3M Taps Waystar to Automate Revenue Capture Processes for its Clients

PE Firm Considering Options Including Sale for RCM Provider Waystar
PE Firm Considering Options Including Sale for RCM Provider Waystar

What You Should Know:

– Healthcare payments company Waystar, today announced a partnership with 3M Health Information Systems to help 3M clients improve their payment operations.

– As part of the strategic partnership, 3M will leverage Waystar’s AI-powered solutions that will allow providers, health systems, and hospitals to improve operational efficiency and compliance and collect appropriate, fuller reimbursement.

Why It Matters

Revenue integrity remains a top concern for hospital and health system CFOs and revenue executives. Yet, less than half (44 percent) said their organizations have established programs to prevent revenue leakage, revenue degradation, and compliance risk. With healthcare organizations facing the combined pressures of rising costs, thinning margins, and staffing shortages, it’s critical for healthcare organizations to implement solutions that increase efficiency and protect revenue.

Waystar’s revenue capture solutions leverage data from claims processed on its platform, representing 500,000 providers and 40% of the U.S. population. Waystar’s solutions go beyond a rule-based approach, with predictive analytics and machine learning algorithms that analyze historical data to identify patterns. This new partnership will combine Waystar’s automated, AI-powered Charge Integrity, DRG Anomaly, and Transfer DRG technology with 3M’s services team, which can implement the change management needed to keep workflows up to date. 

Partnership Benefits for 3M Clients

Leveraging Waystar’s technology, 3M clients can identify possible missing charges, underpayments, and overpayments —automatically identifying potential incorrect and under-coded claims before they are submitted. Together, Waystar and 3M will empower healthcare organizations to move away from manual processes and embrace automated, data-driven workflows.

“At 3M, we are committed to providing innovative solutions that allow health systems and hospitals to solve their administrative challenges and more effectively capture revenue they’re appropriately owed,” said Elizabeth Guyton, vice president, 3M Health Information Systems. “Our collaboration with Waystar brings together a more comprehensive, end-to-end revenue cycle—from capture to coding to appropriate payment—for our clients.”

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