Waystar announced the acquisition of Digitize.AI, an artificial intelligence technology firm providing the health care industry with faster and smarter prior authorizations; financial terms of the transaction were not disclosed. This latest acquisition demonstrates Waystar’s commitment to prioritizing cutting-edge technology in order to provide health care partners with transformative solutions at scale.
Prior authorizations, the process by which insurance companies and payers determine if they will cover a prescribed procedure or medication, are meant to help health care consumers avoid surprise bills and unexpected out-of-network costs. The largely manual process of prior authorization 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.
Digitize.AI differs from competitive prior authorization solutions by leveraging artificial intelligence 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 provider organizations’ electronic health record systems. Digitize.AI’s platform includes real-time analytics and machine learning models that create valuable intelligence, allowing its customers to focus on consumer care instead of administrative burdens.
Waystar provides next-generation, cloud-based technology that simplifies and unifies the health care revenue cycle. The Waystar platform removes friction in payment processes, streamlines workflows, and improves financials for provider organizations in every care setting. The Waystar platform supports more than 450,000 provider organizations, 750 health systems and hospitals, and 5,000 payers and health plans.
Digitize.AI’s mission is to use artificial intelligence to help health care teams work at the highest and best use of their skills. Digitize.AI’s core value statement is to grow trust, transparency, and courage throughout communities. Digitize.AI has created pragmatic artificial intelligence solutions that cut administrative costs and improve the consumer experience.
This was reported by Waystar on July 10, 2019.
Contact information: Waystar, 888 West Market Street, Louisville, Kentucky 40202; 844-492-9782; Website: www.waystar.com