How leveraging Waystar’s predictive analytics to create an optimized insource/outsource program increased payment collection + reduced cost to collect
Northside Hospital was looking for a way to automate manual processes, including presumptive charity eligibility to align with 501(r) regulations. In addition, they were looking to improve their patient pay collections both internally and across their vendor network. Similar to many U.S. health systems, Northside was seeing their patient pay balances increase and needed to ensure that they were maximizing the return on their investments in both internal and external resources, as well as increasing cash and reducing costs.
Northside first partnered with Waystar to deploy its Agency Manager solution which automates the tracking and auditing of activity, commissions and performance of vendors. Waystar Agency Manager ensured that Northside’s vendors were adhering to their policies and alleviated the issue of accounts getting stalled. Agency Manager also helped mitigate the challenges that come with HIS migrations to ensure their vendors were able to continue to work uninterrupted when they converted systems. Following the deployment of Agency Manager, Northside implemented Waystar Advanced Propensity to Pay and Presumptive Charity predictive analytics to create an insource/outsource program, keeping the easy-to-collect accounts in-house, while outsourcing the harder to collect accounts, as well as automating the charity screening process.
Agency manager – The leading solution to monitor, manage and improve the performance of outsourced vendors while reducing costs and supporting a positive patient experience.
Advanced propensity to pay module – Leverages predictive analytics to drive work routines to increase patient-pay collections and reduce the cost to collect, while improving patient satisfaction.
Presumptive charity module – Provides automated charity screening capabilities, ensuring that all patients receive a fair and consistent evaluation for hospitals’ financial assistance programs.