- Introduction of AltitudeAssist™ AI reduces claim processing time by 99% (from 3 days to 3 minutes).
- New automated insurance identification system improves accuracy by 55% in under 30 seconds.
- Digital First Billing achieves 80% patient self-service engagement.
Waystar (WAY, Financial) has announced significant enhancements to its healthcare payment software platform, aiming to address over $440 billion in U.S. healthcare administrative waste. Through the introduction of AltitudeAI™, the company leverages insights from six billion annual transactions across one million providers, which accounts for approximately 50% of the U.S. patient population.
The key update, AltitudeAssist™, incorporated into the Claim Manager, drastically reduces claim processing time from three days to just three minutes, effectively addressing a critical industry pain point where 450 million insurance claims are denied annually, resulting in $20 billion in appeal costs. This innovation prevents denials before they occur by fixing issues automatically before claim submission.
Waystar has also introduced an automated insurance identification system that substitutes traditional point-in-time checks with continuous validation throughout the revenue cycle. This system improves accuracy by over 55% for previously incorrect records in under 30 seconds, without any manual intervention, thus enhancing revenue capture and reducing administrative burdens.
Furthermore, Waystar's enhanced Digital First Billing service aligns with evolving consumer preferences, facilitating up to 80% patient engagement through self-service payment options and reducing print statement costs by 35%. This system addresses the growing $471 billion out-of-pocket spending segment, ensuring efficient transactions that meet patient expectations for convenient and flexible billing options.
Waystar continues to receive industry recognition for its innovative solutions, including honors from Best in KLAS and Black Book, reinforcing its position as a leader in AI-powered healthcare payments. The company processed over $1.8 trillion in annual gross claims in 2024, emphasizing its scale and capability in transforming healthcare payments.
