Waystar, a company with a patient NPS score of 57, announced new features including automated claim coverage detection, better explanation of benefits and the delivery of estimates directly into the PatientWallet.
In addition, Waystar has chosen to invest more in its machine-learning (ML) claims follow-ups. This enables the platform to predict and guide follow-up actions for providers based on revenue impact.
Waystar’s CEO Matt Hawkins commented on the platform upgrades.
“We are at a watershed moment in healthcare, where modern technology can drastically improve results for providers and their patients”, Hawkins said. “By unifying payments under a single cloud-based platform and harnessing the power of our purpose-built automation and analytics, we are removing friction from the system and helping providers focus on delivering care. I am energized by our team’s work to continually innovate and deliver on that mission.”
The cloud payments market
The move comes at a time when markets are experiencing a tech boom marked by growing reliance on accessibility and sophistication.
In the fintech sector, businesses are increasingly going for cloud payments technology, as it proves to be a cost-cutting and secure way of transferring money.
According to GlobalData’s “Thematic Intelligence: Banking and Payments Predictions 2023” report, tech decision-makers saw a 6% increase in cloud spend in 2022 compared to 2021. Among banks, the majority surveyed said they have either significantly (21.8%) or slightly (50.5%) increased their cloud spend from 2021 to 2022.
Waystar is a healthcare payments provider working with over one million providers in more than 1,000 hospitals and health systems.
In July 2022, the company teamed up with Bluefin. The deal provided Bluefin’s PCI-validated point-to-point encryption (P2PE) solution and payment gateway through Waystar’s software.