Waystar, a leading provider of revenue cycle technology, today announced the launch of Waystar Analytics, an analytics and business intelligence module on the Waystar platform. To help healthcare organizations during COVID-19, Waystar fast-tracked the release of this new product, which provides the intelligence healthcare leaders need to make strategic, accurate and timely decisions in this environment.
As healthcare organizations face unprecedented challenges, access to better, faster insights into revenue cycle performance is critical. This launch comes on the heels of the announcement of Hubble, Waystar’s artificial intelligence and robotic process automation platform. Together, Waystar Analytics and Waystar Hubble can help take financial and administrative processes to new levels of efficiency and automation, freeing up staff time and resources for higher priorities.
While many healthcare leaders understand the value data analytics can provide, teams often encounter challenges that prevent them from effective use. Common obstacles include inaccurate and insufficient access to data and data visualizations, long turnaround times for reports from IT teams, and cumbersome tools with complex user interfaces, all of which make it difficult to get a comprehensive, comprehensible picture of an organization’s financial situation.
Waystar Analytics is purpose-built to provide the level of customization and granularity needed for the most complex data queries—while ensuring a user experience that makes these insights accessible and digestible. With Waystar Analytics, team members of all levels can quickly and easily dive into data on everything across the revenue cycle, including cost to collect, AR days, claims, remittances and denials. With advanced visualization tools, Waystar Analytics enables any user to turn their data into actionable intelligence. Because Waystar processes billions of transactions, and more than 500 billion dollars in claims for 450,000 healthcare providers nationwide, the comparative benchmarking potential for clients is unsurpassed.
“Amid the current COVID-19 health crisis, hospitals and healthcare organizations everywhere are dealing with extraordinary challenges. Many of these organizations are moving quickly and effectively to offer the best care possible in an effort to flatten the curve,” said Matt Hawkins, CEO of Waystar. “Waystar Analytics allows our clients to gain access to actionable insights into their financial health through simple, easy to use technology. Waystar Analytics empowers providers to spend less time on billing so they can focus their valuable time and resources on what matters most—the health of their patients and communities.”
“We are excited to bring cutting-edge business intelligence to healthcare finance with Waystar’s Analytics platform,” says Ric Sinclair, Waystar’s chief strategy and product officer. “As we continue to develop and improve this solution, we will enable features including customizable peer group benchmarking, comparative performance reporting, scheduled dashboards and conditional alerts to stay on top of your performance in real time, and predictive insights via Waystar Hubble. Ultimately, we will empower our clients to move from reaction to informed, proactive performance.”
Waystar Analytics will be offered in two different versions: Analytics Pro and Analytics Peak. Analytics Pro offers robust, pre-built data visualization that enables healthcare leaders to measure the performance of their entire revenue cycle and make smarter decisions. For advanced users and organizations with more complex needs, Analytics Peak will offer ad-hoc analysis capabilities, enhanced customization and more sophisticated business intelligence functionality and tools.