SALT LAKE CITY and LOUISVILLE, Ky., Aug.
3, 2021 /PRNewswire/ -- 3M
(NYSE: MMM) and Waystar, a leading provider of healthcare payments
software, today announced they have entered into a strategic
partnership to provide revenue capture solutions to clients of
3M Health Information Systems
division. In collaboration with 3M,
Waystar's AI-powered technology will allow providers, health
systems and hospitals to improve operational efficiency and
compliance and collect appropriate, fuller reimbursement.
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. 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.
"The healthcare industry has long been marked by administrative
waste and inefficiency," said Waystar Chief Executive Officer
Matt Hawkins. "We are proud to bring
artificial intelligence to help 3M
clients solve these perennial challenges and take the manual work
out of healthcare payments. Through our collaboration, we are now
able to combine the best of Waystar's technology with 3M's
expertise in organizational change. Together, we will empower
health systems and hospitals to prevent revenue loss, operate more
efficiently and free up resources for patient care."
3M works with more than 6,000
health systems and hospitals across the U.S. By combining Waystar's
technology expertise and 3M's ability to usher in organizational
change, the partnership will help targeted healthcare organizations
put the processes in place to efficiently collect on the missing
charges identified.
"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."
For more information on Waystar's Revenue Capture solutions,
please visit waystar.com.
About 3M
At 3M (NYSE: MMM), we apply science in collaborative
ways to improve lives daily. With $32
billion in sales, our 96,000 employees connect with
customers all around the world. Learn more about 3M's creative
solutions to the world's problems at www.3M.com or on Twitter @3M
or @3MNews.
About Waystar
Waystar provides next-generation,
cloud-based technology that simplifies and unifies healthcare
payments. The Waystar platform removes friction in payment
processes, streamlines workflows and improves financials for
providers in every care setting. Waystar products have won Best in
KLAS® or Category Leader every year since 2010 and earned multiple
#1 rankings from Black Book™ surveys since 2012. The Waystar
platform supports more than 500,000 providers, 1,000 health systems
and hospitals, and 5,000 payers and health plans. Waystar is backed
by EQT, Canada Pension Plan Investment Board and Bain Capital. For
more information, visit waystar.com or follow @Waystar on
Twitter
Contact: waystar@missionnorth.com
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SOURCE Waystar