Business
New Research from Waystar and Modern Healthcare Reveals AI's Transformative Impact on Healthcare Payments
Leading health systems and providers experience increased productivity, revenue, and satisfaction with AI adoption 75% report positive ROI from AI in
About this update from Waystar Holding Corp.
[{"type":"text","content":"Leading health systems and providers experience increased productivity, revenue, and satisfaction with AI adoption\n75% report positive ROI from AI in healthcare payments; 90% plan to boost AI investments in the near future\nLEHI, Utah and LOUISVILLE, Ky., Sept. 24, 2024 /PRNewswire/ -- Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, and Modern Healthcare today announced new research that reveals how artificial intelligence (AI) transforms healthcare payments. The study demonstrates how AI, including generative AI, effectively addresses major challenges in the healthcare industry, driving notable improvements in financial and operational outcomes.\n\n \n \n \n \n \n \n\n \nThe research provides insights into how leading healthcare systems, hospitals, and medical practices harness the power of AI to tackle administrative burdens and streamline labor-intensive processes. It also identifies opportunities to maximize AI's benefits while overcoming potential barriers to adoption. The study surveyed over 60 senior executives and finance leaders at prominent healthcare organizations.\nKey findings from the study include:\nStrong ROI from AI implementation in healthcare payments: A substantial majority of respondents (75%) reported that AI has already delivered a positive return on investment for their organizations, underscoring its value in healthcare payments.Significant benefits across the software platform: AI adoption has led to measurable improvements in operations, including increased staff productivity, higher revenue, reduced human error, lower operational costs, and improved patient satisfaction.Growing AI adoption with future investment plans: Nearly three-quarters of respondents use AI for specific revenue cycle tasks, though overall platform adoption is only at 3 percent. This gap underscores the significant opportunity ahead. Yet, 90% plan to invest in AI in the near future, most within the next 12 months, a trend poised to propel the growth of the healthcare payments software market, increasing its value from the $15 billion it is today.Generative AI gaining traction: 66% of respondents foresee investing in generative AI over the next 12-18 months. They expect key improvement areas such as denial and appeal management, coding, claim management, and reviews.\"At Waystar True North, ...