Waystar Launches AI/RPA Platform to Automate Revenue Cycle Processes
– The platform uses AI to help vendors fix outdated and inefficient billing processes. It helps hospitals struggling financially and helps patients avoid issues like surprising medical bills by improving accuracy and price transparency.
Waystar, a Chicago, IL-based sales cycle technology provider, today launched Hubble, an artificial intelligence (AI) and robotic process automation (RPA) platform to automate sales cycle processes. By automating processes that previously required human labor, Hubble enables healthcare organizations of all sizes and specialties to focus their resources on patient and community care. The Hubble name alludes to the deep insights and visibility previously available to all customers on the Waystar platform.
While Waystar had already invested in AI and RPA capabilities, the recent acquisitions of Digitize.AI and Recondo Technology set the stage to launch a more robust platform. Hubble now supports more than ten Waystar RCM solutions. That number will increase as the company advances and integrates its AI and automation technology.
How Hubble works
Hubble is designed to expand billing teams from integrated health systems to individual doctor’s offices at a time of increasing financial pressure and patient financial responsibility. Hubble does time-consuming and repetitive tasks to take the strain off employees and help companies pay faster, more fully, and with less hassle. As billions of data points flow through Waystar’s unified platform, Hubble learns from that data and gets smarter and faster as it performs tasks over time.
Hubble now supports solutions in the following areas:
Hubble improves the patient’s financial experience and makes life easier for providers by automating the financial clearance process, including checking insurance eligibility, securing approvals, providing out-of-pocket cost estimates, and assessing whether a patient is eligible has financial support.
Predictive analytics and advanced machine learning algorithms automatically identify missing charges, coding mismatches, and DRG anomalies based on a company’s historical charging practices. As a result, Waystar customers generate tens of millions of dollars in net sales each year.
Claim and Denial Management::
Hubble ensures that claims are correctly submitted to payers the first time, reducing the risk of rejection and underpayment. The claim status review is automated, so billing teams spend time processing the claims that require the most attention. Hubble also identifies rejections with the highest likelihood of overturning, so employees can focus on accounts with the highest earnings potential.
Financial experience of the patient::
Hubble helps ensure a smooth patient financial experience by proactively assessing insurance coverage, determining a patient’s ability and likelihood to pay, and identifying patients who are eligible for financial assistance. Price transparency is enabled through the use of AI, which enables self-service estimates and increases patient satisfaction.
Waystar’s long-term strategic focus on expanding AI capabilities
Over the past year, Waystar has doubled its artificial intelligence investment through a series of strategic acquisitions. This shows Waystar’s commitment to prioritizing cutting-edge technology to deliver transformative solutions at scale to healthcare partners. In late 2019, Waystar announced the acquisition of Recondo Technology, a pioneer in revenue cycle automation solutions based on advanced robotic process automation (RPA) and other artificial intelligence technologies.
Last summer, Waystar announced the acquisition of Digitize.AI to streamline previous approvals, as well as the acquisition of PARO, a charity screening solution. Acquisitions in 2018 included predictive analytics company Connance and claims monitoring capabilities from UPMC’s Ovation. Waystar plans to expand its AI capabilities in the future by, for example, developing or acquiring the technology to accurately predict future rejections and stop high risk claims before they go out the door.