How Waystar’s clearinghouse solution reduced costs while maintaining cash flow + strong AR metrics
If there’s one goal all healthcare providers have in common, it is to reduce costs. At Cincinnati Children’s Hospital Medical Center, lowering costs to pro-vide better value to patients and families is a high priority. To achieve this goal, Cincinnati Children’s administrators continually look for ways to cut costs and manage cash flow, which are challenges for every healthcare provider in the evolving reimbursement environment.
To find a new clearinghouse provider, Cincinnati Children’s conducted a formal request for proposal (RFP) process, inviting nine major players to participate. A multidisciplinary group reviewed the proposals and a purchasing team ran a value analysis. They narrowed the field to three finalists with similar clearing-house capabilities. Since reducing costs was the primary objective, Cincinnati Children’s chose Waystar, whose prices were significantly less than the other RFP respondents.