What You Should Know:
– Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced the launch of Waystar AltitudeAI™, a comprehensive set of AI capabilities for providers, including AltitudeCreate™, a new generative AI innovation focused on appealing denied claims.
– By autonomously generating appeal letters, Waystar aims to help providers recover a substantial portion of payments tied to more than 450 million annually denied claims, ultimately enabling faster and more accurate healthcare payments.
Waystar: Revolutionizing Healthcare Payments with AI-Powered Solutions
Waystar’s mission-critical software is designed to simplify healthcare payments, enabling providers to prioritize patient care and optimize financial performance. Serving approximately 30,000 clients, including 16 of the top 20 institutions on the U.S. News Best Hospitals Honor Roll, Waystar represents over 1 million distinct providers. Its enterprise-grade platform processes more than 5 billion healthcare payment transactions annually, handling over $1.2 trillion in gross claims and impacting approximately 50% of U.S. patients.
The U.S. healthcare system loses an estimated $350 billion annually to administrative waste, with hospitals and health systems spending $20 billion annually on denied claims—a growing challenge linked to reduced access to care and lower patient satisfaction. Waystar’s generative AI capabilities are transforming the denial appeal process, helping providers mitigate these challenges. According to a Modern Healthcare report conducted in collaboration with Waystar, providers increasingly seek AI-driven solutions that reduce waste, enhance operational efficiency, and improve payer and patient interactions.
“More than half of denied claims are eventually overturned, but the appeal process is labor-intensive, complex, and prone to errors,” said Matt Hawkins, Chief Executive Officer of Waystar. “Generative AI ushers in a new era of productivity and precision, simplifying claims, appeals, and payment workflows. With Waystar’s AI-powered software platform, providers can address denied claims with unprecedented accuracy, efficiency, and ease.”
Building on a decade of leadership in deploying AI across its platform, Waystar has introduced the Waystar AltitudeAI™ brand, consolidating its comprehensive AI capabilities. AltitudeAI™ transforms healthcare payments by leveraging insights from Waystar’s extensive payments network, which processes over five billion annual transactions. Its latest innovation, AltitudeCreate™, redefines the claim denial workflow through generative AI, equipping providers with tools to elevate productivity and precision in addressing administrative inefficiencies.
By integrating advanced AI technology, Waystar remains committed to transforming healthcare payments, enabling providers to focus on delivering quality care to patients and their communities.
