Benzinga | Aug 3, 2021 05:08PM EDT

3M Partners With Waystar To Provide Revenue Capture Solutions

* 3M Co (NYSE:MMM) enters into a strategic partnership with Waystar to provide revenue capture solutions to 3M Health Information Systems division clients.

* 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.

* Waystar provides next-generation, cloud-based technology that simplifies and unifies healthcare payments.

* Waystar's revenue capture solutions leverage data from claims processed on its platform, representing 500,000 providers and 40% of the U.S. population.

* By combining Waystar's technology expertise and 3M's ability to usher in organizational change, the partnership will help targeted healthcare organizations implement processes to collect on the missing charges identified efficiently.

* Price action: MMM shares closed higher by 1.78% at $201.03 on the last check Tuesday.