over $10 billion each year to navigate these intricate requirements. Data suggests that a staggering 60% of all claim denials arise due to issues at the front end, such as eligibility errors and missing prior authorizations. Waystar addresses these challenges head-on with its advanced patient access capabilities, effectively substituting time-consuming manual processes with real-time, actionable insights and automated workflows, thus delivering substantial returns on investment.

Waystar's CEO, Matt Hawkins, expressed gratitude for the acknowledgment, stating, "Waystar is honored to be recognized by healthcare providers for the impact of our AI-powered platform and our commitment to enduring client partnerships." He emphasized that the company's solutions not only expedite the payment process for providers but also enhance the overall experience for both providers and patients.

At the heart of Waystar’s impressive offering is their transformative platform, which has seen rapid deployment and adoption of Waystar AltitudeAI™. This innovative technology utilizes one of the largest and most comprehensive healthcare payment datasets in the U.S., integrating valuable financial, clinical, and administrative intelligence at scale.

The efficiency of Waystar's platform is setting a new industry standard. By consolidating pre-service activities into a unified, streamlined workflow, healthcare organizations can achieve a remarkable 55% reduction in eligibility-related claim denials. Furthermore, the platform boasts an impressive auto-approval rate of up to 90% for prior authorizations. These advancements contribute to higher revenue for providers and improved patient access to essential care services.

Another key aspect of Waystar's success lies in its ability to facilitate the identification of previously unknown patient insurance coverage. This capability has led to a remarkable discovery rate of 55% for patients initially classified as uninsured. When paired with accurate pre-service estimations, healthcare providers can set precise cost expectations, which ultimately accelerates collections and safeguards revenue while enriching the patient experience.

With more than ten years of consecutive Best in KLAS honors, Waystar is not just a leader in healthcare payments—it is an innovator, delivering AI-powered solutions that foster resilience in an increasingly intricate healthcare landscape. The company's commitment to advancing the efficiency and transparency of healthcare payment processes positions them not just as providers, but also as partners to the healthcare community.

About Waystar

Waystar is dedicated to simplifying healthcare payments through its vital software solutions, allowing healthcare providers to concentrate on what truly matters—patient care and financial performance optimization. The company proudly serves over 30,000 clients, comprising more than 1 million distinct healthcare providers, including 16 out of 20 institutions represented in the U.S. News Best Hospitals list. Annually, Waystar's enterprise-grade platform processes upwards of 7.5 billion healthcare payment transactions, covering more than $2.4 trillion in gross claims, which encompasses nearly 60% of the U.S. patient population and one in every three hospital discharges. With a focus on transforming healthcare payments, Waystar enables providers to keep their attention on patients and communities at large. Discover more about their mission at waystar.com.