Company: Waystar, Louisville, KY
Nomination Submitted by: Kekst CNC
Company Description: Waystar is a Revenue Cycle Management company based in Louisville, Kentucky. Founded in 2017 through the merger of Navicure and ZirMed, Waystar stives to simplify healthcare payments for our clients. Our commitment to delivering powerful healthcare payments software has earned us top recognition in the industry from organizations like KLAS, Becker's Hospital Review, and Fast Company.
Nomination Category: Product & Service Categories - Business Technology Solutions
Nomination Sub Category: Payments Solution
 Nomination Title: Waystar, Simplifying Healthcare Payments
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
On June 8, 2023, we announced significant enhancements to payment solutions enabled by our platform.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 158 words used.
One of the core goals of our platform, backed by data, is that when it is easier for patients to make payments, they’re more likely to pay and to pay on time. To that end, the Waystar platform contains a host of features dedicated to improving patient payment outcomes.
Our platform allows providers to collect payments in person, online, or by mail, and accept all forms of payment including electronic payment apps like Venmo and EMV (smart chip) credit cards. The more ways you give a patient to pay, the more likely it is that they will pay.
We also allow providers to create flexible payment plans for patients through our platform, reducing financial stress on patients while increasing the likelihood of payment.
Lastly, all payments on our platform are fully secured with end-to-end encryption, protecting providers and patients from fraud and cybercrime. All payment records and receipts generated by providers can be easily accessed within the platform.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 261 words used.
Since releasing our latest update to the payment platform, we have dramatically improved transparency, efficiency, and accuracy for both providers and patients.
With the addition of automated pre-claim coverage detection, clearer explanations of benefits, and the delivery of estimates directly into the PatientWallet, we have brough further clarity to patient obligations. This has drastically improved the overall financial experience for patients and has been shown to drive patient loyalty. We have seen a 30% uptick in patient payments and a 61% average self-service pay rate. We have also achieved a Net Promoter Score (NPS), which indicates a patient’s satisfaction with their payment experience at a provider, of 57. Bain & Company, which developed the NPS benchmark, considers anything above 50 ‘excellent.’
With enhancements to our machine learning algorithms, our advanced appeal prioritization and predictive analytics for authorization and denials workflows have drastically simplified previously complex and time-intensive activities. Our platform has seen 340% increases in prior authorization speed and 62% reductions in Medicare AR Days. This reduces payment-related administrative burdens and empowers staff to focus on patient care.
Waystar’s platform, built on the strength of covering more than half of the U.S. patient population, is creating precise processes for providers to handle payments, preventing revenue leakage and getting them paid fully and all time. Waystar has spurred a 50% reduction in denials related to authorization and eligibility, achieved a 95% auditor agreement rate, and driven a 30% reduction in bad-debt write-offs for providers. Our continuously improving next-generation analytics continue to improve accuracy, reducing administrative waste in the payments process.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 26 words used.
- Case Study: Piedmont. See how Waystar helped Piedmont automate 90% of its claims status inquiries and eliminate 77% of follow up work.
- PowerPoint: 2024 Waystar Overview
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