CHICAGO and LOUISVILLE, Ky., May 14, 2019 /PRNewswire/ -- Waystar, a leading provider of revenue cycle technology, today announced new functionality to its market-leading Agency Manager solution, which analyzes and compares outsourced agency performance for health systems and hospitals. The solution is now enhanced with invoice verification technology that allows both providers and third-party collection agencies to validate transactions and commissions ahead of invoice delivery.
With the rising popularity of high-deductible insurance plans, patients are responsible for a growing portion of healthcare costs. Due to the increased complexity of collecting directly from patients, many providers find it cost-effective to outsource the collections process. The process of handling invoices from multiple agencies can be a big source of frustration, frequently involving a lot of back and forth to resolve errors and discrepancies.
With the new Waystar Agency Manager enhancement, providers and agencies now have direct access to their invoices, enabling them to correct errors and resolve discrepancies before the invoice is delivered. This saves significant time and effort for both healthcare providers and collections agencies.
"At Waystar, we develop all of our technology to free up time and resources that healthcare organizations currently spend on the revenue cycle so our clients can focus on higher priorities. That's exactly what this update to our Agency Manager solution accomplishes," said Matt Hawkins, CEO of Waystar. "This easy-to-implement technology simplifies what has become for many organizations a time-consuming process, builds trust between providers and agencies and ultimately allows both sides to concentrate their efforts on improving the patient financial experience."
Waystar Agency Manager is used by healthcare organizations to drive savings and improve productivity, reducing invoice errors by 3 to 7 percent and increasing agency collections by 10 to 15 percent.
Waystar 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. For more information, visit waystar.com, or follow @Waystar, on Twitter.
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