Waystar Announces New AI Tool to Combat Healthcare Insurance Denials
Health-care payments company Waystar celebrated its IPO at the Nasdaq yesterday, but instead of reveling in its initial public offering success, the team focused on solving a costly and tedious problem affecting hospitals: insurance denials.
Hospitals and health systems spend nearly $20 billion a year trying to overturn denied claims, according to a recent report from Premier, a group purchasing organization. To combat this issue, Waystar has announced a new generative artificial intelligence (AI) tool called AltitudeCreate.
This AI-powered feature uses machine learning to automatically draft appeal letters for hospitals, significantly reducing the time and effort needed to handle claims denials. By automating this process, Waystar’s solution aims to drive down costs and alleviate the administrative burden faced by healthcare providers.
The launch of AltitudeCreate is just the beginning for Waystar. The company’s broader suite of AI offerings, AltitudeAI, is now available to users, with more features to follow. AltitudeCreate is available to organizations that are already using Waystar’s denial and appeal management software modules at no additional cost.
With the ability to automate claims denials, hospitals and health systems can focus on what matters most: providing high-quality patient care. As the company’s CEO, Matt Hawkins, puts it, “If we can develop software that makes people’s lives better in an otherwise stressful moment of time when they’re getting health care, then we’re doing something good.”