Waystar, a leading provider of healthcare payments software, announced that it has been recognized for excellence across seventeen industry verticals and functional KPIs as the top revenue cycle management (RCM) partner by Black Book, a healthcare market research firm.
Specifically, Waystar was named the leading RCM software technology for Large Hospitals and Academic Medical Centers, Health Systems, Chains and IDNs, as well as the top provider of patient payment technology and inpatient claims management solutions. Waystar also scored highest in twelve specific KPIs, including, among others:
- Innovation
- Marginal Value Add
- Breadth of Offerings
- Support and Customer Care
- Deployment and Implementation
- Strategic Alignment of Client Goals
- Trust, Transparency and Accountability
- Best of Breed Technology and Process Improvement
“We are humbled to be ranked so highly by our clients and will continue to relentlessly innovate to simplify healthcare payments for providers and patients,” said Matt Hawkins, Chief Executive Officer of Waystar. “Black Book’s survey makes clear the market demand for a solution like Waystar that harnesses modern technology, such as artificial intelligence, to automate manual, time-consuming tasks and to prioritize high-impact work, empowering providers to focus on delivering care and ultimately bring more humanity to healthcare.”
The awards were announced in tandem with a broader survey conducted by Black Book, which polled nearly 5,000 healthcare executives and asked them to identify the largest gaps and urgencies in financial technology administration.
The survey underscores the continued financial strain providers face, and the impact that is having on their ability to operate profitably. Among other insights, the research revealed that total healthcare system expenses increased more than 13% in Q2 2023 alone, driving cost-cutting measures that result in a patchwork approach to payments processes and technologies.
Encouragingly, however, three-fourths of respondents said that in Q2 they identified gaps or redundancies in their processes to be addressed, and virtually all (96%) stated that digital transformation efforts remain at the forefront of their strategies.
“The capabilities bar keeps rising for healthcare financial and RCM technology, and dodging the end-to-end digital revolution is creating organizational havoc for providers that postponed their financial transformation journeys during the pandemic,” said Doug Brown, President of Black Book. “But a major shift from purchasing multiple bolt-on and modular applications to selecting a single, comprehensive vendor with end-to-end capabilities is surging in 2023, according to the survey results.”
SOURCE: Businesswire