Benzinga | Aug 3, 2021 09:07AM EDT

3M Says Partners With Waystar To 'Automate Revenue Capture Processes, Improving Reimbursement And Compliance;' Terms Not Disclosed

3M (NYSE:MMM) and Waystar, a leading provider of healthcare payments software, today announced they have entered into a strategic partnership to provide revenue capture solutions to clients of 3M Health Information Systems division. In collaboration with 3M, Waystar's AI-powered technology will allow providers, health systems and hospitals to improve operational efficiency and compliance and collect appropriate, fuller reimbursement.

Revenue integrity remains a top concern for hospital and health system CFOs and revenue executives. Yet, less than half (44 percent) said their organizations have established programs to prevent revenue leakage, revenue degradation and compliance risk. With healthcare organizations facing the combined pressures of rising costs, thinning margins and staffing shortages, it's critical for healthcare organizations to implement solutions that increase efficiency and protect revenue.

Waystar's revenue capture solutions leverage data from claims processed on its platform, representing 500,000 providers and 40% of the U.S. population. Waystar's solutions go beyond a rule-based approach, with predictive analytics and machine learning algorithms that analyze historical data to identify patterns. This new partnership will combine Waystar's automated, AI-powered Charge Integrity, DRG Anomaly and Transfer DRG technology with 3M's services team, which can implement the change management needed to keep workflows up to date. Leveraging Waystar's technology, 3M clients can identify possible missing charges, underpayments and overpayments --automatically identifying potential incorrect and under-coded claims before they are submitted. Together, Waystar and 3M will empower healthcare organizations to move away from manual processes and embrace automated, data-driven workflows.

"The healthcare industry has long been marked by administrative waste and inefficiency," said Waystar Chief Executive Officer Matt Hawkins. "We are proud to bring artificial intelligence to help 3M clients solve these perennial challenges and take the manual work out of healthcare payments. Through our collaboration, we are now able to combine the best of Waystar's technology with 3M's expertise in organizational change. Together, we will empower health systems and hospitals to prevent revenue loss, operate more efficiently and free up resources for patient care."

3M works with more than 6,000 health systems and hospitals across the U.S. By combining Waystar's technology expertise and 3M's ability to usher in organizational change, the partnership will help targeted healthcare organizations put the processes in place to efficiently collect on the missing charges identified.

"At 3M, we are committed to providing innovative solutions that allow health systems and hospitals to solve their administrative challenges and more effectively capture revenue they're appropriately owed," said Elizabeth Guyton, vice president, 3M Health Information Systems. "Our collaboration with Waystar brings together a more comprehensive, end-to-end revenue cycle--from capture to coding to appropriate payment--for our clients."

For more information on Waystar's Revenue Capture solutions, please visit waystar.com.