According to the Journal of the American Medical Association, the annual cost of wasteful spending in healthcare has ranged from $760 billion to $935 billion in recent years, representing nearly one-quarter of total healthcare spending.
Of this total, $350 billion is estimated to be administrative-related, including waste associated with healthcare payments.
Waystar Technologies, Inc., a provider of leading healthcare payment technology, today announced a new partnership with MEDITECH, a leading global electronic health record (EHR) provider. Through the partnership, healthcare organizations currently working with MEDITECH will have the ability to leverage Waystar's award-winning platform, empowering those providers to remove friction from their financial operations and focus on delivering high-quality care to patients.
As administrative expenses increasingly weigh on the U.S. healthcare system, partnerships like Waystar and MEDITECH are essential to reducing the burden on providers and patients.
According to the Journal of the American Medical Association, the annual cost of wasteful spending in healthcare has ranged from $760 billion to $935 billion in recent years, representing nearly one-quarter of total healthcare spending. Of this total, $350 billion is estimated to be administrative-related, including waste associated with healthcare payments.
Waystar's modern, cloud-based platform is purpose-built to address these challenges by leveraging cutting-edge AI and advanced analytics to automate payment workflows, enhance claim and billing accuracy, and reduce labor costs. By pairing these capabilities with MEDITECH's Expanse EHR, healthcare organizations will be better equipped to streamline complex processes, improve productivity, and enhance financial visibility.
Matt Hawkins, Chief Executive Officer of Waystar, said, "Waystar and MEDITECH share a commitment to transforming the healthcare landscape through digital innovation. This partnership immediately expands the reach of our platform, furthering our mission of simplifying healthcare payments. We are excited to introduce our award-winning payments technology to MEDITECH organizations to help them get paid faster, more efficiently, and more accurately."
"MEDITECH is pleased to welcome Waystar into our Alliance program to provide clients with another integrated solution," said MEDITECH Chief Business Development Officer Jim Merlin. "Expanse is designed to be a platform for innovation and flexibility to incorporate solutions like Waystar that enhance or extend the EHR."
For more information, please visit: https://www.waystar.com/meditech-integration/
Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over a million distinct providers, including 18 of 22 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 4 billion healthcare payment transactions, including over $900 billion in gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities.
Discover the way forward at waystar.com.
What are your company's business or financial objectives?
If your company has business or financial objectives, check out the advisory services for growing life sciences companies provided by FC Global Strategies.
Our calendar link to schedule a complementary call.
FC Global Strategies' Regional Directors:
Jeffrey Friedland - Based in the U.S.
(North America and Global)
+1 646 450 8909
Ross Swan - Based in Singapore
(Southeast Asia, Australia, Asia-Pacific)
+65 9181 9472
David Krutonog - Based in Israel
(Eastern Europe, Middle-East and North Africa
+972 50 974 3429
Claudio Hebling - Based in Brazil
+55 19 99377 748
Vincent Paul Joseph - Based in India
(South Asia, India and Sri Lanka)
+91 962 620 9090
Olah Abiodun - Based in Nigeria
+234 812 029 8222