Waystar Recognized for AI in Healthcare
Waystar, a provider of healthcare payment software, announced it has been named to Inc.'s Best in Business list for its work in AI. The company was recognized for its application of AI to deliver a meaningful return on investment for clients in the healthcare payments sector.
- Waystar's AI platform, branded AltitudeAI™, utilizes over 150 AI-trained models to move towards what the company calls an "autonomous" revenue cycle. This system aims to automate and connect the entire healthcare payment process with minimal human intervention. - The company recently enhanced its platform with agentic AI, which employs automated agents to continuously orchestrate and execute tasks across the revenue cycle, learning from outcomes to improve performance. - Since launching AltitudeAI, Waystar reports that its clients have prevented $15.5 billion in claim denials and have seen a 95% reduction in time spent on denial prevention workflows. - A key part of Waystar's strategy was the July 2025 acquisition of Iodine Software for $1.25 billion, a move designed to integrate Iodine's clinical AI capabilities with Waystar's financial data network. - The company's AI models are trained on a massive proprietary dataset, which grew from 6 billion to approximately 7.5 billion insurance transactions in the last year, enhancing the system's learning and predictive capabilities. - CEO Matt Hawkins has been leading Waystar since 2017, guiding it through significant growth, including a public offering on the NASDAQ in 2024. - One of the platform's generative AI tools, AltitudeAssist™, is designed to identify and resolve issues with insurance claims before submission, reportedly reducing the resolution time from three days to about three minutes. - Waystar's technology serves a significant portion of the U.S. healthcare market, processing over 6 billion healthcare payment transactions annually for approximately 30,000 clients that represent over 1 million distinct providers.
