Waystar Named Leading AI-Powered Software Platform
Waystar Holding Corp. (Nasdaq: WAY), a leader in healthcare payment software, has been recognized as the industry’s top AI-powered software platform by Black Book Market Research™. In an independent survey assessing AI-driven revenue cycle management solutions from 80 vendors, Waystar earned the #1 spot in eight key categories, including claim accuracy, operational efficiency, reduction in administrative burden, and patient engagement. The survey gathered feedback from over 1,300 healthcare executives and technology decision-makers, further solidifying Waystar’s leadership in the healthcare payments sector.
In total, Waystar ranked first in eight out of 18 AI categories, more than any other vendor. No other company secured more than one top ranking. According to Black Book™, Waystar excelled in areas such as claims submission, denial reduction, and reimbursement turnaround time. This recognition highlights the company’s role as a leader in financial accuracy and operational efficiency within healthcare payments.
“We are grateful for the trust healthcare providers place in our AI-powered software platform, which has been central to our innovation strategy for nearly a decade,” said Matt Hawkins, CEO of Waystar. “In January, we launched Waystar AltitudeAI™, a comprehensive set of AI tools for providers, including AltitudeCreate™, a first-of-its-kind generative AI capability designed to appeal denied claims. We remain committed to delivering AI-powered solutions that enhance productivity, accuracy, and advance our mission.”
Surveyed industry leaders recognized the significant impact of Waystar’s AI, automation, and predictive analytics solutions across the entire revenue cycle. This recognition highlights Waystar’s dominance in claim management, denial reduction, and payer payment processing, among other financial functions.
Claim, Denial, and Payer Payments Management:
Waystar’s platform secured the #1 ranking in several key AI-driven financial management categories, including reducing claim rejection and denial rates, increasing clean claim submission rates, saving time in claim resubmissions and appeals resolution, and improving claims reimbursement turnaround time. Black Book™ praised Waystar’s ability to automate workflows and resolve claims more efficiently:
“Waystar dramatically reduces the time required for claim resubmission and appeals by automating claim tracking and error correction. Clients report faster resolution times due to the platform’s real-time denial analysis and auto-correction tools. Its AI-driven appeal management prioritizes high-value claims, ensuring maximum reimbursement efficiency.”
Waystar’s predictive analytics also help minimize claim denials by catching errors before claims are submitted. The platform’s ability to automate and optimize these workflows ensures better financial outcomes for healthcare providers.
Patient Collections and Engagement:
Waystar earned top recognition for its AI-powered patient collections and engagement solutions. The company ranked highest in upfront patient payment collection rates, automated payment processing, and patient engagement. According to the report:
“Waystar enhances patient financial interactions through AI-driven engagement and payment prediction. Clients appreciate the intuitive, patient-friendly portals offering real-time cost estimates.”
“Waystar leads in patient payment automation with AI-driven engagement tools that ensure higher collection rates with minimal patient friction.”
By leveraging AI, Waystar streamlines the patient payment process, improving collection rates while minimizing barriers to payment. The platform’s user-friendly tools enhance the patient experience, ensuring smoother interactions and better financial outcomes for healthcare providers.
AI Adoption in Healthcare Payments:
Finance and IT professionals have increasingly recognized the benefits of AI, particularly its ability to automate manual processes and reduce the administrative burden across denial reduction, collections, and patient engagement. Waystar’s modern, cloud-based platform uses AI-powered tools to eliminate inefficiencies in the healthcare payment cycle, improving efficiency, accuracy, and providing sustainable returns on investment.
Waystar’s platform continues to evolve, delivering ongoing enhancements that streamline the end-to-end healthcare payments process. This focus on innovation allows healthcare providers to dedicate more time and resources to patient care while optimizing their financial performance.
About Waystar:
Waystar’s mission is to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Serving approximately 30,000 clients, including over 1 million distinct providers, Waystar processes more than 5 billion healthcare payment transactions annually, representing over $1.2 trillion in gross claims. The company serves nearly 50% of U.S. patients and counts 16 out of the 20 institutions on the U.S. News Best Hospitals Honor Roll among its clients. Waystar is committed to transforming healthcare payments, enabling providers to focus on what matters most: delivering exceptional care to their patients and communities.
