Waystar Unveils Cutting-Edge Generative AI to Streamline Healthcare Payment Processes
In an era where efficiency and technological advancement are vital in the healthcare sector, Waystar has taken a significant leap forward with its latest innovations focused on generative AI and automation. During the Innovation Showcase held on April 23, 2025, in LEHI, Utah, and LOUISVILLE, KY, Waystar introduced its expansive suite of tools aimed at addressing a staggering $440 billion in administrative waste plaguing the U.S. healthcare system.
At the heart of this initiative is Waystar's AltitudeAI™, a revolutionary platform designed to enhance healthcare payment processes through artificial intelligence. By harnessing data from over six billion transactions annually and serving about half of the U.S. patient population, Waystar aims to significantly reduce the time and resources spent on managing claims. Matt Hawkins, CEO of Waystar, emphasized the need for a software platform that can fundamentally transform the inefficiencies in healthcare payments. According to him, for over a decade, Waystar's platform has leveraged AI to deliver remarkable ROI and operational gains.
One of the standout features of this innovation is the AltitudeAssist™, which is integrated into the Claim Manager. This first-of-its-kind generative AI capability focuses on mitigating claim denials, a prevalent issue that incurs an estimated $20 billion annually for healthcare providers. Traditionally taking up to three days, claim processes can now be accelerated to about three minutes, thanks to the seamless user interaction that translates prompts into automated denial prevention tasks. This not only streamlines the workflow but also fortifies financial stability for healthcare providers.
In response to escalating financial pressures—evidenced by median days cash-on-hand reaching a ten-year low—Waystar has also introduced an automated insurance identification system. Unlike conventional checks, this new system continuously assesses coverage across the revenue cycle, enabling providers to identify accurate insurance details in under 30 seconds, with no manual input required. This advancement has allowed early adopters to rectify over 55% of previously reported inaccuracies in claims, ultimately enhancing revenue and reducing administrative burdens.
Furthermore, as healthcare costs surge, there is a pressing need for billing processes to sync with patient expectations. In recognition of this trend, Waystar has enhanced its Digital First Billing, allowing providers across various specialties to meet patient preferences effectively. With increased online and mobile payment activity, the platform has noted that nearly 80% of patients engage with self-service payment options, alleviating the administrative load on healthcare staff. Notably, existing clients have reported a 35% reduction in print statements, contributing to substantial cost savings.
The Innovation Showcase promises to shed more light on these advancements and others, underscoring the consistent stream of innovations Waystar releases every quarter. Waystar's dedication to industry-leading innovation is reflected in its numerous accolades, including Best in KLAS awards for patient access and claims management.
For those interested in gaining deeper insights into Waystar's state-of-the-art capabilities, registration for the online showcase is available now.
Waystar is on a mission to simplify healthcare payments, allowing providers to concentrate on delivering quality patient care while optimizing their financial performance. Serving around 30,000 clients, which includes over a million distinct providers, Waystar processes more than six billion healthcare payment transactions annually, covering almost 50% of the U.S. patient population. As it continues to evolve, Waystar remains committed to transforming healthcare payment systems for the benefit of providers and their patients. Visit waystar.com for further information.
Revolutionizing Claims Management
At the heart of this initiative is Waystar's AltitudeAI™, a revolutionary platform designed to enhance healthcare payment processes through artificial intelligence. By harnessing data from over six billion transactions annually and serving about half of the U.S. patient population, Waystar aims to significantly reduce the time and resources spent on managing claims. Matt Hawkins, CEO of Waystar, emphasized the need for a software platform that can fundamentally transform the inefficiencies in healthcare payments. According to him, for over a decade, Waystar's platform has leveraged AI to deliver remarkable ROI and operational gains.
One of the standout features of this innovation is the AltitudeAssist™, which is integrated into the Claim Manager. This first-of-its-kind generative AI capability focuses on mitigating claim denials, a prevalent issue that incurs an estimated $20 billion annually for healthcare providers. Traditionally taking up to three days, claim processes can now be accelerated to about three minutes, thanks to the seamless user interaction that translates prompts into automated denial prevention tasks. This not only streamlines the workflow but also fortifies financial stability for healthcare providers.
Accelerating Reimbursements and Enhancing Cash Flow
In response to escalating financial pressures—evidenced by median days cash-on-hand reaching a ten-year low—Waystar has also introduced an automated insurance identification system. Unlike conventional checks, this new system continuously assesses coverage across the revenue cycle, enabling providers to identify accurate insurance details in under 30 seconds, with no manual input required. This advancement has allowed early adopters to rectify over 55% of previously reported inaccuracies in claims, ultimately enhancing revenue and reducing administrative burdens.
Improving Patient Financial Interactions
Furthermore, as healthcare costs surge, there is a pressing need for billing processes to sync with patient expectations. In recognition of this trend, Waystar has enhanced its Digital First Billing, allowing providers across various specialties to meet patient preferences effectively. With increased online and mobile payment activity, the platform has noted that nearly 80% of patients engage with self-service payment options, alleviating the administrative load on healthcare staff. Notably, existing clients have reported a 35% reduction in print statements, contributing to substantial cost savings.
The Innovation Showcase promises to shed more light on these advancements and others, underscoring the consistent stream of innovations Waystar releases every quarter. Waystar's dedication to industry-leading innovation is reflected in its numerous accolades, including Best in KLAS awards for patient access and claims management.
For those interested in gaining deeper insights into Waystar's state-of-the-art capabilities, registration for the online showcase is available now.
About Waystar
Waystar is on a mission to simplify healthcare payments, allowing providers to concentrate on delivering quality patient care while optimizing their financial performance. Serving around 30,000 clients, which includes over a million distinct providers, Waystar processes more than six billion healthcare payment transactions annually, covering almost 50% of the U.S. patient population. As it continues to evolve, Waystar remains committed to transforming healthcare payment systems for the benefit of providers and their patients. Visit waystar.com for further information.
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