Waystar awarded top-ranking healthcare payment software platform from Black Book

Rhea-AI Summary

Waystar, a leading healthcare payment software provider, has been recognized by Black Book™ as a top-rated client software provider. Over 6,000 healthcare finance and IT leaders ranked Waystar highest in five categories and 18 key performance indicators, including innovation, data security, and marginal value add. This recognition spans clients of all sizes, from large health systems to small physician practices. CEO Matt Hawkins highlighted the importance of technological transformation and AI in healthcare, noting that Waystar leverages these innovations to enhance efficiency and ROI. The survey revealed that 96% of healthcare leaders prioritize digital transformation, with 84% evaluating AI for cost reduction and claim accuracy. Waystar's collaboration with Google Cloud aims to develop over a dozen generative AI applications. The company’s other accolades include the Healthcare Payments Innovation Award from MedTech Breakthrough and recognition by Becker's Hospital Review.

Positive

• Waystar ranked highest by over 6,000 healthcare leaders in Black Book’s survey.
• Top ratings in five key categories and 18 performance indicators, including innovation and data security.
• Strong focus on technological transformation and AI, with 96% of leaders prioritizing digital capabilities.
• 84% of financial executives evaluating AI to improve claim accuracy and reduce costs.
• Collaboration with Google Cloud to develop over a dozen generative AI applications.

Negative

• None.

Survey of thousands of healthcare leaders identified Waystar as providing the industry's best client experience across 18 indicators including loyalty and satisfaction

LEHI, Utah and LOUISVILLE, Ky., July 1, 2024 /PRNewswire/ -- Waystar Holding Corp. ("Waystar") (Nasdaq: WAY), a provider of leading healthcare payment software, today announced its recognition as a top client-rated software provider by Black Book™, a healthcare market research firm.

In Black Book™'s 2024 independent survey of more than 6,000 healthcare finance and IT leaders, Waystar received the highest ranking across five categories evaluated by 18 key performance indicators, including innovation, data security, marginal value add, trust, and breadth of offering. Waystar was the top selection in categories representing clients across all sizes and settings of care, from large health systems and academic medical centers to small physician practices, reflecting Waystar's extensive client base and purpose-built platform to scale to the needs of each client.

2024 Healthcare Payments Software Awarded Categories:

• End-to-end Platform, Large Health Systems, Chains, and IDNs
• End-to-end Platform, Large Hospitals and Medical Centers
• Claims and Denial Management Solutions, Hospitals
• Patient Payment Technology
• Physician Clearinghouse, Small Providers

"Providers of all types and sizes utilize Waystar's software platform to achieve meaningful return on investment. It is both humbling and rewarding for our team to receive this appreciation from our clients," said Matt Hawkins, Chief Executive Officer of Waystar. "As Black Book's research makes clear, providers are looking for a partner who can address their biggest challenges, leverage innovations like Generative AI to accelerate automation and generate efficiencies, and ultimately provide a more integrated and productive payments experience for their organization and their patients."

Providers continue to turn to technological transformation as a critical opportunity to address ongoing financial, administrative, and regulatory pressures. The Black Book™ survey highlights that 85% of CFOs and senior leaders believe their organizations urgently need to prioritize their digital capabilities, and 96% have placed digital transformation at the forefront of their financial strategies in the year ahead.

AI is particularly top of mind for healthcare leaders, as 84% of financial executives are actively evaluating the use of automation technology to improve claim accuracy and reduce costs. Waystar delivers value-added AI and automation innovations to clients. Waystar is also creating further innovation through its recently announced engagement with Google Cloud to develop more than a dozen generative AI applications on Waystar's platform.

Waystar's recognitions from Black Book™ follow other recent accolades for its advanced software, including winning the Healthcare Payments Innovation Award from MedTech Breakthrough and being named one of Becker's Hospital Review's healthcare RCM companies to know.

Waystar's latest innovations will be featured at Waystar's True North conference, which will be held September 9-11, 2024 at Disney's Yacht & Beach Club Resort in Lake Buena Vista, Florida.

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
Daniel Yunger / Nick Capuano / Kerry Kelly
Kekst CNC
kekst-waystar@kekstcnc.com

Investor Contact
Sandy Draper
investors@waystar.com

View original content:https://www.prnewswire.com/news-releases/waystar-awarded-top-ranking-healthcare-payment-software-platform-from-black-book-302186942.html

SOURCE Waystar

FAQ

What recognition did Waystar receive from Black Book™ in 2024?

Waystar was recognized as a top client-rated healthcare payment software provider by Black Book™.

Why was Waystar awarded by Black Book™?

Waystar was awarded for its performance in five categories and 18 indicators, including innovation, data security, trust, and marginal value add.

How many healthcare leaders participated in the Black Book™ survey?

Over 6,000 healthcare finance and IT leaders participated in the Black Book™ survey.

What percentage of healthcare leaders prioritize digital transformation?

96% of healthcare leaders prioritize digital transformation.

What role does AI play in Waystar's strategy?

AI is critical, with 84% of financial executives evaluating AI for claim accuracy and cost reduction, and Waystar partnering with Google Cloud to develop AI applications.