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Article | Revenue Cycle Technology

Ensuring healthcare providers bring in more revenue in a cost-efficient way

Sponsored by Waystar
Article | Revenue Cycle Technology

Ensuring healthcare providers bring in more revenue in a cost-efficient way

How do you help healthcare organizations navigate the biggest challenges in healthcare?

With increasing pressure on performance and even thinner margins, health systems and hospitals need to find ways to get the most out of their resources. With innovative solutions that span the revenue cycle, Waystar surrounds and supplements your existing systems to help your organization get paid faster, fuller and more efficiently.

Health systems and hospitals lose up to 1% of their potential net revenue due to missed charges and coding errors, which translates into millions of lost dollars annually. Waystar helps organizations bring in more revenue in a cost-efficient way. Our predictive analytics, advanced rules and expert auditors reveal actionable insights that help hospitals increase revenue.

What advice would you offer to healthcare leaders when choosing among vendors?

A vendor should feel like an extension of your team while bringing an even deeper set of expertise to the table. Choose a vendor that not only has proven, innovative products, but one that understands ever-changing coding and billing regulations. A vendor with access to the most current data ensures the highest success in the timely finding and rebilling of missed charges. Delays or incomplete data increases the percent of false positives presented to your team, leading to extra manual work and inefficiencies.

Seek a partner who has a proven track record in revenue recovery and support, and that also offers a flexible pricing structure for maximum ROI. Additionally, hospitals should consider a vendor that uses AI to analyze each hospital’s unique inpatient coding and billing practices to flag potentially incorrectly coded accounts, then scrutinizes those accounts using expert auditors.

What is some advice you can give providers for a successful implementation of a new product or service?

Revenue integrity solutions search for possible breakdowns in a highly complex, consistently changing charge process. Prior to implementation, hospitals should approach these solutions as a team learning tool to improve the overall process rather than a tool to expose knowledge or skill deficiencies.

To ensure a smooth implementation, identify your organization’s key team members who should be engaged in the project. Your resources must understand current business practices and reporting needs. This team must work closely with your IT department to help collect data quickly, which will optimize ROI.

Hospitals also should work closely with vendors during the implementation process to identify key workflow processes within the new solution to support the organization’s best practices. Lastly, make other departments fully aware of the implementation project and its objectives. 

Quick Facts

  • Number of years on the Short List: 4 years
  • 87% of respondents agree that the product delivers good value for the cost

About Waystar

Waystar’s market-leading technology simplifies and unifies healthcare payments. Our cloud-based platform removes friction in billing processes, streamlines workflows and improves financials for healthcare providers in every care setting.

To learn more about HFMA’s Peer Review program, visit hfma.org/peerreview

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