This partnership aimed at streamlining financial operations for healthcare providers, reducing administrative waste and improving patient care.
US-based Waystar Technologies has partnered with MEDITECH, a global electronic health record (EHR) provider to simplify healthcare payments.
This partnership allows healthcare organisations using MEDITECH's services to incorporate Waystar's platform, making financial operations smoother and allowing providers to concentrate more effectively on delivering top-tier patient care.
Sharing thoughts, Matt Hawkins, CEO, Waystar, said, "Waystar and MEDITECH collaborated to transform the healthcare landscape through digital innovation.This partnership extends our platform's reach, advancing our mission of simplifying healthcare payments. We will introduce our payments technology to MEDITECH organisations to help them get paid faster, more efficiently, and more accurately.”
The partnership seeks to reduce healthcare costs for both patients and providers in the US. Further, the collaboration aims to address finance-related issues in healthcare, providing simpler solutions for both providers and patients.
Waystar's cloud-based platform is designed to address challenges by using AI and advanced analytics to automate payment workflows, enhance claim and billing accuracy, and reduce labour costs.
Pairing these capabilities with MEDITECH's Expanse EHR helps healthcare organisations streamline processes, improve productivity, and enhance financial visibility. The Expanse EHR platform is designed to empower healthcare organisations with comprehensive tools for managing patient records, streamlining workflows, and optimising clinical operations. This integration enables seamless coordination between administrative and clinical functions, leading to improved productivity, enhanced patient care, and greater financial visibility across the healthcare ecosystem.
According to the Journal of the American Medical Association, the healthcare system wastes a significant amount of money each year—between $760 billion and $935 billion. A large portion of this, about $350 billion, is due to administrative issues such as payment problems.
Last month, Patient Prism, a conversational intelligence solutions provider, partnered with Sunbit, a financial technology & solutions player for everyday expenses, to transform the healthcare business by incorporating access to cutting-edge finance solutions within Patient Prism's AI-driven platform.
The collaboration offered patients pre-qualification for financing, enabling them to pay for treatment in convenient instalments. With fair and transparent pay-over-time options, patients confidently booked appointments, ensuring flexibility in payment. The partnership aimed to enhance case acceptance and build patient trust by delivering fair and flexible payment options, bridging the gap in healthcare financing.
Further, this week, Tata Consultancy Services (TCS) unveiled a substantial 15-year extension of its partnership with Aviva, a prominent insurance, wealth, and retirement provider in the UK. This expansion focuses on healthcare financing, aiming to revamp Aviva's "UK Life business" to elevate customer experience in the healthcare financing domain.
Waystar, one of the leading providers of cloud-based revenue cycle management solutions for healthcare providers, emerged in 2017 through the merger of ZirMed and Navicure, also established revenue cycle companies.
Supported by investment firms EQT, CPPIB, and Bain Capital, Waystar has grown into a prominent player in the healthcare technology sector and continues to develop and streamline financial processes in the healthcare industry.
Founded in 1969, MEDITECH, is a renowned software and service company headquartered in Westwood, Massachusetts. It specialises in developing information systems for healthcare organisations. With a diverse product line and reported revenue of $493.8 million in 2019, MEDITECH is one of the leading players in the healthcare technology industry, operating facilities across Massachusetts, Atlanta and Georgia.
The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org