Latest software innovation
automates every step of the authorization submission
process, reducing time by 70% and dramatically boosting
auto-approval rates
LEHI,
Utah, and LOUISVILLE,
Ky., Feb. 28, 2025 /PRNewswire/ -- Waystar
(Nasdaq: WAY), a provider of leading healthcare payment software,
today announced the launch of its Auth Accelerate solution, a major
expansion of its advanced automation capabilities designed to
streamline the prior authorization process from start to
finish.
Prior authorizations pose significant challenges across the
healthcare spectrum. In response, providers have made automation
for patient access, including prior authorizations, their top
investment revenue cycle priority for 2025, according to a recent
third-party survey. Securing payer approval requires navigating
complex rules and continuous status checks, consuming up to 24
minutes per authorization. With tens of millions of prior
authorizations occurring each year, this labor-intensive process
contributes to one of healthcare's top administrative burdens. A
recent American Medical Association survey found that more than one
in four physicians say prior authorization has led to a
serious adverse event for a patient in their care, while 78% report
that delays cause patients to abandon care.
Waystar Auth Accelerate overhauls this traditionally
time-consuming workflow by automating every step of the
authorization submission process. Based on data from implemented
clients, this innovation reduces submission times by 70% and boosts
auto-approval rates to an impressive 85%. In doing so, Waystar Auth
Accelerate directly tackles a key administrative burden for
providers, boosting productivity, dramatically reducing patient
care delays, and preventing labor-intensive denials. It also
decreases the average wait time for payer approval by 75%, cutting
the timeframe from more than four days to one day or less.
"Providers consistently identify prior authorization as a top
challenge, noting its strain on resources and impact on patient
care," said Matt Hawkins, Chief
Executive Officer of Waystar. "With advanced automation, Waystar
Auth Accelerate streamlines this process, allowing providers to
focus more on patients instead of administrative tasks. We remain
committed to delivering meaningful innovations that help providers
get paid faster and more accurately while ensuring patients receive
a modern, transparent, and consumer-friendly financial
experience."
Prisma Health, South Carolina's
largest healthcare organization, serves more than 1.6 million
unique patients annually and was among the first to implement
Waystar Auth Accelerate.
"Prior authorizations are one of our biggest administrative
challenges," said Patrick Griffin,
Executive Director of Revenue Cycle for Prisma Health. "By
collaborating with industry partners on innovative processes that
deliver high-impact solutions, we are able to make a significant
difference for our organization and help provide better care for
our patients."
Providers increasingly rely on Waystar's innovative cloud-based
software platform to drive operational efficiency, boost financial
performance, and overcome critical administrative challenges like
prior authorizations. In January, Waystar's Patient Access
solutions were named Best in KLAS. Last month, the company also
announced the launch of Waystar AltitudeAI™, a
comprehensive set of AI capabilities for providers,
including AltitudeCreate™, a new generative AI
innovation designed to help appeal denied claims.
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 list. 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