Based on its recent analysis of the North American ambulatory revenue cycle management (RCM) services market, Frost & Sullivan recognizes Waystar, Inc. with the 2019 North America Customer Value Leadership Award for automating claims resolution and streamlining process workflows. Its innovative and holistic RCM solutions help providers identify revenue cycle gaps, optimize claims-first-pass-rate and simplify operations.
“Waystar combines best-in-class predictive analytics and machine learning to deliver compelling benefits such as accelerated reimbursement, reduced collection costs, and financial visibility to more than 450,000 providers,” said Koustav Chatterjee, industry analyst at Frost & Sullivan. “Its modern, cloud-based architecture facilitates deployments in multiple care settings as well as integration across IT platforms.”
Waystar’s proprietary rules engine quickly and accurately employs diagnosis codes to address industry pain points such as patient eligibility determination and unwieldy claims management. For example, it allows providers to identify and confirm patients’ insurance coverage before or during the time of service or to generate a real-time estimate of financial obligation. Other best practices include integrating its product directly into existing platforms; translating complex payer messages into easy-to-understand English; presenting an intuitive, user-friendly interface; utilizing algorithm-driven claims monitoring; and enabling a high degree of automation informed by real-time data.
Furthermore, Waystar consistently captures social determinants of health to identify patient risk before appointments, helping providers improve health outcomes while optimizing financial performance. Its advanced machine learning (ML), artificial intelligence (AI), and predictive analytics automatically identify patients’ willingness and ability to pay, helping clients recover lost revenue while saving time and resources.
“Waystar’s embedded solutions are readily scalable for even the largest enterprises. In addition to product development, it employs a strong acquisition strategy to expand its capabilities. In 2018, it acquired Connance, a predictive analytics-based revenue cycle platform, and Ovation Revenue Cycle Services, a transaction services firm that offers automatic claims monitoring,” noted Chatterjee. “Overall, its proven expertise in error-free claims preparation, automated billing workflows, and robust RCM analytics help providers benefit from a powerful financial ecosystem.”
“Frost & Sullivan is one of the world’s best analyst firms for healthcare technology, and we are grateful to receive this award,” said Matt Hawkins, CEO of Waystar. “We are particularly proud of Frost & Sullivan’s recognition of our dedication to clients and the continual improvement of our technology on their behalf. We work hard every day to deliver exceptional value as we empower our clients to streamline their workflows and bring in more revenue.”
Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in implementing strategies that proactively creates value for its customers with a focus on improving the return on the investment that customers make in its services or products. The award recognizes the company’s unique focus on augmenting the value that its customers receive, beyond simply good customer service, leading to improved customer retention and customer base expansion.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Waystar, Inc.
Waystar (waystar.com) provides next-generation, cloud-based technology that simplifies and unifies the healthcare revenue cycle. The Waystar platform removes friction in payment processes, streamlines workflows, and improves financials for providers in every care setting. Waystar has scored Best in KLAS® every year since 2010 and earned multiple #1 rankings from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans.
About Frost & Sullivan
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