Waystar product overview
Waystar is an all-in-one revenue cycle management suite that simplifies and unifies healthcare payments. Its cloud-based platform streamlines workflows and improves financials for healthcare providers of all kinds. It also brings more transparency to the patient’s financial experience.
Waystar has one united database that provides accurate analytics and elevates existing systems. The platform has intuitive workflows and actionable financial insights. It integrates with all major practice management, hospital information, and EHR systems and can be fully functional in much less time—and with much less hassle—than the industry standard.
Pros of Waystar
- It reduces the friction associated with financial clearance processes. By combining its deep revenue cycle expertise with the AI and RPA technology, the system increases reimbursements, accelerates collections, cuts denials in half, and doubles staff productivity.
- The system captures revenue that the healthcare organization is due and locates missing change. It boosts patient payment collection efficiency and determines the patient’s propensity to pay.
Cons of Waystar
- Some users encountered delays in payment posting and claims processing with Waystar.
Breakdown of core features
Waystar utilizes the latest technology and predictive analytics to expedite eligibility verification and prior authorization processes, help patients understand their financial responsibility, and give providers visibility into patients’ propensity to pay. It empowers healthcare organizations to bring in more revenue upfront and offer a more transparent, positive experience for patients.
The platform’s Eligibility Verification feature combs through vast amounts of payer data to curate accurate and comprehensive benefits information. With richer coverage detail, it allows staff to become specialized in triaging eligibility issues. In addition, this feature automates processes, eliminating days of searching and interpreting patient coverage.
Organizations can prevent rejections and denials before they happen, automate claim monitoring, and streamline attachments with Waystar’s Claim Management feature. Its Claim Monitoring curates the most enriched status response, controls claim follow-up, and captures payments faster. It also presents a Remit Forecast engine that predicts the right time to status a claim and intelligently drives follow-up when a remit is overdue.
Analytics and reporting
Waystar’s analytics and business intelligence tools facilitate accessing and reporting on critical data—ultimately enhancing performance by identifying, analyzing, and resolving problems as they occur. It enables organizations to get insights into the entire revenue cycle with built-in or customized KPIs and dashboards.
(Last updated on 03/10/2022 by Liz Laurente-Ticong)