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Article | Artificial Intelligence

Waystar simplifies existing revenue cycle systems for more effective payment

Sponsored by Waystar
Article | Artificial Intelligence

Waystar simplifies existing revenue cycle systems for more effective payment

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

With increasing pressure on performance and even thinner margins, healthcare providers are seeking new ways to get the most out of their resources and be nimble with ever-changing market conditions. As the industry’s largest SaaS RCM platform, Waystar surrounds and supplements your existing systems to simplify healthcare payments so you get paid faster, fuller and more effectively.

We bring decades of healthcare and data expertise that enables us to serve our clients for the long term while delivering cutting-edge technology and content. Waystar relentlessly innovates and applies purpose-built automation using AI, RPA and predictive analytics to improve healthcare reimbursement, increase margins, elevate satisfaction and fuel growth.

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

Seek a partner who is obsessive about customer service, delivers strong, proven ROI and can support multiple facets of the revenue cycle — not just point solutions. A great partner will be your guide, advising what can and should be done, thereby helping expectation meet reality.

There’s a lot of noise in the industry, particularly when it comes to AI and automation, so choosing a vendor that not only has proven, innovative products, but one that has the revenue cycle heritage and scale is critical for value and growth.

Lastly, with increasing threats to security and data sanctity, healthcare leaders must be prudent in ensuring their vendor adheres to the highest security standards to minimize risk, meets compliance regulations and is working with the provider’s best interests at heart. Such due-diligence efforts can give the provider peace of mind that they have selected a true partner, not just another vendor.

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

To ensure a smooth implementation, your vendor partner should first be aligned on scoping efforts and have dedicated resources to establish timely and successful delivery of the solution(s). Hospitals will need to identify key team members who should be engaged in the project and understand current state business practices and reporting needs. This team will need to work closely with both IT resources and end-users to confirm that future state is well defined and implemented. Furthermore, the team will make certain all impacted departments are fully aware of the project and its objectives.

The implementation process involves many phases, from planning, data and configuration to solution go-live and stabilization. A good vendor should not only execute all phases well, but also ensure the solution is maximized to its fullest potential, so your organization realizes value from day one and beyond. 

Quick Facts

  • 4 years on the Short List
  • 92% of peer reviewers agree or strongly agree that they would recommend the product to colleagues

About Waystar

Waystar provides next-generation, cloud-based revenue cycle technology that simplifies, unifies and automates healthcare payments. Our purpose-built automation and market-leading technology propels healthcare providers to scale their business, drive bottom-line performance and gain competitive advantage to serve their patients and communities.

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

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