New AI tool for fighting health insurance denials could save hospitals billions, and help patients
Waystar announced a new generative AI feature that aims to help hospitals quickly fight insurance denials.
Health-care payments company Waystar on Monday announced a new generative artificial intelligence tool that can help hospitals quickly tackle one of their most costly and tedious responsibilities: fighting insurance denials.
Hospitals and health systems spend nearly $20 billion a year trying to overturn denied claims, according to a March report from the group purchasing organization Premier.
Waystar's new solution, called AltitudeCreate, uses generative AI to automatically draft appeal letters. The company said the feature could help providers drive down costs and spare them the headache of digging through complex contracts and records to put the letters together manually.
Hawkins led Waystar through its initial public offering in June, where it raised around $1 billion. The company handled more than $1.2 trillion in gross claims volume in 2023, touching about 50% of patients in the U.S.
Claim denials have become a hot-button issue across the nation following the deadly shooting of UnitedHealthcare CEO Brian Thompson in December. Americans flooded social media with posts about their frustrations and resentment toward the insurance industry, often sharing stories about their own negative experiences.
and so it begins, cost reducing but the question is will the business side of medicine allow for this to be an advantage to people and reduce cost or they'll just take more profit with the tool