Leading Healthcare Systems and Providers Experience Increased Productivity, Revenue, and Satisfaction with AI Adoption
75% report positive ROI from AI in healthcare payments; 90% plan to increase investments in AI in the near future
LEHI, Utah And LOUISVILLE, KY., September 24, 2024 /PRNewswire/ — Waystar Holding Corp. PATH), a leading healthcare payment software provider, and Modern Healthcare today announced new research revealing how artificial intelligence (AI) is transforming healthcare payments. The study demonstrates how AI, including generative AI, effectively addresses major challenges in the healthcare industry, leading to notable improvements in financial and operational outcomes.
The research provides insight into how leading health systems, hospitals and physician practices are harnessing the power of AI to reduce administrative burdens and streamline labor-intensive processes. It also identifies opportunities to maximize the benefits of AI while overcoming potential barriers to its adoption. The study surveyed more than 60 senior executives and financial leaders at major healthcare organizations.
The main findings of the study include:
- Strong ROI from Implementing AI in Healthcare Payments: A large majority of respondents (75%) reported that AI has already generated a positive ROI for their organizations, highlighting its value in healthcare payment.
- Significant benefits across the entire software platform: The adoption of AI has led to measurable improvements in operations, including increased staff productivity, increased revenue, reduced human errors, decreased operational costs, and improved patient satisfaction.
- Growing AI adoption with future investment plans: Nearly three-quarters of respondents use AI for specific revenue cycle tasks, even though overall platform adoption is only 3%. This gap highlights the significant opportunity that lies ahead. Again, 90% plan to invest in AI in the near future, most in the next 12 months, a trend poised to propel the growth of the healthcare payment software market, increasing its value of 15 billion dollars it’s today.
- Generative AI is gaining ground: 66% of respondents plan to invest in generative AI in the next 12 to 18 months. They expect key improvements such as denial and appeal management, coding, claims management and reviews.
“At Waystar True North, we have showcased the power of leveraging AI, including generative AI in the Waystar Innovation Lab™, to hundreds of leading healthcare leaders across the country,” said Matt HawkinsCEO of Waystar. “Our ongoing research and discussions with healthcare industry leaders reveal a clear trend: Generative AI has immense potential to simplify healthcare payments. We are grateful to be a leader in innovation with a primary focus on delivering demonstrable ROI through the Waystar software platform.
As health systems, hospitals and physician practices struggle with administrative burdens, patient expectations and policy changes – compounded by wasteful spending and outdated technology – AI offers a powerful opportunity to improve revenue cycles, automate manual tasks, and allow providers to focus more on patient care.
The results were explored at Waystar True North Conferencewhich brought together leaders from large health systems and hospitals as well as small medical practices. Speakers discussed key topics at the heart of the Waystar and Modern Healthcare report, highlighting the growing adoption of AI and the acceleration of innovations reshaping healthcare payments.
Access the full report here.
About Waystar
Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize financial performance. Waystar serves approximately 30,000 customers, representing more than 1 million distinct providers, including 18 of the 22 facilities on U.S. News’ Best Hospitals list. Waystar’s enterprise platform processes more than 5 billion healthcare payment transactions annually, including more than $1.2 trillion in annual gross claims and covering approximately 50% of American patients. Waystar is working to transform healthcare payment so providers can focus on what matters most: their patients and their communities. Discover the path forward on waystar.com.
Media contact
Kristin Lee
(email protected)
SOURCE Waystar
YOU WANT NEWS ABOUT YOUR COMPANY FEATURED ON PRNEWSWIRE.COM?
440,000+
Press rooms and
Influencers
9k+
Digital media
Points of sale
270,000+
Journalists
Registration