Waystar Acquires AI Firm Digitize.AI to Tackle Prior Authorizations

Waystar 收购 AI 公司 Digitize 。人工智能处理预先授权

2019-07-11 00:06:24 HIT Consultant


Bain-Capital-backed revenue cycle management company Waystar is acquiring Digitize.AI, an artificial intelligence firm, to enable faster and smarter prior authorizations in healthcare – one of the largest pain points for both providers and consumers. Financial Impact of 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. Prior authorization volume in the healthcare industry has risen 54% in the last four years, causing pain for providers and health plans. The manual process is time-consuming and error-prone, resulting in a $30 billion annual cost in wrongful denials, inefficiencies and clerical errors. AI for Smarter, Faster, Prior Authorizations Founded in 2017 to tackle prior authorizations, 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. 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. “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.” Bain/Waystar Acquisition Strategy to Quickly Scale Up This marks Waystar’s fourth acquisition in the last year all part of Bain’s/Waystar’s strategy to buy businesses vs. build to create and scale transformation solutions for healthcare’s biggest problems – from rising spending and physician burnout, to surprise medical bills and more. 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.  Why It Matters “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.”
贝恩资本支持的收入周期管理公司 Waystar 正在收购 Digitize 。人工智能( AI )是一家人工智能公司,目的是在医疗领域实现更快、更智能的事先授权——这是医疗服务提供商和消费者都面临的最大痛点之一。 先前授权的财务影响 以前的授权是指保险公司和付款人确定他们是否将支付规定的程序或药品的过程,旨在帮助病人避免意外的账单和意外的网络外费用。在过去四年中,医疗保健行业的事先授权数量增长了54%,给提供者和健康计划带来了痛苦。人工处理费时且容易出错,每年造成错误否认、效率低下和文书错误的300亿美元成本。 智能,快速,预先授权 成立于2017年,处理前期授权,数字化。人工智能利用人工智能和机器学习的力量来自动化事先授权,从而以更低的成本和更少的否认实现更快的授权。它自动检查新案例,通过安全集成将它们直接提交给付款人,持续监控付款人的响应,一旦收到授权,自动提交给提供商的 EHR 系统。人工智能的平台包括实时分析和机器学习模型,这些模型创造了有价值的智能,使其客户能够专注于病人护理,而不是管理负担。 Waystar 首席执行官马特•霍金斯( Matt Hawkins )表示:“如今,供应商充斥着与处理事先授权相关的手动流程,这是我们客户面临的最大挑战之一。”“数字化。AI 对创新技术采取了完全不同的观点,自动化以前的授权比遗留解决方案更好的结果。我们可以共同减轻医疗保健财务流程对提供者和患者的压力。” 迅速扩大规模的贝恩/ Waystar 收购战略 这标志着 Waystar 去年第四次收购贝恩资本/ Waystar 的战略。致力于为医疗保健最大的问题——从不断增长的支出和医生的疲惫不堪,到令人意外的医疗费用等等——创造和扩大转型解决方案。今年6月, Waystar 宣布收购 PARO ,这是一项慈善筛选预测分析解决方案,此前在2018年进行了一系列收购,包括预测分析解决方案 Connance 和来自 UPMC Ovation 的索赔监控功能。 为什么重要 “我们相信 Digitize 。人工智能具有改变医疗行业的巨大潜力,我们正在寻找一位对技术改善医疗保健能力有共同看法的合作伙伴,” Digitize 首席执行官贾斯汀•亚当斯( Justin Adams )表示。AI 。“ Waystar 作为一家有着简化收入周期的前瞻性愿景的公司,以及在医疗保健领域建立的声誉和广泛的客户网络,立即脱颖而出。”