LOUISVILLE, Ky. and CHICAGO and ATLANTA and BOSTON and PITTSBURGH, Oct. 2, 2018 /PRNewswire/ -- Waystar announced today that it will acquire the transaction services technology business owned by Ovation Revenue Cycle Services, part of leading health care provider and insurer UPMC. Ovation's technology uses advanced algorithms to monitor claims at many health systems and hospitals, and this technology will now be integrated into Waystar's platform, giving unprecedented claims visibility to nearly 500,000 healthcare providers.
Waystar's next-generation, cloud-based platform simplifies and unifies the healthcare revenue cycle and now includes Ovation's technology. Ovation was created at UPMC to improve its revenue cycle operations through use of advanced algorithms. Ovation monitors claims and gathers claims status information directly from payer websites and other non-traditional data sources. This novel technology dramatically simplifies claims status checking and automates other processes that were previously manual.
Recognizing the opportunity to improve the revenue cycle operations of health systems and hospitals across the entire United States, UPMC sought an innovative partner to distribute the technology more widely and selected Waystar for its broad client base and robust platform. Waystar currently offers an industry-leading claims monitoring solution that proactively identifies claims that need attention. The Ovation technology immediately adds connections for hundreds of additional payers and provides even more actionable insights into claims status to drive unparalleled efficiencies.
"Waystar is thrilled to extend Ovation's technology innovation to providers across the full spectrum of the U.S. healthcare system," said Matthew J. Hawkins, Waystar CEO. "True innovation comes from the passion for solving big problems in creative ways. UPMC and Ovation have delivered unique, value-added solutions that we are excited to include as part of the Waystar platform."
Waystar provides the highest-rated client experience to more than 450,000 providers, 22,000 healthcare organizations and 750 health systems and hospitals across the United States—and will now be able to share Ovation's technology with that extensive community. This will result in more efficient workflows for providers and a better financial experience for millions of patients.
"We are proud that Ovation's claims monitoring algorithms and innovation will now be part of Waystar's revenue cycle technology portfolio. Joining Waystar's platform will advance Ovation's technology and make it available to hundreds of thousands of healthcare providers," said Tal Heppenstall, President of UPMC Enterprises.
As the Ovation technology revolutionizes the claims management process for healthcare providers around the country, Waystar will explore the possibility of leveraging that technology to solve other industry challenges—such as cumbersome pre-authorization and registration processes—in the future.
Waystar is the combination of Navicure and ZirMed, two top-rated providers of revenue cycle technologies. Waystar simplifies and unifies the healthcare revenue cycle with innovative technology that allows clients to collect more with less cost and less stress, so they can focus on their goals, patients and communities. Waystar has scored Best in KLAS® claims clearinghouse every year since 2010, including 2018, and earned multiple #1 rankings in both medical claims processing and patient payment solutions from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, hospitals, health systems and ambulatory services organizations and partners with the leading EHR and practice management solution providers. For more information, visit waystar.com, or follow @Waystar_RCT, on Twitter.
About Ovation Revenue Cycle Services
Ovation Revenue Cycle Services is a wholly-owned subsidiary of UPMC, a $19 billion academic health system. Ovation RCS offers a leading-edge service suite built to solve real-world revenue cycle and HIM complexities. Our comprehensive HIM suite offers medical coding, auditing and CDI services built to streamline manual processes and ensure high-quality, cost-effective results to healthcare providers and select partners.
CONTACT: Bateman Group for Waystar, [email protected]