Leading health systems and providers
experience increased productivity, revenue, and satisfaction with
AI adoption
75% report positive ROI from AI in healthcare
payments; 90% plan to boost AI investments in the near
future
LEHI,
Utah and LOUISVILLE,
Ky., Sept. 24, 2024 /PRNewswire/ -- Waystar
Holding Corp. (Nasdaq: WAY), a provider of leading healthcare
payment software, and Modern Healthcare today announced new
research that reveals how artificial intelligence (AI) transforms
healthcare payments. The study demonstrates how AI, including
generative AI, effectively addresses major challenges in the
healthcare industry, driving notable improvements in financial and
operational outcomes.
The research provides insights into how leading healthcare
systems, hospitals, and medical practices harness the power of AI
to tackle administrative burdens and streamline labor-intensive
processes. It also identifies opportunities to maximize AI's
benefits while overcoming potential barriers to adoption. The study
surveyed over 60 senior executives and finance leaders at prominent
healthcare organizations.
Key findings from the study include:
- Strong ROI from AI implementation in healthcare
payments: A substantial majority of respondents (75%)
reported that AI has already delivered a positive return on
investment for their organizations, underscoring its value in
healthcare payments.
- Significant benefits across the software platform: AI
adoption has led to measurable improvements in operations,
including increased staff productivity, higher revenue, reduced
human error, lower operational costs, and improved patient
satisfaction.
- Growing AI adoption with future investment plans: Nearly
three-quarters of respondents use AI for specific revenue cycle
tasks, though overall platform adoption is only at 3 percent. This
gap underscores the significant opportunity ahead. Yet, 90%
plan to invest in AI in the near future, most within the next 12
months, a trend poised to propel the growth of the healthcare
payments software market, increasing its value from the
$15 billion it is today.
- Generative AI gaining traction: 66% of respondents
foresee investing in generative AI over the next 12-18 months. They
expect key improvement areas such as denial and appeal management,
coding, claim management, and reviews.
"At Waystar True North, we showcased the power of harnessing AI,
including Generative AI in the Waystar Innovation Lab™ to hundreds
of top healthcare leaders across the nation," said Matt Hawkins, Chief Executive Officer of
Waystar. "Our research and ongoing discussions with healthcare
leaders reveal a clear trend: Generative AI has immense potential
to simplify healthcare payments. We are grateful to be a leader in
innovation with a core focus on delivering demonstrable ROI across
the Waystar software platform."
As healthcare systems, hospitals, and medical practices grapple
with administrative burdens, patient expectations, and policy
changes – compounded by wasteful spending and outdated technology –
AI offers a powerful opportunity to enhance revenue cycles,
automate manual tasks, and enable providers to focus more on
patient care.
The findings were explored at Waystar's True North
conference, which brought together executives from large
health systems and hospitals to small medical practices. Speakers
discussed key topics at the heart of the Waystar and Modern
Healthcare report, highlighting the increasing adoption of AI and
the acceleration of innovations reshaping healthcare payments.
Access the full report here.
About Waystar
Waystar's mission-critical software is
purpose-built to simplify healthcare payments so providers can
prioritize patient care and optimize their financial performance.
Waystar serves approximately 30,000 clients, representing over 1
million distinct providers, including 18 of 22 institutions on the
U.S. News Best Hospitals list. Waystar's enterprise-grade platform
annually processes over 5 billion healthcare payment transactions,
including over $1.2 trillion in
annual gross claims and spanning approximately 50% of U.S.
patients. Waystar strives to transform healthcare payments so
providers can focus on what matters most: their patients and
communities. Discover the way forward at waystar.com.
Media Contact
Kristin Lee
kristin.lee@waystar.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/new-research-from-waystar-and-modern-healthcare-reveals-ais-transformative-impact-on-healthcare-payments-302257029.html
SOURCE Waystar
