Waystar, which is backed by Bain Capital, has acquired Digitize.AI, an artificial intelligence technology firm for healthcare teams.
CHICAGO and LOUISVILLE, Ky., July 10, 2019 /PRNewswire/ — Waystar, a leading provider of revenue cycle technology today announced the acquisition of Digitize.AI, an artificial intelligence technology firm providing the healthcare industry with faster and smarter prior authorizations.
Prior authorizations, the process by which insurance companies and payers determine if they will cover a prescribed procedure or medication, are meant to help patients avoid surprise bills and unexpected out-of-network costs. But the largely manual process is time-consuming and error-prone, resulting in a $30 billion annual cost in wrongful denials, inefficiencies and clerical errors. Digitize.AI leverages the power of artificial intelligence and machine learning to automate prior authorizations, resulting in faster authorizations, at less cost, and with fewer denials.
“Providers today are overwhelmed with manual processes related to addressing prior authorization, and it’s one of our clients’ biggest challenges,” said Matt Hawkins, Waystar CEO. “Digitize.AI is taking a truly different view with trailblazing technology, automating prior authorizations with better results than legacy solutions. Together, we can reduce the stress of the healthcare financial process for providers and patients alike.”
Founded in 2017, Digitize.AI differs from competitive prior authorization solutions by leveraging AI to make smarter decisions. It automatically checks for new cases, submits them directly to payers via secure integrations, continually monitors payers for responses, and, once authorization is received, automatically submits to providers’ EHR systems. Digitize.AI’s platform includes real-time analytics and machine learning models that create valuable intelligence, allowing its customers to focus on patient care instead of administrative burdens.
“We believe Digitize.AI has an enormous potential to change the industry, and we were looking for a partner who had a shared view of the ability of technology to improve healthcare,” said Justin Adams, CEO, Digitize.AI. “Waystar immediately stood out to us as a company with a forward-looking vision for simplifying the revenue cycle, as well as an established reputation and broad network of clients across the spectrum of healthcare.”
This latest acquisition in another example in a series of acquisitions that demonstrate Waystar’s commitment to prioritizing cutting-edge technology in order to provide healthcare partners with transformative solutions at scale. This past June, Waystar announced the acquisition of PARO, a charity screening predictive analytics solution, following a series of 2018 acquisitions including that of predictive analytics solution Connance and claims monitoring capabilities from UPMC’s Ovation.
Waystar provides next-generation, cloud-based technology that simplifies and unifies the healthcare revenue cycle. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. Waystar has scored Best in KLAS® 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.
Our mission is to use A.I. to help healthcare teams work at the highest and best use of their skills. Our core value statement is to grow trust, transparency, and courage in our communities. Lia™ and Mia™ are patent-pending A.I.-enabled Systems of Intelligence for prior authorizations and utilization management. With Lia supporting healthcare providers, CFOs and VPs of Revenue Cycle Management, and Mia supporting health plan executives, Digitize.AI has created pragmatic A.I. solutions that cut administrative costs and improve the patient/member experience. Learn more at www.digitize.ai.