Whether you are a health care provider, a hospital or a group of physicians, Waystar Benefits can help you manage your organization’s revenue. Through integrations with common systems in the healthcare industry, Streamlined workflows and appeals processes, and reduced rejections and denials, Waystar Benefits can help you improve your reimbursement rates.
Reduced rejections and denials
Using technology to manage claims and denials can reduce the number of rejections your organization receives. Waystar is a cloud-based platform that can help you automate your revenue cycle. It offers real-time contract modeling, coverage detection, and predictive denials. It can also help you manage contracts through a central repository.
Denials are a growing problem in the healthcare industry. Eighty-nine percent of hospitals have seen a significant increase in the number of rejections over the past three years. The most common causes are improperly established data and insurance eligibility issues.
To properly assess and prevent denials, you need to analyze your denial data. This allows you to pinpoint problems and take preventive actions before they become problems. In addition to identifying problems, denial data also allows you to detect opportunities to prevent future denials.
Denial management is a complex process. It involves analyzing denial trends, analyzing denial data, and continuously evaluating internal workflows. In addition, denial management requires ongoing staff training.
Streamlined workflows and appeals processes
Streamlining workflows and appeals processes is becoming a priority for healthcare providers. Streamlining processes helps streamline the flow of information and cut down on redundant steps. The process may require some time to train employees and get feedback from clients. It can also help measure and improve problem areas.
The healthcare industry is facing a number of challenges, including staffing shortages, economic uncertainty, and rising denial rates. A number of new innovations are reducing the burden on staff and lowering the time and resources necessary to implement technology. One example is Waystar, which offers revenue cycle management software. The company uses an innovative platform to manage claims in one place and provide reporting for all types of claims.
Waystar’s suite of solutions can help to streamline workflows and appeals processes. For example, Waystar’s GuidingCare(r) Appeals & Grievances module streamlines the healthcare appeals process by automatically generating the appropriate correspondence, tracking the completion of tasks, and recording turnaround times.
Revenue integrity solution
Identifying revenue leakage is an ongoing concern for healthcare CFOs. However, only half of health systems have programs in place to prevent revenue degradation or compliance risk.
Waystar’s revenue integrity solution helps healthcare organizations address this issue. It uses AI-powered technology to help improve financials and compliance. Using predictive analytics, Waystar can identify charges that are underpaid, missed or incorrectly coded. The solution also helps healthcare providers improve cash flow by identifying claim errors. It also helps prevent future denied claims.
Healthcare organizations face numerous pressures from rising costs and staff shortages. However, they also need to get the proper reimbursement for services provided. As a result, many are losing significant revenue.
Waystar provides a comprehensive suite of healthcare payments software solutions. Its cloud-based platform streamlines revenue cycle processes. The solution works with any existing systems, so it can be easily integrated. The solution tracks revenue from patients’ first visit until the final balance is paid. It also provides insight into patients’ insurance coverage and eligibility. It can also process debit cards and credit card payments.
Integrations with common systems in the healthcare industry
Despite the growth of the digital health industry, healthcare organizations continue to struggle with integrating their systems. This is particularly true in the case of electronic medical records. However, EMR integration is a process that can help hospitals reduce the amount of data entry and provide better patient care.
EMR integrations can help patients to communicate with their doctors, set up reminders, and pay for services online. They can also provide video conferencing, threat notifications, and patient engagement tools.
Healthcare organizations have been investing in various information management applications, database management systems, email management systems, and workforce management systems. These systems require sensitive patient data. It is crucial for providers to protect and share this data. EMR integration can help to streamline the data collection process, reduce transcription errors, and create a central repository for all patient data.
The healthcare industry is extremely information-intensive. A poor data integration can result in incomplete patient information, wasted resources, and compromised care.