3M partners with Waystar on AI revenue capture
The automation is expected to improve reimbursement for 3M's 6,000 client health systems and hospitals nationwide.
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3M is partnering with Waystar on AI automated revenue capture for the over 6,000 health systems and hospitals nationwide that are clients of its Health Information Systems division.
Waystar leverages data from claims processed on its platform, representing 500,000 providers and 40% of the U.S. population, according to the companies. It uses predictive analytics and machine learning algorithms to analyze historical data to identify patterns.
Waystar, which provides healthcare payments software, will identify possible missing charges, underpayments and overpayments. It will automatically identify potential incorrect and under-coded claims before they are submitted.
WHY THIS MATTERS
The automation of data-driven workflows moves healthcare organizations away from manual processes.
The AI allows providers, health systems and hospitals to collect more reimbursement.
Elizabeth Guyton, vice president, 3M Health Information Systems said the collaboration allows for the capture of coding to payments on an end-to-end revenue cycle.
THE LARGER TREND
Revenue integrity remains a top concern for hospital and health system CFOs and revenue executives.
An estimated 30% of hospitals and health systems require two or more vendors for revenue cycle automation.
Revenue cycle directors interviewed have said the ROI on automation is through money saved through fewer full-time equivalent positions.
Twitter: @SusanJMorse
Email the writer: susan.morse@himssmedia.com
