Becker's Hospital Review

136 Executive Briefing fashion means using a single technology platform that can process both commercial insurance reimbursements and Medicare-related payments. To address this need, Waystar recently announced plans to acquire eSolutions and will be integrating its Medicare-specific solutions into its platform. "We're excited about uniting both commercial and government payment processing onto the Waystar platform," Mr. Hawkins said. "This will solve a major pain point for providers, eliminating unnecessary administrative inefficiencies and enabling providers to focus their resources on improving patient care." Keys to speeding technology adoption in healthcare Traditionally, the healthcare sector has been slower than other industries to adopt new operational technologies. There are a number of factors that may contribute to this, including the complexity of healthcare rules and regulations. These complex regulations and a heterogenous technology environment create a need for industry standards and integration of systems. In addition, security and standardization are critical when dealing with sensitive healthcare data. One potential solution to help accelerate adoption while enabling integration and data security is cloud technology. According to Mr. Hawkins, this is something healthcare decision-makers should absolutely consider, given the urgent mandate for transformation. Many healthcare providers still rely on on-premise software that requires manual updates, which consumes considerable time for IT teams. In addition, frequent payer reimbursement rule modifications and regulatory or policy changes can create unnecessary delays on the billing and administrative side of the house. Cloud software solutions, such as Waystar, automatically update reimbursement rules and other regulations for end users. Another obstacle to technology adoption in the healthcare sector is a lack of true enterprise-quality solutions. "A CIO at a major U.S. hospital told me last year that she wanted an end-to-end software partner to manage reimbursement," Mr. Hawkins said. "In her organization, they were using more than 20 different point solutions to address the reimbursement needs of their health system. At Waystar, we are focused on building an end-to-end, enterprise-class platform so that health organizations like hers can work with one software vendor to best meet their goals." Conclusion How the next few months will unfold is uncertain. There are, however, some reasons for optimism. CMS has moved quickly, for example, to support provision and payment for telehealth services. This has improved access to care for Medicare beneficiaries, including those in rural areas. On the technology front, there have never been more solutions available at a lower price point. It's a good time for healthcare organizations not only to take advantage of the tools and platforms that exist today, but to establish a culture of innovation. Those organizations that are ahead of the curve in terms of technology adoption will be much better positioned to stay afloat in the months and years ahead. "In this space of uncertainty about a second wave of COVID-19, now is the time to be agile," said Mr. Hawkins. "The call to action for healthcare organizations is to invest the resources in technology and expertise that will more than pay for themselves in faster, fuller reimbursement— and patient satisfaction—in the long term." n 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 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. For more information, visit waystar.com or follow @Waystar on Twitter. "In this space of uncertainty about a second wave of COVID-19, now is the time to be agile. The call to action for healthcare organizations is to invest the resources in technology and expertise that will more than pay for themselves in faster, fuller reimbursement—and patient satisfaction—in the long term." Matt Hawkins, Chief Executive Officer, Waystar

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