Waystar Accelerates Patient Consumerism in Healthcare Payments
Best in KLAS winner added 500+ new patient financial experience clients and processed more than $5B in patient payments in 2021
12 Jan, 2022, 11:49 ET
LOUISVILLE, Ky. and ATLANTA and SALT LAKE CITY, Jan. 12, 2022 /PRNewswire/ -- Waystar, the leading provider of healthcare payments software, grew significantly in 2021. Within its patient financial experience solutions, Waystar added 500 new health system, hospital and ambulatory clients, joining BJC HealthCare, Piedmont Healthcare and Renown Health. Waystar's market growth further fuels its AI-driven cloud platform by enriching patient behavior models to intelligently personalize patient engagement and capture payment, solving one of the most complex challenges in healthcare today. Providers using Waystar routinely see a 35% lift in patient collections, a 30% reduction in cost-to-collect and a 55% decrease in eligibility-related denials. Patients of Waystar clients express top satisfaction with an average Net Promoter Score® of 57, a benchmark well above other healthcare software companies.
Waystar's patient financial experience solutions, including the industry-leading PatientWallet®, drives patients' digital adoption of the payment process with personalized omnichannel engagements. Waystar orchestrates patient payment journeys at scale by annually generating $4B in out-of-pocket estimates, processing $5B in patient payments and actively managing 30M+ patient digital wallet accounts with more than $1B in patient payment plans. Providers across all healthcare settings use the Waystar platform to simplify payment complexity, representing 40% of the U.S. patient population and 500,000 providers.
The need to bring consumerism to healthcare payments is more important than ever, as more than half (52%) of patients stated they are more concerned about billing than the quality of care. For providers, an increasingly large percentage of their revenue is dependent on patient financial responsibility. Additionally, with increased pressure on providers to comply with regulations such as the Hospital Price Transparency Rule and the No Surprises Act, improving the financial experience for patients and providers is critical.
"As we evaluated solutions to address the patient financial experience, it was critical that we found one that allowed us to meet the patient where they wanted to be met financially, as well as enhanced our organizational execution," said Cole Elmer, Vice President of Revenue Management at BJC HealthCare. "After implementing Waystar, the results were tremendous, and we continue to see success. Payments have increased substantially, and the adoption of PatientWallet® doubled in 2021, reaching approximately one-third of our patient population. But most importantly, we are seeing increased patient satisfaction; our Net Promoter Score® among patients rose to +60, which is incredible."
"Eliminating financial complexities leads to higher patient satisfaction, while empowering patients and providers to focus on what matters most, the health of our communities," said Matt Hawkins, CEO of Waystar. "Our clients are uniquely positioned to unify and simplify all payments onto one platform, including commercial, government and patient payments, creating transparency while helping providers flourish in an ever-changing healthcare landscape."
In July 2021, Waystar acquired Patientco to drive price transparency and modern payment options for patients, resulting in faster and fuller reimbursement for providers. Waystar continues to transform the patient payment experience by providing financial education, pre-service estimates, easy-to-read, consolidated and tailored communications and flexible payment offers and plans. Furthermore, with advanced integration capabilities and Application Programming Interfaces (APIs), the Waystar platform can enable a provider's hospital information system and practice management ecosystem with native workflows and be implemented from places like Epic's App Orchard.
Waystar and Patientco received top honors in the 2021 Best in KLAS report for the Claims and Clearinghouse segment and Patient Financial Engagement Platforms, respectively. Waystar was also named the top revenue cycle management (RCM) software and technology vendor in two key categories (representing hospitals, health systems and integrated delivery networks) in a recent survey conducted by Black Book Research.
For more information on Waystar's technology, visit Waystar.com.
Epic and App Orchard are trademarks or registered trademarks of Epic Systems Corporation.
Waystar provides next-generation, cloud-based technology that simplifies and unifies healthcare payments. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. The platform automates more than 300 million processes annually. Waystar products have been named Best in KLAS or Category Leader by KLAS Research twelve times and earned multiple #1 rankings from Black Book. Waystar supports more than 500,000 providers, 1,000 health systems and hospitals, 5,000 payers and health plans, and processes claims for approximately 40 percent of the U.S. population annually. Waystar is backed by EQT, Canada Pension Plan Investment Board and Bain Capital. For more information, visit waystar.com or follow @Waystar on Twitter.
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