Waystar Launches New Generative AI and Advanced Automation Across Its Software Platform to Address Billions in Administrative Waste

Rhea-AI Summary

Waystar (WAY) announced major expansions to its healthcare payment software platform, introducing new generative AI capabilities and advanced automation through AltitudeAI™. The innovations target over $440 billion in U.S. healthcare administrative waste, leveraging insights from six billion annual transactions across one million providers.

Key platform updates include:

• AltitudeAssist™ in Claim Manager - reduces claim processing time from 3 days to 3 minutes, helping prevent denials before submission
• Automated insurance identification system - achieves 55% accuracy improvement in coverage identification within 30 seconds
• Enhanced Digital First Billing - enables up to 80% patient self-service engagement and 35% reduction in print statements

The company processes transactions reaching approximately 50% of the U.S. patient population and will showcase these innovations at their Innovation Showcase event.

Positive

• 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
• Platform reduces print statement costs by 35%
• Company's reach extends to 50% of U.S. patient population through 6 billion annual transactions

Negative

• None.

Insights

Healthcare Technology Expert

Waystar's AI innovations directly address $440B in healthcare administrative waste with validated time/cost-saving solutions for providers facing mounting financial pressures.

Waystar's newly announced AltitudeAI™ suite tackles substantial inefficiencies in healthcare payments processing. The platform leverages data from over six billion annual transactions across one million providers reaching approximately 50% of the U.S. patient population - creating a robust foundation for its AI capabilities.

Their most significant innovation, AltitudeAssist™, transforms claim processes from three days to approximately three minutes - a 99% reduction in processing time. This addresses a critical industry pain point where 450 million insurance claims are denied annually, with over 60% being avoidable, costing providers an estimated $20 billion in appeals.

The platform's automated insurance identification system continuously validates coverage throughout the revenue cycle, unlike traditional point-in-time checks. Early implementations show impressive results, uncovering accurate insurance information for over 55% of previously incorrect records in under 30 seconds with zero manual intervention.

For patient payments, which now total $471 billion in out-of-pocket spending, Waystar has expanded Digital First Billing across all provider types. This aligns with shifting consumer preferences, as nearly half of online payments occur after hours and 56% via mobile devices. Clients report up to 80% of patients engaging with self-service payment options and a 35% reduction in print statements through dynamic suppression capabilities.

Waystar's innovations are validated by industry recognition, including Best in KLAS honors in patient access and claims management, ranking as the #1 AI-powered healthcare payments solution by Black Book, and receiving Stevie Awards specifically for AI and automation excellence.

Financial Analyst

Waystar's AI platform expansion addresses a $440B market opportunity, delivering 99% faster claims processing and 55% improved insurance identification for providers.

Waystar's strategic platform innovations target the $440 billion in administrative waste plaguing U.S. healthcare, positioning the company to capture significant value in this inefficient market. The timing is particularly relevant as providers face deteriorating financial conditions, with median days cash-on-hand at a ten-year low.

The company's three-pronged approach focuses on mission-critical revenue cycle challenges: preventing denials, accelerating payments, and enhancing patient financial experiences. These aren't incremental improvements but transformative capabilities with quantifiable benefits.

AltitudeAssist™ addresses the estimated $20 billion providers spend on appeals by preventing denials before they occur. The 99% reduction in processing time (from three days to three minutes) represents substantial operational efficiency that could strengthen Waystar's value proposition.

The automated insurance identification system directly impacts revenue capture by identifying accurate coverage for over 55% of previously incorrect information in under 30 seconds. This addresses a significant pain point that traditionally requires costly manual intervention.

Patient payment innovations target the growing $471 billion out-of-pocket spending segment, helping providers meet consumer expectations while reducing costs. The reported 35% reduction in print statements delivers tangible cost savings while improving collection efficiency.

Waystar's established scale, processing over six billion transactions annually across one million providers, provides the company with valuable data advantages that enhance their AI capabilities. Their innovation leadership is validated through industry recognitions from KLAS, Black Book, and Stevie Awards, reflecting their competitive positioning in the healthtech sector.

AltitudeAI™ expansion accelerates mission-critical claim processes from days to minutes — unlocking major efficiency gains for providers

LEHI, Utah, and LOUISVILLE, Ky., April 23, 2025 /PRNewswire/ -- Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, will host an Innovation Showcase today at 2 p.m. ET. At the event, Waystar will unveil numerous new innovations spanning its software platform, including first-to-market generative AI capabilities and advanced automation that target the more than $440 billion in administrative waste across the U.S. healthcare system.

These announcements build on the launch of Waystar AltitudeAI™ — a comprehensive suite of AI-powered capabilities that elevate productivity and accuracy in healthcare payments. AltitudeAI™ leverages deep insights from Waystar's expansive data network, which processes more than six billion transactions annually and supports over one million providers, reaching approximately 50% of the U.S. patient population.

"Providers need a software platform that fundamentally transforms healthcare payments," said Matt Hawkins, CEO of Waystar. "Waystar stands at the forefront of AI innovation — automating work, boosting accuracy, and driving efficiency at scale. For more than a decade, our end-to-end platform has harnessed the power of AI to deliver meaningful ROI and operational gains. The Waystar Innovation Showcase reflects that ongoing commitment."

At the Innovation Showcase, Waystar will debut new software platform capabilities focused on three high-impact strategic priorities:

Prevent denials and manage appeals

Every year, more than 450 million insurance claims are denied, over 60% of which are avoidable. This costs providers an estimated $20 billion in appeals and drains critical resources.

Waystar is confronting this administrative burden head-on by introducing AltitudeAssist™ in Claim Manager, a first-of-its-kind generative AI capability that seamlessly transforms user prompts into automated denial prevention. The new capability recommends high-impact opportunities to automatically fix issues before claim submission, helping prevent denials before they occur. With AltitudeAssist™, claim processes that traditionally took three days now take approximately three minutes.

Accelerate payments and reimbursements

Providers face unprecedented financial pressure, with median days cash-on-hand reaching a ten-year low. As providers navigate complex, labor-intensive processes and evolving payer requirements, keeping pace while maintaining cash flow is a critical challenge.

To aid providers in accelerating payments, Waystar is announcing a first-of-its-kind, fully automated insurance identification across the entire revenue cycle. Unlike traditional point-in-time checks, this advanced automation continuously scans for coverage at multiple touchpoints, dramatically increasing identification rates. Early adopters uncovered accurate insurance coverage for over 55% of previously incorrect information during the claim submission process, in under 30 seconds, with zero manual effort. This breakthrough not only drives revenue lift but also reduces administrative burden at scale.

Enhance the patient financial experience

As out-of-pocket healthcare spending surges to $471 billion, patients increasingly expect billing that aligns with their preferences. Nearly half of patients' online payments occur after hours, and 56% are made via mobile devices, a clear sign that convenience is non-negotiable.

Waystar is responding with expanded access to Digital First Billing, now available to providers of any size or specialty. This innovation meets patients where they are — online, mobile, and on their schedule. As patients favor these easy-to-use digital options, Waystar clients observe that up to 80% of patients engage with self-service payment, decreasing the burden on its staff. A dynamic print suppression capability within the platform delays paper statements until digital options are fully exhausted, with existing clients seeing a 35% reduction in print statements and driving significant cost savings.

Waystar's Innovation Showcase will detail these and additional capabilities, building on the hundreds of innovations released to its platform every quarter. Waystar remains continuously recognized for industry leadership in innovation, including multiple Best in KLAS honors in patient access and claims management; the #1 AI-powered healthcare payments solution by Black Book; and Stevie Awards for AI and automation innovation.

Viewers can register for the online event here.

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 16 of 20 institutions on the U.S. News Best Hospitals Honor Roll. Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 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
Kristin Lee
kristin.lee@waystar.com

Investor Contact
Sandy Draper
investors@waystar.com
502-238-9511

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SOURCE Waystar

FAQ

What is Waystar's AltitudeAssist™ and how does it improve healthcare claims processing?

AltitudeAssist™ is a generative AI capability in Claim Manager that transforms user prompts into automated denial prevention, reducing claim processing time from 3 days to 3 minutes by automatically fixing issues before submission.

How much administrative waste is Waystar (WAY) targeting in the U.S. healthcare system?

Waystar is targeting more than $440 billion in administrative waste across the U.S. healthcare system through its AI-powered solutions and automation capabilities.

What percentage of insurance claim errors does Waystar's new automation system correct?

Waystar's new automated insurance identification system corrects over 55% of previously incorrect information during claim submission in under 30 seconds, with zero manual effort.

How effective is Waystar's Digital First Billing in reducing operational costs?

Waystar's Digital First Billing achieves up to 80% patient self-service engagement and reduces print statements by 35%, resulting in significant cost savings.

What is the scale of Waystar's (WAY) healthcare payment processing network?

Waystar processes over 6 billion transactions annually, supports more than one million providers, and reaches approximately 50% of the U.S. patient population.