Healthcare providers gain access to
first-of-its-kind generative AI technology, leading to faster and
more accurate payments
LEHI,
Utah, and LOUISVILLE,
Ky., Jan. 13, 2025 /PRNewswire/ -- Waystar
(Nasdaq: WAY), a provider of leading healthcare payment software,
today announced the launch of Waystar AltitudeAI™, a comprehensive
set of AI capabilities for providers, including AltitudeCreate™, a
new generative AI innovation focused on appealing denied claims. By
autonomously generating appeal letters, Waystar aims to help
providers recover a substantial portion of payments tied to more
than 450 million annually denied claims, ultimately enabling faster
and more accurate healthcare payments.
The U.S. healthcare system annually loses $350 billion to administrative waste. Recent
reports estimate that hospitals and health systems spend
$20 billion annually trying to
overturn denied claims, with denial rates rising. Additionally,
claim denials are associated with reduced access to care and lower
patient satisfaction. Waystar's generative AI capabilities are
transforming the denial appeal process for providers, and according
to a recent Modern Healthcare report conducted in
collaboration with Waystar, providers are eager to invest in AI
that demonstrably reduces administrative waste, enhances
operational efficiency, and improves interactions with payers and
patients.
"More than half of denied claims ultimately get overturned, but
the appeal process is time-consuming, complex, and error-prone for
providers," said Matt Hawkins, Chief
Executive Officer of Waystar. "Generative AI unlocks a new era of
productivity and precision, transforming how the industry
simplifies claims, appeals, and payment workflows. With Waystar's
AI-powered software platform, providers of all sizes are better
equipped to appeal denied claims with unprecedented efficiency,
accuracy, and ease."
Waystar has a decade-long track record of deploying AI
pervasively across its software platform to address administrative
waste in healthcare. Building on this leadership position, Waystar
now brings together its comprehensive AI capabilities under the
Waystar AltitudeAI™ brand, enabling providers to achieve
elevated productivity and precision in healthcare payments. Waystar
AltitudeAI™ leverages insights from Waystar's extensive payments
network, which facilitates over five billion annual transactions
for approximately 50% of patients nationwide. AltitudeCreate™ is
the latest groundbreaking generative AI innovation introduced
within Waystar AltitudeAI™ to transform the claim denial
workflow.
Waystar will discuss its AI and innovation efforts in greater
detail at the J.P. Morgan Healthcare Conference, where Matt Hawkins will present on January 13, 2025, at 11:15
a.m. PT.
About Waystar
Waystar's mission-critical software is
purpose-built to simplify healthcare payments so providers can
prioritize patient care and optimize their financial performance.
Waystar serves approximately 30,000 clients, representing over 1
million distinct providers, including 16 of 20 institutions on the
U.S. News Best Hospitals Honor Roll. Waystar's enterprise-grade
platform annually processes over 5 billion healthcare payment
transactions, including over $1.2
trillion in annual gross claims and spanning approximately
50% of U.S. patients. Waystar strives to transform healthcare
payments so providers can focus on what matters most: their
patients and communities. Discover the way forward
at waystar.com.
Investor Contact
Sandy Draper
investors@waystar.com
Media Contact
Kristin Lee
kristin.lee@waystar.com
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SOURCE Waystar